Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                            DATED AS OF JUNE 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2003

                       Mortgage Pass-Through Certificates

                                 Series 2003-S13

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                          ARTICLE I

                                         DEFINITIONS
<S>     <C>                                                                                 <C>
Section 1.01   Definitions.................................................................-5-
Section 1.02   Use of Words and Phrases...................................................-21-
Section 1.03   Determination of LIBOR.....................................................-21-

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01   Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                ..........................................................................-23-
Section 2.02   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                ..........................................................................-23-
Section 2.03   Representations, Warranties and Covenants of the Master Servicer
               and the Company............................................................-23-
Section 2.04   Representations and Warranties of Sellers..................................-25-
Section 2.05   Execution and Authentication of Certificates...............................-27-

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01   Certificate Account.  (See Section 4.01 of the Standard Terms)
                ..........................................................................-30-
Section 4.02   Distributions..............................................................-30-
Section 4.03   Statements to Certificateholders; Statements to Rating Agencies; Exchange Act
               Reporting.  (See Section 4.03 of the Standard Terms).......................-40-
Section 4.04   Distribution of Reports to the Trustee and the Company; Advances by the Master
               Servicer. (See Section 4.04 of the Standard Terms)
                ..........................................................................-40-
Section 4.05   Allocation of Realized Losses..............................................-40-
Section 4.06   Reports of Foreclosures and Abandonment of Mortgaged Property.  (See Section
               4.06 of the Standard Terms)
                ..........................................................................-41-
Section 4.07   Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the Standard
               Terms).....................................................................-41-

<PAGE>

Section 4.09   Rounding Account...........................................................-41-
Section 4.10   Principal Distributions on the Insured Certificates........................-42-

                                          ARTICLE V

                                THE CERTIFICATES

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER

                                         ARTICLE VII

                                           DEFAULT

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE

                                          ARTICLE IX

                                         TERMINATION
Section 9.01   Optional Purchase by the Master Servicer of All Certificates; Termination Upon
               Purchase by the Master Servicer or Liquidation of All Mortgage Loans.......-51-
Section 9.02   Additional Termination Requirements. (See Section 9.02
               of the Standard Terms).....................................................-52-
Section 9.03   Termination of Multiple REMICs. (See Section 9.03 of the Standard Terms)...-52-

                                          ARTICLE X

                                       REMIC PROVISIONS
Section 10.01  REMIC Administration.  (See Section 10.01 of the Standard Terms)...........-53-
Section 10.02  Master Servicer; REMIC Administrator and Trustee Indemnification.  (See Section
               10.02 of the  Standard Terms)..............................................-53-
Section 10.03  Designation of REMIC(s)....................................................-53-
Section 10.04  Distributions on the Uncertificated REMIC I Regular Interests..............-53-
Section 10.05  Distributions on the Uncertificated Class A-V REMIC Regular Interests......-54-
Section 10.06  Compliance with Withholding Requirements...................................-55-

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
Section 11.01  Amendment.  (See Section 11.01 of the Standard Terms)......................-56-
Section 11.02  Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
               Terms).....................................................................-56-

<PAGE>

Section 11.03  Limitation on Rights of Certificateholders.  (See Section 11.03 of the Standard
               Terms).....................................................................-56-
Section 11.04  Governing Laws.  (See Section 11.04 of the Standard Terms).................-56-
Section 11.05  Notices....................................................................-56-
Section 11.06  Required Notices to Rating Agency and Subservicer..........................-57-
Section 11.07  Severability of Provisions. (See Section 11.07 of the Standard Terms)......-58-
Section 11.08  Supplemental Provisions for Resecuritization.  (See Section 11.08 of the Standard
               Terms).....................................................................-58-
Section 11.09  Allocation of Voting Rights................................................-58-

                                         ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER
Section 12.01. Rights of the Certificate Insurer to Exercise Rights of Insured
               Certificateholders.........................................................-59-
Section 12.02. Claims Upon the Certificate Policy; Certificate Insurance Account..........-59-
Section 12.03. Effect of Payments by the Certificate Insurer; Subrogation.................-60-
Section 12.04. Notices and Information to the Certificate Insurer.........................-61-
Section 12.05. Trustee to Hold Certificate Policy.........................................-61-
Section 12.06. Ratings....................................................................-61-
Section 12.07. Third Party Beneficiaries..................................................-61-

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of March 1, 2003
Exhibit Five:         Planned Principal Balances
Exhibit Six:          Certificate Policy of MBIA Insurance Corporation

</TABLE>

<PAGE>

        This is a Series  Supplement,  dated  as of June 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of  REMIC I (as  defined  herein),  and  subject  to this  Agreement
(including the Mortgage Loans but excluding the Rounding Account and the Initial
Monthly Payment Fund), as a real estate mortgage  investment conduit (a "REMIC")
for  federal  income tax  purposes  and such  segregated  pool of assets will be
designated as "REMIC I." The  Uncertificated  REMIC I Regular  Interests will be
"regular  interests" in REMIC I and the Class R-I Certificates  will be the sole
class of "residual  interests"  in REMIC I for purposes of the REMIC  Provisions
(as  defined   herein).   A  segregated   pool  of  assets   consisting  of  the
Uncertificated  REMIC I Regular  Interests will be designated as "REMIC II," and
the REMIC  Administrator  will  make a  separate  REMIC  election  with  respect
thereto.  The  Class  A-1  Certificates,   Class  A-2  Certificates,  Class  A-3
Certificates,   Class  A-4  Certificates,  Class  A-5  Certificates,  Class  A-6
Certificates,   Class  A-7  Certificates,  Class  A-P  Certificates,  Class  M-1
Certificates,   Class  M-2  Certificates,  Class  M-3  Certificates,  Class  B-1
Certificates,   Class  B-2   Certificates,   Class  B-3   Certificates  and  the
Uncertificated  Class A-V REMIC Regular Interests will be "regular interests" in
REMIC II and the Class R-II  Certificates  will be the sole  class of  "residual
interests"  therein  for  purposes  of  the  REMIC  Provisions.  The  Class  A-V
Certificates  will  represent the entire  beneficial  ownership  interest in the
Uncertificated Class A-V REMIC Regular Interests.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii),  the  "latest  possible  maturity  date"  for  each  of the
Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

                                             -1-

<PAGE>

<TABLE>
<CAPTION>

                             Uncertificated
                                 REMIC I       Initial Uncertificated       Latest
        DESIGNATION         Pass-Through Rate    Principal Balance   Possible Maturity(1)

<S>                               <C>             <C>                        <C> <C>
REMIC I Regular Interest U        5.50%           $20,000,000.00        June 25, 2033
REMIC I Regular Interest V        5.50%           $20,069,748.44        June 25, 2033
REMIC I Regular Interest W        5.50%          $265,601,000.00        June 25, 2033
REMIC I Regular Interest X  AdjustableRate(2)     $76,822,533.00        June 25, 2033
REMIC I Regular Interest Y Adjustable Rate(2)     $27,935,467.00        June 25, 2033
REMIC I Regular Interest Z        0.00%             $557,809.93         June 25, 2033
REMIC I IO Regular Interests       (2)                 (3)              June 25, 2033
___________________
</TABLE>

(1)  Solely  for  purposes  of  Section   1.860G-1(a)(4)(iii)  of  the  Treasury
regulations,  the Distribution Date immediately  following the maturity date for
the  Mortgage  Loan with the latest  maturity  date has been  designated  as the
"latest possible maturity date" for each REMIC I Regular Interest.

(2) Calculated in accordance with the definition of "Uncertificated Pass-Through
Rate" herein.

(3) The  Uncertificated  REMIC I IO  Regular  Interests  have no  Uncertificated
Principal Balance.

                                             -2-

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.
<TABLE>
<CAPTION>

                                AGGREGATE
                                 INITIAL
                               CERTIFICATE
               PASS-THROUGH     PRINCIPAL                                MATURITY                      MINIMUM
 DESIGNATION       RATE          BALANCE            FEATURES1              DATE          FITCH/S&P  DENOMINATIONS2

<S>     <C>       <C>        <C>                                                        <C> <C>                    <C>
Class A-1         4.75%      $      20,000,000.00       Senior/Retail Lottery/InsurJune 25, 2033     AAA/AAA       $ 1,000
                                                        Senior/Interest Only/Inte
Class A-2         0.68%      $               0.00                Shortfalls         June 25, 2033     AAA/AAA       $25,000
Class A-3         5.50%      $      10,000,000.00       Senior Support        June 25, 2033     AAA/AAA       $25,000
Class A-4         3.50%      $     265,601,000.00       Super Senior/PAC       June 25, 2033     AAA/AAA       $25,000
Class A-5         5.50%      $               0.00       Senior/Interest Only    June 25, 2033     AAA/AAA       $25,000
                                                        Super Senior/
Class A-6     Adjustable Rate$      76,822,533.00       Floater/Companion      June 25, 2033     AAA/AAA       $25,000
                                                        Senior Senior/Inverse
Class A-7     Adjustable Rate$      27,935,467.00       Floater/Companion      June 25, 2033     AAA/AAA       $25,000
Class A-P         0.00%      $         557,809.93       Senior/Principal Only    June 25, 2033     AAA/AAA       $25,000
Class A-V     Variable Rate  $               0.00       Senior/Interest Only     June 25, 2033     AAA/AAA         20%
Class R-I         5.50%      $             100.00       Senior/Residual       June 25, 2033     AAA/AAA         20%
Class R-II        5.50%      $             100.00       Senior/Residual       June 25, 2033     AAA/AAA         20%
Class M-1         5.50%      $       5,754,200.00       Mezzanine          June 25, 2033      NA/AA        $25,000
Class M-2         5.50%      $       1,643,900.00       Mezzanine          June 25, 2033       NA/A        $250,000
Class M-3         5.50%      $       1,027,500.00       Mezzanine          June 25, 2033      NA/BBB       $250,000
Class B-1         5.50%      $         616,500.00       Subordinate         June 25, 2033      NA/BB        $100,000
Class B-2         5.50%      $         411,000.00       Subordinate         June 25, 2033       NA/B        $100,000
Class B-3         5.50%      $         616,548.44       Subordinate         June 25, 2033      NA/NA        $100,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $410,986,658.37.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
--------

     1    The Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class A-6,
          Class A-7, and Class M Certificates shall be Book-Entry  Certificates.
          The Class A-P, Class A-V,  Class R and Class B  Certificates  shall be
          delivered to the holders thereof in physical form.

     2    The  Certificates,  other than the Class A-V and Class R Certificates,
          shall be issuable in minimum dollar  denominations  as indicated above
          (by Certificate  Principal  Balance or Notional Amount, as applicable)
          and integral  multiples of $1 (or $1,000 in the case of the Class A-1,
          Class A-P, Class B-1, Class B-2 and Class B-3  Certificates) in excess
          thereof,  except that one Certificate of any of the Class A-P and each
          Class of Class B  Certificates  that  contains  an uneven  multiple of
          $1,000  shall  be  issued  in a  denomination  equal to the sum of the
          related minimum  denomination set forth above and such uneven multiple
          for  such  Class  or the  sum of  such  denomination  and an  integral
          multiple  of  $1,000.   The  Class  R   Certificates   and  Class  A-V
          Certificates  shall be issuable in minimum  denominations  of not less
          than a 20% Percentage Interest;  provided,  however,  that one of each
          Class of Class R Certificate  will be issuable to Residential  Funding
          as "tax  matters  person"  pursuant to Section  10.01(c)  and (e) in a
          minimum  denomination  representing a Percentage  Interest of not less
          than 0.01%.

                                             -3-

<PAGE>

                                             -4-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class of
Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls  on all  Mortgage  Loans (to the
               extent  not  offset by the  Master  Servicer  with a  payment  of
               Compensating Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan)) of Realized Losses on all Mortgage Loans (including Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans which remained unreimbursed  following the Cash Liquidation
               or REO  Disposition  of such Mortgage Loan or REO Property or (B)
               made  with  respect  to   delinquencies   that  were   ultimately
               determined  to be Excess  Special  Hazard  Losses,  Excess  Fraud
               Losses, Excess Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with all such reductions  allocated among all of the  Certificates in proportion
to their  respective  amounts of Accrued  Certificate  Interest  payable on such
Distribution Date absent such reductions; provided, that any Prepayment Interest
Shortfalls or Relief Act Shortfalls  allocable to the Class A-1  Certificates on
any Distribution  Date will instead be allocated to the Class A-2  Certificates,
to the extent of the Accrued Certificate  Interest on the Class A-2 Certificates
for that Distribution Date.

                                             -5-

<PAGE>

In  addition  to that  portion  of the  reductions  described  in the  preceding
sentence that are allocated to any Class of Class B Certificates or any Class of
Class M  Certificates,  Accrued  Certificate  Interest  on such Class of Class B
Certificates  or such  Class  of Class M  Certificates  will be  reduced  by the
interest portion (adjusted to the Net Mortgage Rate) of Realized Losses that are
allocated  solely to such Class of Class B Certificates or such Class of Class M
Certificates pursuant to Section 4.05.

     Adjustable Rate  Certificates:  Any one of the Class A-6  Certificates  and
Class A-7 Certificates.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio at origination which
               exceeds 75% and (ii) $100,000; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than Additional  Collateral  Loans, if any) which had an original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage
               Loans as of the Relevant  Anniversary less 1.25% per annum, (y) a
               number equal to the weighted average  remaining term to maturity,
               in months,  of all  Non-Primary  Residence Loans remaining in the
               Mortgage  Pool as of the Relevant  Anniversary,  and (z) one plus
               the  quotient of the number of all Non- Primary  Residence  Loans
               remaining  in the  Mortgage  Pool  divided by the total number of
               Outstanding  Mortgage  Loans  in  the  Mortgage  Pool  as of  the
               Relevant  Anniversary,  and (ii) $50,000,  over (2) the aggregate
               amount  of  Bankruptcy  Losses  allocated  solely  to one or more
               specific  Classes of Certificates in accordance with Section 4.05
               since the Relevant Anniversary.

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that

                                             -6-

<PAGE>

such reduction shall not reduce the rating assigned to any Class of Certificates
by such Rating Agency (without  giving effect to the  Certificate  Policy in the
case of the Insured  Certificates) below the lower of the then-current rating or
the rating  assigned to such  Certificates as of the Closing Date by such Rating
Agency and (ii) provide a copy of such written confirmation to the Trustee.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2003-S13"  and  which  must be an  Eligible
Account.

        Certificate  Insurance  Account:  The  account  established  pursuant to
Section 12.02(b) of this Series Supplement.

        Certificate  Insurance  Payment:  Any  payment  made by the  Certificate
Insurer with respect to the Insured Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy:  The certificate  guaranty  insurance policy No. 41733
issued by the Certificate  Insurer for the benefit of the Holders of the Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Six.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

        (i)    the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

     (ii) the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;
          provided,  however,  that  solely  for  purposes  of  determining  the
          Certificate    Insurer's   rights   as   subrogee   to   the   Insured
          Certificateholders,  the Certificate  Principal Balance of any Insured
          Certificate shall be deemed to not be reduced by any principal amounts
          paid to the Holder thereof from Certificate Insurance Payments, unless
          such amounts have been

                                             -7-

<PAGE>

          reimbursed to the Certificate Insurer pursuant to Section 4.02(a)(xvi)
          or Section 4.02(i);

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates  then outstanding with a Certificate  Principal  Balance greater
than zero (not taking  into  consideration  any  reductions  in the  Certificate
Principal Balance of the Insured  Certificates due to a withdrawal of funds from
the Rounding Account).

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-P or Class A-V Certificates,
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially in the form annexed to the Standard Terms as Exhibit A.

        Class R  Certificate:  Any one of the Class R-I  Certificates  and Class
R-II  Certificates  executed by the Trustee and authenticated by the Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in the each REMIC
for purposes of the REMIC Provisions.

        Closing Date: June 27, 2003.

     Commitment  Letter:  The commitment to issue a financial guaranty insurance
policy,  dated  June  26,  2003,  between  the  Goldman,  Sachs  & Co.  and  the
Certificate Insurer.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2003-S13.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I  Regular  Interest  U, the  Class  A-1  Certificates;  with  respect  to
Uncertificated  REMIC I Regular Interest V, the Class A-3, M-1, Class M-2, Class
M-3, Class B-1, Class B-2, Class B-3 and Class R-II  Certificates;  with respect
to Uncertificated  REMIC I Regular Interest W, the Class A-4 Certificates;  with
respect  to   Uncertificated   REMIC  I  Regular   Interest  X,  the  Class  A-6
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest Y, the
Class A-7 Certificates;  with respect to Uncertificated REMIC I Regular Interest
Z, the Class A-P Certificates and with respect to the Uncertificated  REMIC I IO
Regular Interests, the Class A-V Certificates.

        Cumulative  Insurance  Payments:  As of any time of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments  previously  made  to the  Certificate  Insurer  pursuant  to  Sections
4.02(a)(xvi)  of  this  Series   Supplement  as  reimbursement  for  Certificate
Insurance Payments.

                                             -8-

<PAGE>

        Cut-off Date: June 1, 2003.

        Deceased Holder: A Certificate Owner of an Insured Certificate who was a
natural  person  living  at the  time  such  interest  was  acquired  and  whose
authorized personal representative,  surviving tenant by the entirety, surviving
joint tenant or surviving  tenant in common or other person  empowered to act on
behalf of a deceased  Certificate Owner causes to be furnished to the Depository
Participant evidence of death satisfactory to the Depository Participant and any
tax waivers requested by the Depository Participant.

        Deficiency  Amount:  With respect to the Insured  Certificates and as of
any Distribution Date, an amount equal to:

        (i) any interest shortfall allocated to the Insured Certificates, except
        for (a) any  Prepayment  Interest  Shortfalls  allocated  to the Insured
        Certificates and (b) any interest  shortfalls  caused by the application
        of the Relief Act allocated to the Insured Certificates;

        (ii) the  principal  portion of any  Realized  Losses  allocated  to the
        Insured Certificates; and

        (iii) the Certificate  Principal Balance of the Insured  Certificates to
        the extent unpaid on the Scheduled Final Distribution Date.

        Determination  Date: With respect to any  Distribution  Date, the second
Business Day prior to such Distribution Date.

        Discount Net Mortgage Rate: 5.50% per annum.

     Due Period:  With respect to each  Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate  amount  of
Accrued  Certificate   Interest  on  the  Class  M,  Class  B-1  and  Class  B-2
Certificates.

        Floater Certificates: The Class A-6 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the third  anniversary  of the  Cut-off
Date, an amount equal to 1.0% of the aggregate  outstanding principal balance of
all of the Mortgage  Loans as of the Cut-off Date minus the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the third to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most recent anniversary of the Cut-off Date

                                             -9-

<PAGE>

and (b)  0.50% of the  aggregate  outstanding  principal  balance  of all of the
Mortgage  Loans as of the most recent  anniversary of the Cut-off Date minus (2)
the aggregate  amount of Fraud Losses  allocated  solely to one or more specific
Classes  of  Certificates  in  accordance  with  Section  4.05  of  this  Series
Supplement since the most recent anniversary of the Cut-off Date up to such date
of  determination.  On and after the fifth  anniversary of the Cut-off Date, the
Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

     Individual  Insured  Certificate:  An Insured  Certificate  that  evidences
$1,000 Initial Certificate Principal Balance.

        Initial Monthly Payment Fund: $15,253,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in June  2003,  for those  Mortgage  Loans for  which  the  Trustee  will not be
entitled to receive such payment in  accordance  with the  definition  of "Trust
Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional  Amount:  With respect to the Class A-2  Certificates,
$20,000,000.00. With respect to the Class A-5 Certificates, $96,582,182.00. With
respect to any Class A-V Certificates,  $410,986,658.37.  For federal income tax
purposes,  with respect to any Class A-V Certificates or Subclass thereof issued
pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance of the
Mortgage  Loans  corresponding  to the  Uncertificated  Class A-V REMIC  Regular
Interests represented by such Class or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

        Class M-1: 1.40%                    Class B-1: 0.15%
        Class M-2: 0.40%                    Class B-2: 0.10%
        Class M-3: 0.25%                    Class B-3: 0.15%

     Insurance  Premium:  With respect to any Distribution Date, an amount equal
to 1/12th of the product of (a) the Certificate  Principal  Balance of the Class
A-1 Certificates as of such Distribution

                                             -10-

<PAGE>

Date (prior to giving effect to any  distributions  thereon on such Distribution
Date) and (b) the Premium Percentage (as defined in the Commitment Letter).

        Insured Certificates:  Any one of the Class A-1 Certificates.

     Insured  Payment:  With respect to the Insured  Certificates  (a) as of any
Distribution Date, any Deficiency Amount, and (b) any Preference Amount.

        Interest Accrual Period:  With respect to any  Certificates  (other than
the  Adjustable  Certificates)  and any  Distribution  Date,  the calendar month
preceding the month in which such Distribution Date occurs.  With respect to the
Adjustable Rate Certificates, the one-month period commencing on the 25th day of
the month preceding the month in which the  Distribution  Date occurs and ending
on the 24th day of the month in which the Distribution Date occurs.

        Interest Only Certificates: Any one of the Class A-2, Class A-5 or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

        Inverse Floater Certificates: The Class A-7 Certificates.

        LIBOR  Business Day: Any day other than (i) a Saturday or Sunday or (ii)
a day  on  which  banking  institutions  in  London,  England  are  required  or
authorized to by law to be closed.

        LIBOR Rate Adjustment Date: With respect to each  Distribution  Date and
the Adjustable  Rate  Certificates,  the second LIBOR  Business Day  immediately
preceding the commencement of the related Interest Accrual Period on which banks
are open for dealing in foreign currency and exchange in London, England.

        Living Owner: A Certificate Owner of an Insured Certificate other than a
Deceased Holder.

        Maturity  Date:  With  respect to each Class of  Certificates,  June 25,
2033, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

        (a)    the Mortgage Loan identifying number ("RFC LOAN #");
        (b)    the maturity of the Mortgage Note ("MATURITY DATE");
        (c)    the Mortgage Rate ("ORIG RATE");
        (d)    the Subservicer pass-through rate ("CURR NET");
        (e)    the Net Mortgage Rate ("NET MTG RT");
        (f)    the Pool Strip Rate ("STRIP");

          (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");

        (h) the  Cut-off  Date  Principal  Balance  ("PRINCIPAL  BAL");  (i) the
        Loan-to-Value Ratio at origination ("LTV");

                                             -11-

<PAGE>

        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");
        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

        Notional Amount: As of any Distribution  Date, with respect to the Class
A-2  Certificates,  an amount equal to the Certificate  Principal Balance of the
Class A-1  Certificates.  For federal  income tax purposes,  however,  as of any
Distribution Date, with respect to the Class A-2 Certificates, the equivalent of
the   foregoing,   expressed  as  the   Uncertificated   Principal   Balance  of
Uncertificated  REMIC I Regular  Interest U. As of any  Distribution  Date, with
respect to the Class A-5 Certificates, an amount equal to 4/11 multiplied by the
Certificate Principal Balance of the Class A-4 Certificates.  For federal income
tax purposes,  however,  as of any Distribution  Date, with respect to the Class
A-5   Certificates,   the  equivalent  of  the   foregoing,   expressed  as  the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest W.
As of the Closing Date,  the Notional  Amount of the Class A-5  Certificates  is
equal to approximately $96,582,182.00. As of any Distribution Date, with respect
to the Class A-V  Certificates,  the aggregate Stated  Principal  Balance of the
Mortgage Loans. For federal income tax purposes,  as of any  Distribution  Date,
with respect to any Class A-V  Certificates or Subclass  thereof issued pursuant
to Section 5.01(c), the aggregate Stated Principal Balance of the Mortgage Loans
corresponding  to  the   Uncertificated   Class  A-V  REMIC  Regular   Interests
represented by such Class or Subclass as of the day  immediately  preceding such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of business on the Cut-off Date).

        PAC Certificates: The Class A-4 Certificates.

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the Adjustable  Rate  Certificates,  Class A-V  Certificates  and Principal Only
Certificates),   Class  M  Certificates,   Class  B  Certificates  and  Class  R
Certificates  and any  Distribution  Date,  the per annum rates set forth in the
Preliminary Statement hereto. With respect to the Class A-6 Certificates and the
initial Interest Accrual Period, 2.10% per annum, and as to any Interest Accrual
Period  thereafter,  a per annum rate equal to LIBOR  plus  1.00%,  subject to a
maximum  rate of 7.50% per annum and a  minimum  rate of 1.00% per  annum.  With
respect to the Class A-7  Certificates  and the initial Interest Accrual Period,
14.850% per annum, and as to any Interest Accrual Period thereafter, a per annum
rate equal to 17.875%  minus (LIBOR  multiplied  by 2.75),  subject to a maximum
rate of 17.875% per annum and a minimum rate of 0.00% per annum. With respect to
the  Class  A-V  Certificates   (other  than  any  Subclass   thereof)  and  any
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of  business  on the Due Date in the  month  preceding  the  month of such
Distribution  Date).  With respect to the Class A-V Certificates and the initial
Distribution Date the

                                             -12-

<PAGE>

Pass-Through Rate is equal to 0.1196% per annum. With respect to any Subclass of
Class A-V Certificates  and any Distribution  Date, a rate equal to the weighted
average,  expressed  as a  percentage,  of the Pool Strip Rates of all  Mortgage
Loans  corresponding  to the  Uncertificated  Class A-V REMIC Regular  Interests
represented  by such  Subclass  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution  Date (or
with respect to the initial  Distribution  Date, at the close of business on the
Due Date in the  month  preceding  the  month of such  Distribution  Date).  The
Principal Only  Certificates  have no Pass-Through  Rate and are not entitled to
Accrued Certificate Interest.

        Planned Principal Balance: With respect to the PAC Certificates and each
Distribution  Date,  the amount set forth for such Classes on such  Distribution
Date on Exhibit Five hereto.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Preference   Amount:   Any   amount   previously    distributed   to   a
Certificateholder on an Insured Certificate that is recoverable and sought to be
recovered as a voidable  preference by a trustee in  bankruptcy  pursuant to the
United  States  Bankruptcy  Code (11 U.S.C.),  as amended from time to time,  in
accordance  with  a  final  nonappealable  order  of a  court  having  competent
jurisdiction.

        Prepayment Assumption: A prepayment assumption of 350% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date  and  each  Class  of  Subordinate   Certificates,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

               (i) For any Distribution  Date prior to the Distribution  Date in
        July 2008  (unless  the  Certificate  Principal  Balances  of the Senior
        Certificates  (other than the Class A-P Certificates)  have been reduced
        to zero), 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not  apply,  and on which  any  Class  of  Subordinate  Certificates  is
        outstanding with a Certificate Principal Balance greater than zero:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment
               Distribution Trigger has been satisfied, a fraction, expressed as
               a percentage, the numerator of which is the Certificate Principal
               Balance of such

                                             -13-

<PAGE>

               Class immediately prior to such date and the denominator of which
               is the  sum of the  Certificate  Principal  Balances  immediately
               prior to such date of (1) the Class of  Subordinate  Certificates
               then  outstanding  with the  Highest  Priority  and (2) all other
               Classes  of  Subordinate  Certificates  for which the  respective
               Prepayment Distribution Triggers have been satisfied; and

                      (b) in  the  case  of  each  other  Class  of  Subordinate
               Certificates for which the Prepayment  Distribution Triggers have
               not been satisfied, 0%; and

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of  Subordinate  Certificates  in an amount  greater than the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions  in paragraph  (ii) above,  as if the  Certificate  Principal
        Balance of each Maturing Class had been reduced to zero (such percentage
        as recalculated, the "Recalculated Percentage"); (c) the total amount of
        the  reductions  in  the  Prepayment  Distribution  Percentages  of  the
        Maturing  Class or  Classes  pursuant  to clause  (a) of this  sentence,
        expressed  as an  aggregate  percentage,  shall be  allocated  among the
        Non-Maturing  Classes in  proportion  to their  respective  Recalculated
        Percentages (the portion of such aggregate reduction so allocated to any
        Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes
        of such  Distribution  Date, the Prepayment  Distribution  Percentage of
        each Non-Maturing  Class shall be equal to the sum of (1) the Prepayment
        Distribution  Percentage  thereof,  calculated  in  accordance  with the
        provisions  in  paragraph  (ii)  above as if the  Certificate  Principal
        Balance of each  Maturing  Class had not been reduced to zero,  plus (2)
        the related Adjustment Percentage.

        Principal Only Certificates:  Any one of the Class A-P Certificates.

        Random Lot: With respect to any  Distribution  Date, the method by which
the Depository will determine which Insured Certificates will be paid, using its
established random lot procedures or, if the Insured  Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Adjustable Rate  Certificates  that are Book-Entry
Certificates),  the close of business on the last Business Day of the month next
preceding the month in which the related  Distribution Date occurs. With respect
to each  Distribution Date and the Adjustable Rate Certificates (so long as they
are Book-Entry Certificates), the close of business on the Business Day prior to
such Distribution Date.

                                             -14-

<PAGE>

     Relief  Act:  The  Soldiers'  and  Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

     Relief Act Shortfalls:  Shortfalls in interest  payable by a Mortgagor that
is not collectable from the Mortgagor pursuant to the Relief Act.

        REMIC I: The  segregated  pool of assets  related to this  Series,  with
respect  to which a REMIC  election  is to be made  (except as  provided  below)
pursuant to this Agreement, consisting of:

        (i)    the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due after the Cut-off  Date (other than  Monthly  Payments due in
               the  month of the  Cut-off  Date) as shall be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, but not including amounts on deposit
               in the Initial Monthly Payment Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, and

        (v)    all proceeds of clauses (i) through (iv) above.

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund and the Rounding Account.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6,  Class A-7,  Class A-P,  Class A-V,  Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2, Class B-3 and Class R-II Certificates  pursuant to Section 2.06,
with  respect  to which a  separate  REMIC  election  is to be made.  The  REMIC
election  with respect to REMIC II  specifically  excludes  the Initial  Monthly
Payment Fund and the Rounding Account.

        REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3, Class
A-4,  Class A-5,  Class A-6,  Class A-7,  Class A-P, Class A-V, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates.

        Rounding Account: With respect to the Insured Certificates,  the account
created and maintained for such Insured Certificates pursuant to Section 4.09.

                                             -15-

<PAGE>

        Rounding  Amount:  With respect to the Rounding  Account,  the amount of
funds,  if any,  needed  to be  withdrawn  and used to round  the  amount of any
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates upward to the next higher integral multiple of $1,000.

        Scheduled Final Distribution Date: June 25, 2033.

        Senior  Certificate:  Any one of the  Class A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

        Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i)  and  Section  4.02(a)(ii)(X)  of  this  Series  Supplement  and  the
distribution of the Insurance  Premium,  or, after the Credit Support  Depletion
Date, the amount required to be distributed to the Class A-P  Certificateholders
pursuant to Section 4.02(c) or (d), as applicable, of this Series Supplement and
(b)  the  sum  of  the  amounts   required  to  be  distributed  to  the  Senior
Certificateholders on such Distribution Date pursuant to Section  4.02(a)(ii)(Y)
of this Series Supplement and the distribution of the Insurance Premium.

        Senior Support Certificates: The Class A-3 Certificates.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$4,408,704  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the

                                             -16-

<PAGE>

Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which  is  equal  to  61.0%  (which
percentage is equal to the  percentage of Mortgage  Loans  initially  secured by
Mortgaged  Properties located in the State of California) and (ii) the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of the largest  Mortgage Loan secured by a Mortgaged  Property  located in
the State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates as of the Closing Date by such Rating Agency (without giving effect
to the  Certificate  Policy in the case of the  Insured  Certificates)  and (ii)
provide a copy of such written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates  minus (b) the sum of (i)
with respect to the Class of Subordinate  Certificates with the Lowest Priority,
any Excess Subordinate Principal Amount for such Distribution Date; and (ii) the
Capitalization  Reimbursement  Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the  principal  distribution  amounts  for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.

     Super  Senior  Certificates:  The  Class  A-4,  Class  A-6  and  Class  A-7
Certificates.

                                             -17-

<PAGE>

        Super Senior Optimal Percentage: As to any Distribution Date on or after
the  Credit  Support  Depletion  Date  and  with  respect  to the  Super  Senior
Certificates,  a fraction,  expressed as a percentage, the numerator of which is
the aggregate  Certificate  Principal  Balance of the Super Senior  Certificates
immediately  prior to such Distribution Date and the denominator of which is the
aggregate  Certificate  Principal Balance of the Senior Certificates (other than
the Class A-P Certificates) immediately prior to such Distribution Date.

        Super  Senior  Optimal   Principal   Distribution   Amount:  As  to  any
Distribution Date on or after the Credit Support Depletion Date and with respect
to the Super Senior Certificates,  the product of (a) the then-applicable  Super
Senior Optimal Percentage and (b) the Senior Principal Distribution Amount.

        Trust  Fund:  REMIC I, REMIC II, the  Rounding  Account  and the Initial
Monthly Payment Fund.

        Uncertificated  Class A-V REMIC Accrued  Interest:  With respect to each
Distribution Date, as to each  Uncertificated  Class A-V REMIC Regular Interest,
an amount equal to the  aggregate  amount of Accrued  Certificate  Interest that
would  result  under  the  terms  of  the   definition   thereof  on  each  such
uncertificated  interest,  if  the  Pass-Through  Rate  on  such  uncertificated
interest were equal to the related  Uncertificated  REMIC  Pass-Through Rate and
the notional  amount of such  uncertificated  interest were equal to the related
Uncertificated REMIC Notional Amount, and any reduction in the amount of Accrued
Certificate  Interest  resulting  from the  allocation  of  Prepayment  Interest
Shortfalls, Realized Losses or other amounts to the Class A-V Certificateholders
pursuant to Section 4.05 hereof shall be allocated to the  Uncertificated  Class
A-V REMIC Regular  Interests pro rata in accordance  with the amount of interest
accrued with respect to each related  Uncertificated  REMIC Notional  Amount and
such Distribution Date.

        Uncertificated  Class A-V REMIC  Notional  Amount:  With respect to each
Uncertificated  Class A-V REMIC  Regular  Interest,  the  amount of the  related
Uncertificated REMIC I IO Notional Amount.

        Uncertificated  Class A-V REMIC  Pass-Through Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

        Uncertificated  Class A-V REMIC Regular Interest  Distribution  Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed  on the  Uncertificated  Class A-V REMIC Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

        Uncertificated Class A-V REMIC Regular Interests: The 846 uncertificated
partial undivided  beneficial ownership interests in the Trust Fund, relating to
each Mortgage Loan,  numbered  sequentially from 1 through 846, each relating to
the  particular  Mortgage Loan  identified by sequential  number on the Mortgage
Loan Schedule, each having no principal balance, and each bearing the respective
Pool Strip Rate on the Stated Principal Balance of the related Mortgage Loan.

                                             -18-

<PAGE>

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$20,000,000.00  with respect to Uncertificated  REMIC I Regular Interest U, (ii)
$20,069,748.44 with respect to Uncertificated  REMIC I Regular Interest V, (iii)
$265,601,000.00  with respect to Uncertificated REMIC I Regular Interest W, (iv)
$76,822,533.00  with respect to  Uncertificated  REMIC I Regular Interest X, (v)
$27,935,467.00  with respect to  Uncertificated  REMIC I Regular  Interest Y and
(vi)  $557,809.93  with respect to  Uncertificated  REMIC I Regular  Interest Z,
minus  (B)  the  sum of (x)  the  aggregate  of all  amounts  previously  deemed
distributed   with   respect  to  such   interest  and  applied  to  reduce  the
Uncertificated  Principal  Balance thereof pursuant to Section  10.04(a)(ii) and
(y) the aggregate of all reductions in  Uncertificated  Principal Balance deemed
to have occurred in connection with Realized Losses that were previously  deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 10.04(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution Date, (i) as to Uncertificated REMIC I Regular Interests U, V, W, X
and Y an amount equal to the aggregate  amount of Accrued  Certificate  Interest
that would result under the terms of the definition  thereof with respect to the
Corresponding Certificated Interests if the Pass-Through Rate on each such Class
were  equal  to  the   Uncertificated   REMIC  I   Pass-Through   Rate  and  the
Uncertificated  Principal Balance was the Certificate Principal Balance and (ii)
as to the  Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms  of the  definition  thereof  with  respect  to each  such  uncertificated
interest,  if the Pass-  Through Rate on each such  uncertificated  interest was
equal to the  Uncertificated  REMIC I Pass- Through Rate and the notional amount
of such  uncertificated  interest  was  equal to the  Uncertificated  REMIC I IO
Notional  Amount;  provided,  that  any  reduction  in  the  amount  of  Accrued
Certificate  Interest  resulting  from the  allocation  of  Prepayment  Interest
Shortfalls,  Realized  Losses or other amounts to the  Certificates  pursuant to
Sections 4.02(a) and 4.05 hereof shall be allocated to the Uncertificated  REMIC
I  Regular   Interests  for  which  such   Certificates  are  the  Corresponding
Certificated Interests.

        Uncertificated  REMIC I Regular  Interest U: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-1
Certificates, and which bears interest at a rate equal to 5.50% per annum.

        Uncertificated  REMIC I Regular  Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-3,  Class
M-1,  Class M-2,  Class  M-3,  Class  B-1,  Class B-2,  Class B-3 and Class R-II
Certificates, and which bears interest at a rate equal to 5.50% per annum.

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-4
Certificates, and which bears interest at a rate equal to 5.50% per annum.

        Uncertificated  REMIC I Regular  Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the  aggregate of the  Certificate  Principal  Balance of the Class A-6
Certificates,  and which bears interest 2.10% per annum for the initial Interest
Accrual Period,  and as to any Interest Accrual Period  thereafter,  a per annum
rate

                                             -19-

<PAGE>

equal to LIBOR plus  1.00%,  subject to a maximum  rate of 7.50% per annum and a
minimum rate of 1.00% per annum.

        Uncertificated  REMIC I Regular  Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-7
Certificates,  and which  bears  interest  at 14.850%  per annum for the initial
Interest Accrual Period, and as to any Interest Accrual Period thereafter, a per
annum rate equal to  17.875%  minus  (LIBOR  multiplied  by 2.75),  subject to a
maximum rate of 17.875% per annum and a minimum rate of 0.00% per annum.

        Uncertificated  REMIC I Regular  Interest Z: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest R, Uncertificated  REMIC I Regular Interest S,  Uncertificated  REMIC I
Regular Interest T,  Uncertificated  REMIC I Regular Interest U,  Uncertificated
REMIC  I  Regular  Interest  V,  Uncertificated  REMIC  I  Regular  Interest  W,
Uncertificated  REMIC I  Regular  Interest  X,  Uncertificated  REMIC I  Regular
Interest Y and REMIC I IO Regular Interests.

        Uncertificated  REMIC  I  IO  Notional  Amount:  With  respect  to  each
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the  aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

        Uncertificated  REMIC I IO  Regular  Interests:  The 846  uncertificated
partial undivided  beneficial ownership interests in REMIC I, each relating to a
Mortgage Loan, each having no principal  balance,  and each bearing  interest at
the related  Uncertificated  Class A-V REMIC Pass-  Through  Rate on the related
Uncertificated REMIC I IO Notional Amount.

        Uncertificated  REMIC I IO Regular Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on the  Uncertificated  Class A-V REMIC Regular  Interests for such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I Regular  Interest U  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  U  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I Regular  Interest V  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I Regular  Interest W  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 10.04(a).

                                             -20-

<PAGE>

        Uncertificated  REMIC I Regular  Interest X  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  X  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I Regular  Interest Y  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Y  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I Regular  Interest Z  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Z  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   U   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   W   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   X   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   Y   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular  Interest  Z  Distribution   Amount  and  the
Uncertificated REMIC I IO Regular Interest Distribution Amount.

     Underwriter:  Goldman,  Sachs  &  Co.  or  Residential  Funding  Securities
Corporation, as applicable.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

        Section 1.03  Determination of LIBOR.

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Adjustable  Rate  Certificates,  if any, for any Interest  Accrual Period (other
than the initial  Interest Accrual Period) will be determined on each LIBOR Rate
Adjustment Date.

        On each LIBOR Rate Adjustment Date (other than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period,  will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m.,  London
time, on such LIBOR Rate Adjustment Date.  "Telerate Screen Page 3750" means the
display  designated as page 3750 on the Telerate  Service (or such other page as
may  replace  page 3750 on that  service for the  purpose of  displaying  London
interbank  offered rates of major  banks).  If such rate does not appear on such
page (or such other page as may replace  that page on that  service,  or if such
service is no longer offered, LIBOR shall be so established by use of such other
service  for  displaying  LIBOR or  comparable  rates as may be  selected by the
Trustee  after  consultation  with the  Master  Servicer),  the rate will be the
Reference Bank Rate. The "Reference

                                             -21-

<PAGE>

Bank Rate" will be  determined  on the basis of the rates at which  deposits  in
U.S.  Dollars are offered by the reference banks (which shall be any three major
banks that are engaged in transactions in the London interbank market,  selected
by the Trustee after  consultation  with the Master  Servicer) as of 11:00 a.m.,
London  time,  on the LIBOR Rate  Adjustment  Date to prime  banks in the London
interbank market for a period of one month in amounts approximately equal to the
aggregate Certificate Principal Balance of the Adjustable Rate Certificates then
outstanding. The Trustee will request the principal London office of each of the
reference  banks to  provide  a  quotation  of its  rate.  If at least  two such
quotations are provided,  the rate will be the arithmetic mean of the quotations
rounded  up to the next  multiple  of  1/16%.  If on such  date  fewer  than two
quotations are provided as requested,  the rate will be the  arithmetic  mean of
the rates  quoted by one or more major  banks in New York City,  selected by the
Trustee after consultation with the Master Servicer,  as of 11:00 a.m., New York
City time, on such date for loans in U.S.  Dollars to leading European banks for
a  period  of  one  month  in  amounts  approximately  equal  to  the  aggregate
Certificate   Principal   Balance  of  the  Adjustable  Rate  Certificates  then
outstanding.  If no such quotations can be obtained,  the rate will be LIBOR for
the prior  Distribution  Date, or in the case of the first LIBOR Rate Adjustment
Date,  1.10%;  provided  however,  if, under the priorities listed previously in
this  paragraph,  LIBOR for a Distribution  Date would be based on LIBOR for the
previous  Distribution  Date for the third  consecutive  Distribution  Date, the
Trustee,   after  consultation  with  the  Master  Servicer,   shall  select  an
alternative  comparable  index over which the Trustee  has no control,  used for
determining one- month Eurodollar lending rates that is calculated and published
or otherwise made available by an independent party.

        The  establishment  of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Master Servicer's subsequent  calculation of the Pass-Through Rates
applicable to each of the Adjustable Rate Certificates for the relevant Interest
Accrual Period, in the absence of manifest error, will be final and binding.

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee  will supply to any  Certificateholder  so
requesting by telephone the  Pass-Through  Rates on each of the Adjustable  Rate
Certificates  for the current and the  immediately  preceding  Interest  Accrual
Period.

                                             -22-

<PAGE>

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01  Conveyance of Mortgage  Loans.  (See Section 2.01 of the
               Standard Terms)

          Section 2.02 Acceptance by Trustee.  (See Section 2.02 of the Standard
               Terms)

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

               (a) For  representations,  warranties and covenants of the Master
        Servicer, see Section 2.03(a) of the Standard Terms.

               (b) The Company hereby represents and warrants to the Trustee for
        the benefit of  Certificateholders  that as of the Closing  Date (or, if
        otherwise specified below, as of the date so specified):

                      (i) No  Mortgage  Loan is 30 or more  days  Delinquent  in
               payment of  principal  and interest as of the Cut-off Date and no
               Mortgage  Loan  has  been so  Delinquent  more  than  once in the
               12-month period prior to the Cut-off Date;

                      (ii) The  information set forth in Exhibit One hereto with
               respect to each Mortgage Loan or the Mortgage  Loans, as the case
               may be, is true and correct in all material  respects at the date
               or dates respecting which such information is furnished;

                      (iii) The Mortgage Loans are fully-amortizing,  fixed-rate
               mortgage loans with level Monthly Payments due, with respect to a
               majority of the  Mortgage  Loans,  on the first day of each month
               and terms to maturity at origination or  modification of not more
               than 30 years;

                      (iv) To the best of the Company's knowledge, if a Mortgage
               Loan is  secured by a  Mortgaged  Property  with a  Loan-to-Value
               Ratio at  origination in excess of 80%, such Mortgage Loan is the
               subject of a Primary  Insurance  Policy that  insures that (a) at
               least 30% of the Stated Principal Balance of the Mortgage Loan at
               origination  if the  Loan-to-Value  Ratio is  between  95.00% and
               90.01%,  (b) at least 25% of such  balance  if the  Loan-to-Value
               Ratio is between 90.00% and 85.01%,  and (c) at least 12% of such
               balance if the Loan-to-Value  Ratio is between 85.00% and 80.01%.
               To the  best  of  the  Company's  knowledge,  each  such  Primary
               Insurance  Policy is in full force and effect and the  Trustee is
               entitled to the benefits thereunder;

                      (v) The  issuers of the  Primary  Insurance  Policies  are
               insurance companies whose  claims-paying  abilities are currently
               acceptable to each Rating Agency;

                                             -23-

<PAGE>

                      (vi) No more than 1.1% of the Mortgage  Loans by aggregate
               Cut-off Date Principal Balance as of the Cut-off Date are secured
               by  Mortgaged  Properties  located  in any one zip  code  area in
               California  and no  more  than  0.5%  of the  Mortgage  Loans  by
               aggregate  Stated  Principal  Balance as of the Cut-off  Date are
               secured by Mortgaged  Properties located in any one zip code area
               outside California;

                      (vii) The improvements  upon the Mortgaged  Properties are
               insured against loss by fire and other hazards as required by the
               Program Guide,  including  flood  insurance if required under the
               National  Flood  Insurance Act of 1968, as amended.  The Mortgage
               requires the Mortgagor to maintain such casualty insurance at the
               Mortgagor's  expense,  and on the  Mortgagor's  failure to do so,
               authorizes the holder of the Mortgage to obtain and maintain such
               insurance at the  Mortgagor's  expense and to seek  reimbursement
               therefor from the Mortgagor;

                      (viii) Immediately prior to the assignment of the Mortgage
               Loans to the Trustee,  the Company had good title to, and was the
               sole owner of, each  Mortgage  Loan free and clear of any pledge,
               lien,  encumbrance  or  security  interest  (other than rights to
               servicing and related  compensation) and such assignment  validly
               transfers ownership of the Mortgage Loans to the Trustee free and
               clear of any pledge, lien, encumbrance or security interest;

                      (ix)  No  more  than  16.72%  of  the  Mortgage  Loans  by
               aggregate Cut-off Date Principal Balance were underwritten  under
               a reduced loan documentation program;

                      (x) Each  Mortgagor  represented  in its loan  application
               with  respect to the  related  Mortgage  Loan that the  Mortgaged
               Property would be  owner-occupied  and therefore  would not be an
               investor  property as of the date of origination of such Mortgage
               Loan. No Mortgagor is a corporation or a partnership;

                      (xi)  None of the  Mortgage  Loans is a  Buydown  Mortgage
               Loan;

                      (xii) Each Mortgage Loan constitutes a qualified  mortgage
               under Section  860G(a)(3)(A) of the Code and Treasury Regulations
               Section 1.860G-2(a)(1);

                      (xiii) A policy of title insurance was effective as of the
               closing  of each  Mortgage  Loan and is  valid  and  binding  and
               remains in full force and effect, unless the Mortgaged Properties
               are  located in the State of Iowa and an  attorney's  certificate
               has been provided as described in the Program Guide;

                      (xiv) None of the Mortgage Loans are Cooperative Loans;

                      (xv) With respect to each Mortgage Loan originated under a
               "streamlined"  Mortgage  Loan  program  (through  which no new or
               updated  appraisals  of  Mortgaged  Properties  are  obtained  in
               connection with the refinancing thereof),  the related Seller has
               represented  that either (a) the value of the  related  Mortgaged
               Property as of the

                                             -24-

<PAGE>

               date the  Mortgage  Loan  was  originated  was not less  than the
               appraised  value of such property at the time of  origination  of
               the  refinanced  Mortgage Loan or (b) the Loan- to-Value Ratio of
               the Mortgage Loan as of the date of  origination  of the Mortgage
               Loan generally meets the Company's underwriting guidelines;

                      (xvi)  Interest on each Mortgage Loan is calculated on the
               basis of a 360-day year consisting of twelve 30-day months;

                      (xvii) None of the Mortgage  Loans contains in the related
               Mortgage File a Destroyed Mortgage Note; and

                      (xviii)None  of the Mortgage Loans are Pledged Asset Loans
               or Additional Collateral Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment Agreement) applicable to a Mortgage Loan. Insofar as the Assignment

                                             -25-

<PAGE>

Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.

        Upon the discovery by the Company,  the Master Servicer,  the Trustee or
any Custodian of a breach of any of the representations and warranties made in a
Seller's  Agreement  that have been  assigned  to the  Trustee  pursuant to this
Section 2.04 or of a breach of any of the representations and warranties made in
the Assignment  Agreement (which, for purposes hereof, will be deemed to include
any other cause  giving rise to a  repurchase  obligation  under the  Assignment
Agreement)  in  respect of any  Mortgage  Loan which  materially  and  adversely
affects the interests of the Certificateholders in such Mortgage Loan, the party
discovering  such breach shall give prompt  written  notice to the other parties
(any  Custodian  being so  obligated  under a Custodial  Agreement).  The Master
Servicer shall promptly notify the related Seller or Residential Funding, as the
case may be, of such breach and request that such Seller or Residential Funding,
as the case may be, either (i) cure such breach in all material  respects within
90 days from the date the Master  Servicer  was  notified of such breach or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in Section  2.02;  provided  that in the case of a breach under
the Assignment Agreement Residential Funding shall have the option to substitute
a Qualified  Substitute  Mortgage  Loan or Loans for such  Mortgage Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any  such  cure,
repurchase  or  substitution  must occur within 90 days from the date the breach
was discovered.  If the breach of representation  and warranty that gave rise to
the obligation to repurchase or substitute a Mortgage Loan pursuant to Section 4
of the  Assignment  Agreement was the  representation  and warranty set forth in
clause (xxxii) of Section 4 thereof, then the Master Servicer shall request that
Residential Funding pay to the Trust Fund,  concurrently with and in addition to
the  remedies  provided  in the  preceding  sentence,  an  amount  equal  to any
liability,  penalty or expense that was actually  incurred and paid out of or on
behalf of the Trust Fund,  and that directly  resulted  from such breach,  or if
incurred and paid by the Trust Fund thereafter,  concurrently with such payment.
In  the  event  that  Residential  Funding  elects  to  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for a Deleted  Mortgage Loan pursuant to this
Section 2.04,  Residential  Funding shall deliver to the Trustee for the benefit
of the  Certificateholders  with respect to such Qualified  Substitute  Mortgage
Loan or Loans,  the original  Mortgage Note, the Mortgage,  an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed  as  required  by Section  2.01.  No  substitution  will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master  Servicer
and  remitted  by the  Master  Servicer  to  Residential  Funding  on  the  next
succeeding  Distribution  Date. For the month of substitution,  distributions to
the  Certificateholders  will  include  the  Monthly  Payment  due on a  Deleted
Mortgage  Loan  for such  month  and  thereafter  Residential  Funding  shall be
entitled to retain all  amounts  received  in respect of such  Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the

                                             -26-

<PAGE>

Certificateholders  to reflect the removal of such Deleted Mortgage Loan and the
substitution of the Qualified  Substitute  Mortgage Loan or Loans and the Master
Servicer shall deliver the amended  Mortgage Loan Schedule,  and, if the Deleted
Mortgage Loan was a Discount  Mortgage  Loan,  the amended  Schedule of Discount
Fractions,  to the Trustee.  Upon such  substitution,  the Qualified  Substitute
Mortgage  Loan or Loans shall be subject to the terms of this  Agreement and the
related  Subservicing  Agreement in all  respects,  the related  Seller shall be
deemed to have made the  representations  and  warranties  with  respect  to the
Qualified  Substitute  Mortgage Loan contained in the related Seller's Agreement
as of the date of  substitution,  insofar  as  Residential  Funding's  rights in
respect of such  representations  and  warranties  are  assigned  to the Company
pursuant to the Assignment  Agreement,  and the Company and the Master  Servicer
shall be deemed to have made with respect to any Qualified  Substitute  Mortgage
Loan or Loans, as of the date of  substitution,  the covenants,  representations
and  warranties  set forth in this Section  2.04,  in Section 2.03 hereof and in
Section  4 of the  Assignment  Agreement,  and  the  Master  Servicer  shall  be
obligated to repurchase or substitute for any Qualified Substitute Mortgage Loan
as to which a  Repurchase  Event (as defined in the  Assignment  Agreement)  has
occurred pursuant to Section 4 of the Assignment Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  and to make any  additional
payments required under the Assignment  Agreement in connection with a breach of
the  representation  and warranty in clause  (xxxii) of Section 4 thereof  shall
constitute   the  sole  remedy   respecting   such  breach   available   to  the
Certificateholders or the Trustee on behalf of Certificateholders. If the Master
Servicer is Residential  Funding,  then the Trustee shall also have the right to
give the notification  and require the purchase or substitution  provided for in
the second preceding paragraph in the event of such a breach of a representation
or  warranty  made  by  Residential  Funding  in the  Assignment  Agreement.  In
connection  with the purchase of or  substitution  for any such Mortgage Loan by
Residential  Funding, the Trustee shall assign to Residential Funding all of the
Trustee's right, title and interest in respect of the Seller's Agreement and the
Assignment Agreement applicable to such Mortgage Loan.

        Section 2.05  Execution and Authentication of Certificates.

                                             -27-

<PAGE>

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.

                                             -28-

<PAGE>

                                   ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
                           (SEE ARTICLE III OF THE STANDARD TERMS)

                                             -29-

<PAGE>

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

   Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)

        Section 4.02  Distributions.

               (a) On each  Distribution  Date (x) the Master Servicer on behalf
        of the Trustee or (y) the Paying Agent  appointed by the Trustee,  shall
        distribute  to the  Certificate  Insurer the Insurance  Premium,  to the
        Master  Servicer,  in the case of a  distribution  pursuant  to  Section
        4.02(a)(iii)  below, the amount required to be distributed to the Master
        Servicer or a Sub-Servicer  pursuant to Section  4.02(a)(iii)  below, to
        the  Certificate  Insurer,  in the case of a  distribution  pursuant  to
        Section 4.02(a)(xvi) below, the amount required to be distributed to the
        Certificate Insurer pursuant to Section  4.02(a)(xvi) below, and to each
        Certificateholder  of record on the next  preceding  Record  Date (other
        than as provided in Section  9.01  respecting  the final  distribution),
        either  (1)  in  immediately   available  funds  (by  wire  transfer  or
        otherwise) to the account of such  Certificateholder  at a bank or other
        entity having appropriate facilities therefor, if such Certificateholder
        has so notified the Master Servicer or the Paying Agent, as the case may
        be, or (2) if such  Certificateholder  has not so  notified  the  Master
        Servicer or the Paying Agent by the Record Date, by check mailed to such
        Certificateholder  at  the  address  of  such  Holder  appearing  in the
        Certificate Register,  such  Certificateholder's  share (which share (A)
        with respect to each Class of  Certificates  (other than any Subclass of
        the  Class A-V  Certificates),  shall be based on the  aggregate  of the
        Percentage Interests represented by Certificates of the applicable Class
        held by such Holder or (B) with respect to any Subclass of the Class A-V
        Certificates, shall be equal to the amount (if any) distributed pursuant
        to Section 4.02(a)(i) below to each Holder of a Subclass thereof) of the
        following  amounts,  in the following order of priority  (subject to the
        provisions of Section 4.02(b) below),  in each case to the extent of the
        Available  Distribution  Amount (net of the  Insurance  Premium) and any
        Insured Payment pursuant to Section 12.02 of this Series Supplement:

                      (i) to the Senior  Certificates  (other than the Principal
               Only   Certificates)  on  a  pro  rata  basis  based  on  Accrued
               Certificate Interest payable on such Certificates with respect to
               such  Distribution  Date,  Accrued  Certificate  Interest on such
               Classes of Certificates  (or Subclasses,  if any, with respect to
               the Class A-V Certificates) for such Distribution  Date, plus any
               Accrued  Certificate  Interest thereon  remaining unpaid from any
               previous  Distribution  Date  except  as  provided  in  the  last
               paragraph   of  this  Section   4.02(a)  (the  "Senior   Interest
               Distribution Amount"); and

                      (ii) (X) to the  Class  A-P  Certificates,  the  Class A-P
               Principal  Distribution  Amount (as defined in Section 4.02(b)(i)
               herein); and

                             (Y) to the  Senior  Certificates  (other  than  the
               Class A-P Certificates),  in the priorities and amounts set forth
               in Section 4.02(b)(ii) through

                                             -30-

<PAGE>

               Section 4.02(f),  the sum of the following (applied to reduce the
               Certificate  Principal Balances of such Senior  Certificates,  as
               applicable):

                             (A) the  Senior  Percentage  for such  Distribution
                      Date times the sum of the following:

                                    (1)     the   principal   portion   of  each
                                            Monthly   Payment   due  during  the
                                            related    Due    Period   on   each
                                            Outstanding   Mortgage  Loan  (other
                                            than the related  Discount  Fraction
                                            of the  principal  portion  of  such
                                            payment  with  respect to a Discount
                                            Mortgage   Loan),   whether  or  not
                                            received  on or prior to the related
                                            Determination    Date,   minus   the
                                            principal   portion   of  any   Debt
                                            Service  Reduction  (other  than the
                                            related  Discount  Fraction  of  the
                                            principal   portion   of  such  Debt
                                            Service  Reductions  with respect to
                                            each Discount  Mortgage  Loan) which
                                            together   with   other   Bankruptcy
                                            Losses    exceeds   the   Bankruptcy
                                            Amount;

                                    (2)     the Stated Principal  Balance of any
                                            Mortgage Loan repurchased during the
                                            preceding  calendar month (or deemed
                                            to  have  been  so   repurchased  in
                                            accordance  with Section  3.07(b) of
                                            the  Standard   Terms)  pursuant  to
                                            Sections  2.02,  2.04 or 4.07 of the
                                            Standard  Terms and Section  2.03 of
                                            the  Standard  Terms and this Series
                                            Supplement,  and the  amount  of any
                                            shortfall deposited in the Custodial
                                            Account  in   connection   with  the
                                            substitution  of a Deleted  Mortgage
                                            Loan pursuant to Section 2.04 of the
                                            Standard  Terms or  Section  2.03 of
                                            the  Standard  Terms and this Series
                                            Supplement,   during  the  preceding
                                            calendar   month   (other  than  the
                                            related  Discount  Fraction  of such
                                            Stated    Principal    Balance    or
                                            shortfall   with   respect  to  each
                                            Discount Mortgage Loan); and

                                    (3)     the  principal  portion of all other
                                            unscheduled  collections (other than
                                            Principal  Prepayments  in Full  and
                                            Curtailments and amounts received in
                                            connection  with a Cash  Liquidation
                                            or  REO  Disposition  of a  Mortgage
                                            Loan     described     in    Section
                                            4.02(a)(ii)(Y)(B)   of  this  Series
                                            Supplement,     including    without
                                            limitation    Insurance    Proceeds,
                                            Liquidation    Proceeds    and   REO
                                            Proceeds)    including    Subsequent
                                            Recoveries,   received   during  the
                                            preceding  calendar month (or deemed
                                            to   have   been  so   received   in
                                            accordance  with Section  3.07(b) of
                                            the Standard Terms) to the extent

                                             -31-

<PAGE>

                                            applied  by the Master  Servicer  as
                                            recoveries   of   principal  of  the
                                            related  Mortgage  Loan  pursuant to
                                            Section 3.14 of the  Standard  Terms
                                            (other  than  the  related  Discount
                                            Fraction of the principal portion of
                                            such unscheduled  collections,  with
                                            respect  to each  Discount  Mortgage
                                            Loan);

                             (B) with respect to each  Mortgage Loan for which a
                      Cash Liquidation or a REO Disposition  occurred during the
                      preceding  calendar  month (or was deemed to have occurred
                      during such period in accordance  with Section  3.07(b) of
                      the  Standard  Terms)  and did not  result  in any  Excess
                      Special  Hazard  Losses,   Excess  Fraud  Losses,   Excess
                      Bankruptcy Losses or Extraordinary Losses, an amount equal
                      to the  lesser  of (a)  the  Senior  Percentage  for  such
                      Distribution  Date times the Stated  Principal  Balance of
                      such  Mortgage  Loan  (other  than  the  related  Discount
                      Fraction of such Stated Principal Balance, with respect to
                      each   Discount   Mortgage   Loan)  and  (b)  the   Senior
                      Accelerated  Distribution Percentage for such Distribution
                      Date times the related unscheduled  collections (including
                      without   limitation   Insurance   Proceeds,   Liquidation
                      Proceeds and REO  Proceeds)  to the extent  applied by the
                      Master  Servicer as recoveries of principal of the related
                      Mortgage  Loan  pursuant to Section  3.14 of the  Standard
                      Terms  (in  each  case  other  than  the  portion  of such
                      unscheduled  collections,   with  respect  to  a  Discount
                      Mortgage Loan,  included in Section  4.02(b)(i)(C) of this
                      Series Supplement);

                             (C) the Senior Accelerated  Distribution Percentage
                      for such  Distribution  Date  times the  aggregate  of all
                      Principal  Prepayments  in Full  received  in the  related
                      Prepayment   Period  and  Curtailments   received  in  the
                      preceding  calendar month (other than the related Discount
                      Fraction  of  such  Principal   Prepayments  in  Full  and
                      Curtailments,  with  respect  to  each  Discount  Mortgage
                      Loan);

                             (D) any  Excess  Subordinate  Principal  Amount for
                      such Distribution Date;

                             (E) any amounts  described in  subsection  (ii)(Y),
                      clauses  (A),  (B)  and (C) of this  Section  4.02(a),  as
                      determined  for  any  previous  Distribution  Date,  which
                      remain  unpaid  after  application  of amounts  previously
                      distributed pursuant to this clause (E) to the extent that
                      such amounts are not attributable to Realized Losses which
                      have been allocated to the Subordinate Certificates; minus

                             (F) the  Capitalization  Reimbursement  Amount  for
                      such  Distribution  Date,  other than the related Discount
                      Fraction  of any  portion of that  amount  related to each
                      Discount  Mortgage  Loan,  multiplied  by a fraction,  the
                      numerator  of which is the Senior  Principal  Distribution
                      Amount,  without giving effect to this clause (F), and the
                      denominator of which is the

                                             -32-

<PAGE>

                      sum of the principal  distribution amounts for all Classes
                      of  Certificates  other  than the Class A-P  Certificates,
                      without   giving   effect  to  any   reductions   for  the
                      Capitalization Reimbursement Amount;

                      (iii)  if  the  Certificate   Principal  Balances  of  the
               Subordinate  Certificates  have not been reduced to zero,  to the
               Master  Servicer or a  Sub-Servicer,  by remitting for deposit to
               the Custodial Account,  to the extent of and in reimbursement for
               any  Advances  or  Sub-Servicer  Advances  previously  made  with
               respect  to any  Mortgage  Loan  or  REO  Property  which  remain
               unreimbursed  in whole or in part following the Cash  Liquidation
               or REO  Disposition of such Mortgage Loan or REO Property,  minus
               any such  Advances  that were made with respect to  delinquencies
               that ultimately  constituted Excess Special Hazard Losses, Excess
               Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;

                      (iv) to the  Holders  of the Class M-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (v) to the  Holders  of the  Class  M-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii), (xiv)
               and (xv) of this Series  Supplement  are  insufficient  therefor,
               applied in reduction of the Certificate  Principal Balance of the
               Class M-1 Certificates;

                      (vi) to the  Holders  of the Class M-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (vii) to the  Holders  of the Class M-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections  4.02(a)(ix),  (xi), (xiii),  (xiv) and
               (xv) of this Series Supplement are insufficient therefor, applied
               in reduction of the  Certificate  Principal  Balance of the Class
               M-2 Certificates;

                      (viii) to the Holders of the Class M-3  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                                             -33-

<PAGE>

                      (ix) to the  Holders  of the  Class M-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(xi),  (xiii), (xiv) and (xv) of
               this Series  Supplement  are  insufficient  therefor,  applied in
               reduction of the Certificate  Principal  Balance of the Class M-3
               Certificates;

                      (x) to the  Holders  of the  Class B-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xi) to the  Holders  of the  Class B-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections  4.02(a)(xiii),  (xiv) and (xv) of this
               Series Supplement are insufficient therefor, applied in reduction
               of  the   Certificate   Principal   Balance   of  the  Class  B-1
               Certificates;

                      (xii) to the  Holders of the Class B-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of  Sections  4.02(a)(xiv)  and (xv) of this Series
               Supplement are insufficient therefor, applied in reduction of the
               Certificate Principal Balance of the Class B-2 Certificates;

                      (xiv) to the  Holders  of the Class B-3  Certificates,  an
               amount equal to (x) the Accrued Certificate  Interest thereon for
               such  Distribution  Date, plus any Accrued  Certificate  Interest
               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided  below,  minus (y) the amount of any Class A-P
               Collection  Shortfalls  for such  Distribution  Date or remaining
               unpaid for all  previous  Distribution  Dates,  to the extent the
               amounts available  pursuant to clause (x) of Section 4.02(a) (xv)
               of this Series Supplement are insufficient therefor;

                      (xv) to the  Holders  of the  Class B-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P Collection Shortfalls for

                                             -34-

<PAGE>

               such  Distribution  Date or  remaining  unpaid  for all  previous
               Distribution  Dates  applied  in  reduction  of  the  Certificate
               Principal Balance of the Class B-3 Certificates;

                      (xvi)  to the  Certificate  Insurer,  as  subrogee  of the
               Insured Certificateholders,  an amount necessary to reimburse the
               Certificate Insurer for claims paid under the Certificate Policy,
               to the extent of  Cumulative  Insurance  Payments  on the Insured
               Certificates;

                      (xvii) to the Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing distributions,  together with Insured Payments pursuant
               to Section  12.02 herein and Rounding  Account  withdrawals  each
               with respect to the Insured  Certificates,  applied to reduce the
               Certificate  Principal Balances of such Senior Certificates,  but
               in  no  event  more  than  the   aggregate  of  the   outstanding
               Certificate  Principal  Balances  of each  such  Class of  Senior
               Certificates,  and  thereafter,  to  each  Class  of  Subordinate
               Certificates then outstanding  beginning with such Class with the
               Highest  Priority,  any  portion  of the  Available  Distribution
               Amount remaining after the Senior Certificates have been retired,
               applied to reduce the Certificate  Principal Balance of each such
               Class of Subordinate Certificates,  but in no event more than the
               outstanding  Certificate  Principal Balance of each such Class of
               Subordinate Certificates; and

                      (xviii)to  the Class R-II  Certificates,  the balance,  if
               any, of the Available Distribution Amount.

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

               (b) Distributions of principal on the Senior Certificates on each
        Distribution  Date occurring prior to the Credit Support  Depletion Date
        will be made as follows:

                      (i) to the Class A-P  Certificates,  until the Certificate
               Principal  Balance  thereof is reduced  to zero,  an amount  (the
               "Class A-P Principal Distribution Amount") equal to the aggregate
               of:

                                             -35-

<PAGE>

                             (A) the related Discount  Fraction of the principal
                      portion of each Monthly Payment on each Discount  Mortgage
                      Loan due during the  related  Due  Period,  whether or not
                      received  on or prior to the related  Determination  Date,
                      minus the Discount  Fraction of the  principal  portion of
                      any related Debt Service  Reduction  which  together  with
                      other Bankruptcy Losses exceeds the Bankruptcy Amount;

                             (B) the related Discount  Fraction of the principal
                      portion of all  unscheduled  collections  on each Discount
                      Mortgage Loan received during the preceding calendar month
                      or, in the case of Principal  Prepayments in Full,  during
                      the related Prepayment Period (other than amounts received
                      in connection  with a Cash  Liquidation or REO Disposition
                      of a  Discount  Mortgage  Loan  described  in  clause  (C)
                      below),   including   Principal   Prepayments   in   Full,
                      Curtailments,   Subsequent   Recoveries  and   repurchases
                      (including deemed repurchases under Section 3.07(b) of the
                      Standard  Terms) of  Discount  Mortgage  Loans (or, in the
                      case of a  substitution  of a Deleted  Mortgage  Loan, the
                      Discount Fraction of the amount of any shortfall deposited
                      in  the  Custodial   Account  in   connection   with  such
                      substitution);

                             (C) in connection with the Cash  Liquidation or REO
                      Disposition  of a  Discount  Mortgage  Loan  that  did not
                      result in any Excess Special  Hazard Losses,  Excess Fraud
                      Losses,  Excess Bankruptcy Losses or Extraordinary Losses,
                      an  amount  equal  to the  lesser  of (1)  the  applicable
                      Discount  Fraction of the Stated Principal Balance of such
                      Discount   Mortgage   Loan   immediately   prior  to  such
                      Distribution  Date  and (2) the  aggregate  amount  of the
                      collections  on such Discount  Mortgage Loan to the extent
                      applied as recoveries of principal;

                             (D) any  amounts  allocable  to  principal  for any
                      previous Distribution Date (calculated pursuant to clauses
                      (A) through (C) above) that remain undistributed; and

                             (E)  the   amount  of  any  Class  A-P   Collection
                      Shortfalls  for such  Distribution  Date and the amount of
                      any Class A-P Collection  Shortfalls  remaining unpaid for
                      all previous Distribution Dates, but only to the extent of
                      the Eligible Funds for such Distribution Date; minus

                             (F) the related Discount Fraction of the portion of
                      the   Capitalization   Reimbursement   Amount   for   such
                      Distribution  Date,  if  any,  related  to  each  Discount
                      Mortgage Loan; and

                      (ii) the Senior  Principal  Distribution  Amount  shall be
        distributed to the Class R-I Certificates  and Class R-II  Certificates,
        concurrently  on a pro  rata  basis,  until  the  Certificate  Principal
        Balances thereof have been reduced to zero;

                                             -36-

<PAGE>

                      (iii) an amount equal to the lesser of (a) $20,000 and (b)
        the balance of the Senior Principal  Distribution Amount remaining after
        the  distributions,  if any,  described  in clause (ii) above,  shall be
        distributed for each  Distribution  Date commencing on the  Distribution
        Date in July 2006, to the Class A-1 Certificates,  until the Certificate
        Principal Balance thereof has been reduced to zero;

                      (iv) the  balance  of the  Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii) and (iii) above shall be distributed to the Class A-4 Certificates,
        until the Certificate  Principal Balance thereof has been reduced to the
        Planned Principal Balance for such Distribution Date;

                      (v)  the  balance  of the  Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii)  through  (iv)  above  shall  be   distributed  to  the  Class  A-6
        Certificates  and Class  A-7  Certificates,  concurrently  on a pro rata
        basis, in reduction of the Certificate Principal Balances thereof, until
        the Certificate Principal Balances thereof have been reduced to zero;

                      (vi) the  balance  of the  Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii)  through  (v)  above  shall  be   distributed   to  the  Class  A-4
        Certificates,  without regard to the Planned  Principal Balance for such
        Distribution  Date, until the Certificate  Principal Balance thereof has
        been reduced to zero;

                      (vii) the  balance  of the Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii)  through  (vi)  above  shall  be   distributed  to  the  Class  A-3
        Certificates,  until the Certificate  Principal Balance thereof has been
        reduced to zero; and

                      (viii) the  balance of the Senior  Principal  Distribution
        Amount remaining after the  distributions,  if any, described in clauses
        (ii)  through  (vii)  above  shall  be  distributed  to  the  Class  A-1
        Certificates,  until the Certificate  Principal Balance thereof has been
        reduced to zero.

               (c) On or after the  occurrence of the Credit  Support  Depletion
        Date but prior to the reduction of the Certificate  Principal Balance of
        the Senior Support  Certificates  to zero,  all  priorities  relating to
        distributions  as  described  in  Section  4.02(b)  above in  respect of
        principal among the various classes of Senior  Certificates  (other than
        the Class A-P Certificates) will be disregarded, and (i) an amount equal
        to the Discount Fraction of the principal portion of scheduled  payments
        and  unscheduled  collections  received  or  advanced  in respect of the
        Discount   Mortgage   Loans  will  be   distributed  to  the  Class  A-P
        Certificates,  (ii) the Senior  Principal  Distribution  Amount  will be
        distributed to the remaining Senior  Certificates  (other than the Class
        A-P   Certificates)   pro  rata  in  accordance  with  their  respective
        outstanding  Certificate  Principal  Balances,  and (iii) the amount set
        forth in Section  4.02(a)(i)  will be  distributed as set forth therein;
        provided that the  aggregate  amount  distributable  to the Super Senior
        Certificates  and the Senior  Support  Certificates  will be distributed
        among such Certificates in the following  priority:  first, to the Super
        Senior  Certificates,  up to an amount equal to the Accrued  Certificate
        Interest thereon, concurrently

                                             -37-

<PAGE>

        based on the amount of Accrued Certificate  Interest on each such class;
        second to each class of Super Senior Certificates, up to an amount equal
        to the related  Super  Senior  Optimal  Principal  Distribution  Amount,
        concurrently  on a pro  rata  basis,  in  reduction  of the  Certificate
        Principal  Balances thereof,  until the Certificate  Principal  Balances
        thereof  have  been  reduced  to  zero;  third,  to the  Senior  Support
        Certificates,  up to an amount equal to the Accrued Certificate Interest
        thereon; and fourth, to the Senior Support Certificates,  the remainder,
        until the  Certificate  Principal  Balance  thereof has been  reduced to
        zero.

               (d) On or after the  occurrence of the Credit  Support  Depletion
        Date and after the reduction of the Certificate Principal Balance of the
        Senior  Support   Certificates  to  zero,  all  priorities  relating  to
        distributions  as described in clauses  4.02(b) and (c) above in respect
        of principal  among the various  classes of Senior  Certificates  (other
        than the Class A-P Certificates) will be disregarded, an amount equal to
        the Discount Fraction of the principal portion of scheduled payments and
        unscheduled  collections  received  or  advanced  in respect of Discount
        Mortgage Loans will be distributed  to the Class A-P  Certificates,  and
        the Senior  Principal  Distribution  Amount will be  distributed  to the
        remaining Senior  Certificates  (other than the Class A-P  Certificates)
        pro rata in accordance  with their  respective  outstanding  Certificate
        Principal  Balances and the amount set forth in Section  4.02(a)(i) will
        be distributed as set forth therein.

               (e) After the reduction of the Certificate  Principal Balances of
        the Senior  Certificates (other than the Class A-P Certificates) to zero
        but prior to the Credit Support Depletion Date, the Senior  Certificates
        (other than the Class A-P  Certificates)  will be entitled to no further
        distributions of principal thereon and the Available Distribution Amount
        will be paid solely to the holders of the Class A-P Certificates,  Class
        A-V Certificates, Class M Certificates and Class B Certificates, in each
        case as described herein.

               (f) In addition to the foregoing  distributions,  with respect to
        any Subsequent Recoveries,  the Master Servicer shall deposit such funds
        into the Custodial Account pursuant to Section  3.07(b)(iii).  If, after
        taking into account such Subsequent Recoveries, the amount of a Realized
        Loss is  reduced,  the  amount  of such  Subsequent  Recoveries  will be
        applied to increase the  Certificate  Principal  Balance of the Class of
        Subordinate  Certificates  with the Highest  Priority to which  Realized
        Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess
        Special Hazard Losses and Extraordinary Losses, have been allocated, but
        not by more than the amount of Realized Losses  previously  allocated to
        that Class of  Certificates  pursuant to Section 4.05. The amount of any
        remaining  Subsequent   Recoveries  will  be  applied  to  increase  the
        Certificate Principal Balance of the Class of Certificates with the next
        Lower  Priority,  up to the amount of such  Realized  Losses  previously
        allocated to that Class of  Certificates  pursuant to Section 4.05.  Any
        remaining Subsequent  Recoveries will in turn be applied to increase the
        Certificate Principal Balance of the Class of Certificates with the next
        Lower  Priority  up to the  amount of such  Realized  Losses  previously
        allocated to that Class of Certificates pursuant to Section 4.05, and so
        on. Holders of such  Certificates will not be entitled to any payment in
        respect of Accrued Certificate  Interest on the amount of such increases
        for any Interest Accrual Period preceding the Distribution Date on which
        such increase occurs. Any such increases shall be applied to the

                                             -38-

<PAGE>

        Certificate  Principal  Balance  of each  Certificate  of such  Class in
        accordance with its respective Percentage Interest.

               (g) Each  distribution  with respect to a Book-Entry  Certificate
        shall be paid to the Depository,  as Holder thereof,  and the Depository
        shall  be  solely   responsible   for   crediting  the  amount  of  such
        distribution   to  the  accounts  of  its  Depository   Participants  in
        accordance with its normal procedures. Each Depository Participant shall
        be  responsible  for disbursing  such  distribution  to the  Certificate
        Owners that it represents and to each indirect  participating  brokerage
        firm (a  "brokerage  firm") for which it acts as agent.  Each  brokerage
        firm shall be responsible for disbursing funds to the Certificate Owners
        that it represents.  None of the Trustee, the Certificate Registrar, the
        Company or the Master Servicer shall have any responsibility therefor.

               (h) Except as otherwise  provided in Section  9.01, if the Master
        Servicer anticipates that a final distribution with respect to any Class
        of Certificates will be made on the next  Distribution  Date, the Master
        Servicer  shall,  no later than the  Determination  Date in the month of
        such final  distribution,  notify the Trustee and the Trustee shall,  no
        later than two (2) Business Days after such Determination  Date, mail on
        such date to each Holder of such Class of  Certificates  a notice to the
        effect that:  (i) the Trustee  anticipates  that the final  distribution
        with  respect  to  such  Class  of  Certificates  will  be  made on such
        Distribution  Date but only  upon  presentation  and  surrender  of such
        Certificates  at the  office of the  Trustee or as  otherwise  specified
        therein, and (ii) no interest shall accrue on such Certificates from and
        after the end of the related Interest Accrual Period.  In the event that
        Certificateholders  required to surrender their Certificates pursuant to
        Section   9.01(c)  do  not  surrender  their   Certificates   for  final
        cancellation,  the Trustee shall cause funds  distributable with respect
        to such  Certificates to be withdrawn from the  Certificate  Account and
        credited  to  a  separate   escrow  account  for  the  benefit  of  such
        Certificateholders as provided in Section 9.01(d).

               (i)  Notwithstanding  the priorities relating to distributions of
        principal  among  the  Insured  Certificates  described  above,  on  any
        Distribution Date,  distributions in respect of principal on the Insured
        Certificates  will be  allocated  among  the  Certificate  Owners of the
        Insured  Certificates as set forth in Section 4.10. On each Distribution
        Date on which amounts are available  for  distributions  in reduction of
        the  Certificate  Principal  Balance  of the  Insured  Certificates  the
        aggregate amount available for such distributions will be rounded upward
        by the Rounding Amount.  Such rounding will be accomplished on the first
        Distribution Date on which distributions in reduction of the Certificate
        Principal  Balance of the Insured  Certificates  are made by withdrawing
        from the  Rounding  Account the  Rounding  Amount for  deposit  into the
        Certificate  Account,  and  such  Rounding  Amount  will be added to the
        amount  that  is  available  for   distributions  in  reduction  of  the
        Certificate  Principal  Balance  of the  Insured  Certificates.  On each
        succeeding  Distribution Date on which distributions in reduction of the
        Certificate  Principal  Balance of the  Insured  Certificates  are made,
        first,  the aggregate  amount available for distribution in reduction of
        the Certificate  Principal  Balance of the Insured  Certificates will be
        applied to repay the Rounding Amount withdrawn from the Rounding Account
        on the prior Distribution Date and then, the remainder of such allocable
        amount,  if any,  will  be  similarly  rounded  upward  through  another
        withdrawal from the Rounding Account and such determined Rounding Amount
        will

                                             -39-

<PAGE>

        be added to the amount that is available for  distribution  in reduction
        of the Certificate  Principal Balance of the Insured  Certificates.  Any
        funds remaining in the Rounding Account after the Certificate  Principal
        Balance  of the  Insured  Certificates  is  reduced  to  zero  shall  be
        distributed to the Class R-II Certificateholders.

          Section 4.03  Statements to  Certificateholders;  Statements to Rating
               Agencies;  Exchange  Act  Reporting.  (See  Section  4.03  of the
               Standard Terms)

          Section 4.04  Distribution  of Reports to the Trustee and the Company;
               Advances  by  the  Master  Servicer.  (See  Section  4.04  of the
               Standard Terms)

        Section 4.05  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-V  Certificates  and
Class A-P  Certificates) in the case of the principal  portion of such loss on a
pro rata basis and among all of the Senior  Certificates  (other  than the Class
A-P Certificates) in the case of the interest portion of such loss on a pro rata
basis, as described below. Any Excess Special Hazard Losses,  Excess  Bankruptcy
Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount Mortgage Loans
will be  allocated  among  the  Senior  Certificates  (other  than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The principal  portion of such Realized Losses on the Discount  Mortgage
Loans will be allocated to the Class A-P  Certificates in an amount equal to the
Discount  Fraction  thereof and the  remainder  of such  Realized  Losses on the
Discount  Mortgage  Loans  and the  entire  amount  of such  Realized  Losses on
Non-Discount  Mortgage  Loans will be  allocated  among the Senior  Certificates
(other than the Class A-P Certificates) and Subordinate  Certificates,  on a pro
rata  basis,  as  described  below,  provided,  however,  that  Realized  Losses
otherwise  allocable to the Super Senior  Certificates  will be allocated to the
related Senior Support  Certificates until the Certificate  Principal Balance of
those Senior Support Certificates is

                                             -40-

<PAGE>

reduced  to zero.  Any  Realized  Losses  otherwise  allocable  to the Class A-1
Certificates will be covered by the Certificate Policy.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  Any allocation of the principal  portion of Realized  Losses (other than
Debt Service  Reductions) to the Subordinate  Certificates then outstanding with
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal  Balance"  and by  operation  of the  provisions  of Section  4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest
rate  reduction  resulting  from a  Servicing  Modification)  shall  be  made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of Section  4.02(a).  Allocations  of the  interest  portion of a Realized  Loss
resulting  from an  interest  rate  reduction  in  connection  with a  Servicing
Modification  shall be made by operation of the  provisions of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby; provided that if any Subclasses of the Class A-V Certificates
have been issued  pursuant to Section  5.01(c),  such Realized  Losses and other
losses  allocated to the Class A-V  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property. (See Section 4.06 of the Standard Terms)

          Section 4.07  Optional  Purchase of  Defaulted  Mortgage  Loans.  (See
               Section 4.07 of the Standard Terms)

        Section 4.08  Surety Bond.  (See Section 4.08 of the Standard Terms)

        Section 4.09  Rounding Account.

        No later than the Closing Date,  the Trustee will establish and maintain
with itself a segregated trust account that is an Eligible Account,  which shall
be titled "Rounding Account, Bank One, National Association,  as trustee for the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 2003-S13, Class A-3." On the Closing

                                             -41-

<PAGE>

Date,  the  Underwriter  shall  deposit with the Trustee,  and the Trustee shall
deposit into the Rounding Account, cash in an amount equal to $999.99.

        The  Trustee on each  Distribution  Date shall,  based upon  information
provided by the Master  Servicer  for the related  Distribution  Date,  withdraw
funds from the Rounding Account to pay the Rounding Amount to the Holders of the
Insured  Certificates  pursuant to Section 4.02(i). In addition,  the Trustee on
each  Distribution  Date shall,  based upon  information  provided by the Master
Servicer for the related  Distribution Date, withdraw funds from the Certificate
Account to repay to the  Rounding  Account  the  Rounding  Amount from the prior
Distribution Date as contemplated in Section 4.02(i).

        Section 4.10  Principal Distributions on the Insured Certificates.

        Distributions in reduction of the Certificate  Principal  Balance of the
Insured Certificates will be made in integral multiples of $1,000 at the request
of  the  appropriate   representatives  of  Deceased  Holders  of  such  Insured
Certificates and at the request of Living Owners of such Insured Certificates or
by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below,
or on a pro rata basis pursuant to clause (e) below.

        (a) On each Distribution Date on which distributions in reduction of the
Certificate  Principal  Balance  of the  Insured  Certificates  are  made,  such
distributions  will be made in the  following  priority  among  the  Certificate
Owners of the Insured Certificates:

               (i) any  request by the  personal  representatives  of a Deceased
Holder or by a surviving tenant by the entirety,  by a surviving joint tenant or
by a  surviving  tenant in common,  but not  exceeding  an  aggregate  amount of
$100,000 per request; and

               (ii)  any  request  by a  Living  Owner,  but  not  exceeding  an
        aggregate amount of $10,000 per request.

        Thereafter,  distributions  will be made,  with  respect to the  Insured
Certificates,  as provided in clauses (i) and (ii) above up to a second $100,000
and $10,000, respectively. This sequence of priorities will be repeated for each
request  for  principal  distributions  made by the  Certificate  Owners  of the
Insured Certificates until all such requests have been honored.

        Requests for  distributions  in reduction of the  Certificate  Principal
Balance of the Insured  Certificates  presented on behalf of Deceased Holders in
accordance  with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository.  Requests for distributions in reduction of the
Certificate   Principal  Balance  of  the  Insured  Certificates   presented  in
accordance  with the  provisions  of clause  (ii) above will be  accepted in the
order of their  receipt  by the  Depository  after  all  requests  presented  in
accordance   with  clause  (i)  above  have  been  honored.   All  requests  for
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates  will be accepted in accordance  with the  provisions  set forth in
Section 4.10(c).  All requests for distributions in reduction of the Certificate
Principal  Balance of the Insured  Certificates with respect to any Distribution
Date must be received by the  Depository  and on the  Depository's  "participant
terminal system" and received by the Trustee no later than the close of business
on the related

                                             -42-

<PAGE>

Record Date. Requests for distributions that are on the Depository's participant
terminal  system and received by the Trustee  after the related  Record Date and
requests,  in either case,  for  distributions  not accepted with respect to any
Distribution Date, will be treated as requests for distributions in reduction of
the Certificate Principal Balance of Insured Certificates on the next succeeding
Distribution Date, and each succeeding Distribution Date thereafter,  until such
request is  accepted  or is  withdrawn  as  provided  in Section  4.10(c).  Such
requests as are not so withdrawn  shall  retain their order of priority  without
the need for any further action on the part of the appropriate Certificate Owner
of the related Insured Certificate, all in accordance with the procedures of the
Depository and the Trustee. Upon the transfer of the beneficial ownership of the
Insured Certificate,  any distribution request previously submitted with respect
to such  Certificate will be deemed to have been withdrawn only upon the receipt
by the  Trustee  on or before  the  Record  Date for such  Distribution  Date of
notification  of such  withdrawal in the manner set forth in Section  4.10(c) on
the Depository's participant terminal system.

        Distributions in reduction of the Certificate  Principal  Balance of the
Insured  Certificates will be applied in an amount equal to the Senior Principal
Distribution  Amount allocable to such Class pursuant to Section 4.02(b),  plus,
with respect to the Insured Certificates, any amounts available for distribution
from the Rounding Account established as provided in Section 4.09, provided that
the aggregate  distribution in reduction of the Certificate Principal Balance of
the Insured  Certificates on any Distribution  Date shall be made in an integral
multiple of $1,000.

        To the extent  that the  portion of the  Senior  Principal  Distribution
Amount  allocable to  distributions  in reduction of the  Certificate  Principal
Balance  of the  Insured  Certificates  on any  Distribution  Date  exceeds  the
aggregate Certificate Principal Balance of the Insured Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account with respect
to the Insured  Certificates),  distributions  in reduction  of the  Certificate
Principal  Balance  of the  Insured  Certificates  will  be  made  by  mandatory
distribution pursuant to Section 4.10(d).

        (b) An  Insured  Certificate  shall be deemed  to be held by a  Deceased
Holder for purposes of this Section 4.10 if the death of the  Certificate  Owner
thereof is deemed to have occurred.  Insured Certificates  beneficially owned by
tenants by the  entirety,  joint tenants or tenants in common will be considered
to be  beneficially  owned  by a single  owner.  The  death  of a tenant  by the
entirety, joint tenant or tenant in common will be deemed to be the death of the
Certificate  Owner, and the Insured  Certificates so beneficially  owned will be
eligible  for  priority  with  respect  to  distributions  in  reduction  of the
Certificate Principal Balance thereof,  subject to the limitations stated above.
Insured  Certificates  beneficially  owned by a trust will be  considered  to be
beneficially  owned  by each  beneficiary  of the  trust to the  extent  of such
beneficiary's  beneficial  interest  therein,  but in no  event  will a  trust's
beneficiaries  collectively  be deemed to be  Certificate  Owners of a number of
Individual Insured Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate  Owner of
the Insured  Certificates,  as  applicable,  owned by the trust to the extent of
such beneficiary's beneficial interest in such trust. The death of an individual
who was a tenant by the entirety,  joint tenant or tenant in common in a tenancy
which  is the  beneficiary  of a trust  will be  deemed  to be the  death of the
beneficiary  of such  trust.  The  death  of a  person  who,  during  his or her
lifetime,  was  entitled  to  substantially  all  of  the  beneficial  ownership
interests in Individual  Insured  Certificates will be deemed to be the death of
the

                                             -43-

<PAGE>

Certificate Owner of the Insured Certificates  regardless of the registration of
ownership, if such beneficial interest can be established to the satisfaction of
the Depository Participant.  Such beneficial interest will be deemed to exist in
typical  cases of street  name or  nominee  ownership,  ownership  by a trustee,
ownership under the Uniform Gifts to Minors Act and community  property or other
joint ownership  arrangements between a husband and wife. Certificate beneficial
interests shall include the power to sell,  transfer or otherwise  dispose of an
Insured Certificate and the right to receive the proceeds therefrom,  as well as
interest and distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates,  as  applicable,  payable with respect  thereto.  The
Trustee shall not be under any duty to determine independently the occurrence of
the death of any deceased  Certificate Owner. The Trustee may rely entirely upon
documentation  delivered to it pursuant to Section 4.10(c) in  establishing  the
eligibility of any Certificate  Owner to receive the priority  accorded Deceased
Holders in Section 4.10(a).

        (c) Requests for distributions in reduction of the Certificate Principal
Balance of Insured  Certificates  must be made by  delivering a written  request
therefor to the Depository  Participant or Indirect Depository  Participant that
maintains the account  evidencing such  Certificate  Owner's interest in Insured
Certificates.  In  the  case  of a  request  on  behalf  of a  Deceased  Holder,
appropriate  evidence of death and any tax waivers are  required to be forwarded
to the Depository  Participant under separate cover. The Depository  Participant
shall forward a certification, satisfactory to the Trustee, certifying the death
of the Deceased Holder and the receipt of the appropriate death and tax waivers.
The  Depository  Participant  should in turn make the request of the  Depository
(or, in the case of an Indirect Depository Participant, such Indirect Depository
Participant  must notify the related  Depository  Participant  of such  request,
which Depository  Participant  should make the request of the Depository) on the
Depository's  participant  terminal  system.  The  Depository may establish such
procedures  as it deems fair and  equitable to establish the order of receipt of
requests  for such  distributions  received  by it on the same day.  None of the
Company,  the Master  Servicer or the  Trustee  shall be liable for any delay in
delivery of requests for  distributions  or  withdrawals of such requests by the
Depository, a Depository Participant or any Indirect Depository Participant.

        The Depository  shall maintain a list of those  Depository  Participants
representing the appropriate  Certificate  Owners of Insured  Certificates  that
have  submitted  requests for  distributions  in  reduction  of the  Certificate
Principal  Balance of Insured  Certificates,  together with the order of receipt
and the  amounts  of such  requests  on the  Depository's  participant  terminal
system.  The Depository  will honor requests for  distributions  in the order of
their receipt  (subject to the priorities  described in Section  4.10(a) above).
The Trustee shall notify the Depository as to which  requests  should be honored
on each  Distribution Date at least two Business Days prior to such Distribution
Date based on the report  received by the Trustee  pursuant to Section  4.04 and
shall  notify  the  Depository  as  to  the  amount  of  the  Senior   Principal
Distribution amount to be distributed to the Insured  Certificates by Random Lot
pursuant to Section  4.10(d).  Requests  shall be honored by the  Depository  in
accordance with the procedures,  and subject to the priorities and  limitations,
described  in this  Section  4.10.  The exact  procedures  to be followed by the
Trustee and the  Depository  for purposes of  determining  such  priorities  and
limitations  will be those  established  from time to time by the Trustee or the
Depository,  as the case may be. The decisions of the Trustee and the Depository
concerning such matters will be final and binding on all affected persons.

                                             -44-

<PAGE>

        Individual   Insured   Certificates   that  have  been  accepted  for  a
distribution shall be due and payable on the applicable  Distribution Date. Such
Certificates  shall  cease to bear  interest  after  the  last day of the  month
preceding the month in which such Distribution Date occurs.

        Any  Certificate  Owner of an Insured  Certificate  that has requested a
distribution  may withdraw its request by so notifying in writing the Depository
Participant or Indirect  Depository  Participant that maintains such Certificate
Owner's  account.  In the event that such account is  maintained  by an Indirect
Depository  Participant,  such Indirect  Depository  Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the Depository's participant terminal system. If such withdrawal of a
request for distribution  has not been received on the Depository's  participant
terminal system on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Insured Certificates on such Distribution Date.

        In  the  event  any  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of the Insured  Certificates are rejected by the
Trustee for failure to comply with the  requirements  of this Section 4.10,  the
Trustee shall return such request to the appropriate Depository Participant with
a copy  to  the  Depository  with  an  explanation  as to the  reason  for  such
rejection.

        (d) To the  extent,  if any,  that  distributions  in  reduction  of the
Certificate Principal Balance of the Insured Certificates on a Distribution Date
exceed the outstanding Certificate Principal Balance of the Insured Certificates
with respect to which  distribution  requests  have been received by the related
Record Date, as provided in Section 4.10(a) above, the additional  distributions
in reduction of the Certificate  Principal  Balance of the Insured  Certificates
will be made by mandatory  distributions  in reduction  thereof.  Such mandatory
distributions on Individual  Insured  Certificates will be made by Random Lot in
accordance with the then-applicable Random Lot procedures of the Depository, the
Depository  Participants and the Indirect Depository  Participants  representing
the Certificate Owners. The Trustee shall notify the Depository of the aggregate
amount of the mandatory  distribution in reduction of the Certificate  Principal
Balance of the Insured  Certificates to be made on any such  Distribution  Date.
The Depository  shall then allocate such  aggregate  amount among its Depository
Participants on a Random Lot basis.  Each Depository  Participant  and, in turn,
each Indirect  Depository  Participant will then select,  in accordance with its
own procedures,  Individual  Insured  Certificates  from among those held in its
accounts to receive  mandatory  distributions  in reduction  of the  Certificate
Principal  Balance of the Insured  Certificates,  such that the total  amount so
selected  is equal  to the  aggregate  amount  of such  mandatory  distributions
allocated to such Depository  Participant by the Depository and to such Indirect
Depository  Participant by its related Depository  Participant,  as the case may
be.  Depository  Participants  and Indirect  Depository  Participants  that hold
Insured  Certificates  selected for mandatory  distributions in reduction of the
Certificate  Principal  Balance  thereof are required to provide  notice of such
mandatory  distributions to the affected Certificate Owners. The Master Servicer
agrees to notify the Trustee of the amount of  distributions in reduction of the
Certificate  Principal  Balance of the Insured  Certificates  to be made on each
Distribution  Date in a timely  manner  such that the  Trustee  may  fulfill its
obligations  pursuant to the letter of  representations  dated the Closing  Date
among the Company, the Trustee and the Depository.

                                             -45-

<PAGE>

        (e)  Notwithstanding  any  provisions  herein  to the  contrary,  on any
Distribution  Date on which (i) any Realized Losses are allocated to the Insured
Certificates  and (ii) a  Certificate  Insurer  Default has  occurred  and/or is
continuing,  distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates will be made pro rata on the basis of their respective
Percentage  Interests  with the  respect to the Insured  Certificates  among the
Certificate Owners of the Insured  Certificates and will not be made in integral
multiples of $1,000 nor pursuant to requests  for  distribution  as permitted by
this Section 4.10 or mandatory distributions by Random Lot.

        (f) In the event that Definitive  Certificates  representing the Insured
Certificates  are issued  pursuant to Section  5.01 of the  Standard  Terms,  an
amendment to this  Agreement,  which may be approved  without the consent of any
Certificateholders,  shall establish  procedures relating to the manner in which
distributions in reduction of the Certificate  Principal Balance of such Insured
Certificates are to be made;  provided that such procedures shall be consistent,
to the extent practicable and customary for certificates  similar to the Insured
Certificates, with the provisions of this Section 4.10.

                                             -46-

<PAGE>

                                    ARTICLE V

                                       THE CERTIFICATES
                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                             -47-

<PAGE>

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
                            (SEE ARTICLE VI OF THE STANDARD TERMS)

                                             -48-

<PAGE>

                                   ARTICLE VII

                                           DEFAULT
                           (SEE ARTICLE VII OF THE STANDARD TERMS)

                                             -49-

<PAGE>

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
                           (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                             -50-

<PAGE>

                                          ARTICLE IX

                                         TERMINATION

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

               (a)  Subject to Section  9.02,  the  respective  obligations  and
        responsibilities  of the  Company,  the Master  Servicer and the Trustee
        created hereby in respect of the Certificates (other than the obligation
        of the Trustee to make  certain  payments  after the Final  Distribution
        Date to  Certificateholders  and the  obligation  of the Company to send
        certain  notices as hereinafter set forth) shall terminate upon the last
        action  required  to be taken by the  Trustee on the Final  Distribution
        Date pursuant to this Article IX following the earlier of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC. The purchase
               price paid by the Master  Servicer shall also include any amounts
               owed by Residential Funding pursuant to the penultimate paragraph
               of  Section  (d) of the  Assignment  Agreement  in respect of any
               liability,  penalty or expense that resulted from a breach of the
               representation  and warranty set forth in clause  (xxxii) of such
               Section, that remain unpaid on the date of such purchase.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by

                                             -51-

<PAGE>

the Master Servicer, the Master Servicer shall be deemed to have been reimbursed
for the full amount of any  unreimbursed  Advances  theretofore  made by it with
respect to the Mortgage Loans. In addition, the Master Servicer shall provide to
the Trustee the  certification  required by Section 3.15 and the Trustee and any
Custodian shall,  promptly  following payment of the purchase price,  release to
the Master  Servicer the Mortgage  Files  pertaining to the Mortgage Loans being
purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) - (e) (See Section 9.01(b) - (e) of the Standard Terms

          Section 9.02 Additional Termination Requirements. (See Section 9.02 of
               the Standard Terms)

          Section 9.03 Termination of Multiple REMICs.  (See Section 9.03 of the
               Standard Terms)

                                             -52-

<PAGE>

                                    ARTICLE X

                                       REMIC PROVISIONS

  Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)

          Section  10.02  Master  Servicer;   REMIC  Administrator  and  Trustee
               Indemnification. (See Section 10.02 of the Standard Terms)

        Section 10.03 Designation of REMIC(s).

        The REMIC Administrator will make elections to treat each of REMIC I and
REMIC II subject to this  Agreement  (including the Mortgage Loans but excluding
the  Initial  Monthly  Payment  Fund and the  Rounding  Account)  as a REMIC for
federal income tax purposes.

        The Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of "residual  interests" in REMIC I. The Class A-1,  Class A-2, Class
A-3,  Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-P, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates,  and the rights
in and to which  will be  represented  by the  Class A-V  Certificates,  will be
"regular interests" in the REMIC II, and the Class R-II Certificates will be the
sole class of "residual  interests" therein for purposes of the REMIC Provisions
(as defined in the Standard  Terms) under  federal  income tax law. On and after
the date of  issuance  of any  Subclass  of Class A-V  Certificates  pursuant to
Section  5.01(c) of the Standard  Terms,  any such Subclass  will  represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to said Section.

        Section  10.04  Distributions  on the  Uncertificated  REMIC  I  Regular
Interests.

        (a) On each  Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular Interests,  from
REMIC I, the following  amounts in the following order of priority to the extent
of the Available  Distribution Amount reduced by distributions made to the Class
R-I Certificates pursuant to Section 4.02(a):

               (i) Uncertificated REMIC I Accrued Interest on the Uncertificated
               REMIC I Regular  Interests for such  Distribution  Date, plus any
               Uncertificated  REMIC I Accrued Interest thereon remaining unpaid
               from any previous Distribution Date; and

               (ii) In  accordance  with  the  priority  set  forth  in  Section
               10.04(b), an amount equal to the sum of the amounts in respect of
               principal distributable on the Class A-1 Certificates,  Class A-3
               Certificates,  Class A-4  Certificates,  Class A-6  Certificates,
               Class  A-7  Certificates,   Class  A-P  Certificates,  Class  M-1
               Certificates,  Class M-2  Certificates,  Class M-3  Certificates,
               Class  B-1  Certificates,   Class  B-2  Certificates,  Class  B-3
               Certificates and Class R-II  Certificates  under Section 4.02(a),
               as allocated thereto pursuant to Section 4.02(b).

                                             -53-

<PAGE>

        (b) The  amount  described  in  Section  10.04(a)(ii)  shall  be  deemed
distributed  to  Uncertificated  REMIC I Regular  Interests U, V, W, X, Y and Z,
with the amount to be distributed  allocated  among such interests in accordance
with  the  priority  assigned  to  the  Corresponding   Certificated  Interests,
respectively,  under Section 4.02(b) until the Uncertificated  Principal Balance
of each such interest is reduced to zero.

        (c)  The  portion  of  the  Uncertificated   REMIC  I  Regular  Interest
Distribution   Amounts   described  in  Section   10.04(a)(i)  shall  be  deemed
distributed by REMIC I to REMIC II in accordance  with the priority  assigned to
the REMIC II Certificates  relative to that assigned to the REMIC I Certificates
under Section 4.02(b).

        (d) In determining from time to time the Uncertificated  REMIC I Regular
Interest  Distribution  Amounts,  Realized Losses  allocated to the Certificates
shall be  allocated  to  Uncertificated  REMIC I Regular  Interests  in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

        (e) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

        Section  10.05  Distributions  on the  Uncertificated  Class  A-V  REMIC
Regular Interests.

        (a) On each Distribution Date, the Trustee shall be deemed to distribute
to  itself,  as the  holder  of  the  Uncertificated  Class  A-V  REMIC  Regular
Interests, from REMIC II, Uncertificated Class A-V REMIC Accrued Interest on the
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  Uncertificated  Class A-V REMIC  Accrued  Interest  thereon  remaining
unpaid from any previous Distribution Date.

        (b) In determining from time to time the Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V Certificates  under Section 4.05 shall be deemed allocated to Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
Uncertificated  Class A-V REMIC  Accrued  Interest for the related  Distribution
Date.

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Sections 4.02(a), to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 10.05. The amount
deemed distributable  hereunder with respect to the Class A-V Certificates shall
equal 100% of the amounts payable with respect to the  Uncertificated  Class A-V
REMIC Regular Interests.

        (d) Notwithstanding the deemed distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 10.05,  distributions of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

                                             -54-

<PAGE>

        Section 10.06 Compliance with Withholding Requirements.

        Notwithstanding  any other provision of this  Agreement,  the Trustee or
any Paying  Agent,  as  applicable,  shall  comply with all federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                             -55-

<PAGE>

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)

          Section 11.02  Recordation  of Agreement.  Counterparts.  (See Section
               11.02 of the Standard Terms)

          Section 11.03 Limitation on Rights of Certificateholders. (See Section
               11.03 of the Standard Terms)

        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)

        Section       11.05 Notices.  All demands and notices hereunder shall be
                      in writing  and shall be deemed to have been duly given if
                      personally  delivered  at or  mailed by  registered  mail,
                      postage  prepaid  (except for notices to the Trustee which
                      shall  be  deemed  to  have  been  duly  given  only  when
                      received),  to the appropriate  address for each recipient
                      listed in the table  below or, in each  case,  such  other
                      address as may  hereafter  be  furnished in writing to the
                      Master   Servicer,   the  Trustee  and  the  Company,   as
                      applicable:

           Recipient                                        Address
                     8400 Normandale Lake Boulevard
                     Suite 250, Minneapolis, Minnesota  55437,
Company              Attention:  President
                     2255 N. Ontario Street, Suite 400
                     Burbank, California 91504-2130,
Master Servicer      Attention:  Managing Director/Master Servicing
                     Corporate Trust Office
                     The Trustee designates its agent's offices located at
                     c/o DTC Transfer Services
                     55 Water Street, 1st Floor-Jeanette Park Entrance
                     New York, New York 10041, for the purposes of Section 8.12
Trustee              of the Standard Terms
                     55 Water Street
Standard and Poor's  New York, New York 10041
                     One State Street Plaza
Fitch                New York, New York 10007
Certificate Insurer  113 King Street
                     Armonk, New York 10504
                     Attention: Insured Portfolio Managment--Structured Finance
                     (RFMSI 2003-S13)

                                             -56-

<PAGE>

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

               (a) a material change or amendment to this Agreement,

               (b) the occurrence of an Event of Default,

               (c) the termination or appointment of a successor Master Servicer
        or Trustee or a change in the majority ownership of the Trustee,

               (d) the filing of any claim under the Master  Servicer's  blanket
        fidelity bond and the errors and omissions  insurance policy required by
        Section 3.12 or the  cancellation  or modification of coverage under any
        such instrument,

               (e) the statement required to be delivered to the Holders of each
        Class of Certificates pursuant to Section 4.03,

               (f) the statements  required to be delivered pursuant to Sections
        3.18 and 3.19,

               (g) a change in the  location  of the  Custodial  Account  or the
        Certificate Account,

               (h) the  occurrence  of any monthly  cash flow  shortfall  to the
        Holders of any Class of  Certificates  resulting from the failure by the
        Master Servicer to make an Advance pursuant to Section 4.04,

               (i) the occurrence of the Final Distribution Date,

               (j) the repurchase of or substitution for any Mortgage Loan, and

               (k) any Certificate Insurer Default that has not been cured,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

                                             -57-

<PAGE>

          Section 11.07  Severability  of Provisions.  (See Section 11.07 of the
               Standard Terms)

          Section  11.08  Supplemental  Provisions  for  Resecuritization.  (See
               Section 11.08 of the Standard Terms)

        Section 11.09 Allocation of Voting Rights.

        96.0%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,   other  than  the  Interest   Only   Certificates   and  Residual
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  1.0% of all Voting  Rights  shall be allocated
among the  Holders  of the Class  A-2  Certificates  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-5  Certificates  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-V  Certificates  in  accordance  with  their
respective Percentage Interests; and 0.5% and 0.5% of all Voting Rights shall be
allocated  among  the  Holders  of the  Class R-I  Certificates  and Class  R-II
Certificates,  respectively,  in  accordance  with their  respective  Percentage
Interests.  Notwithstanding  the  foregoing,  so long as there  does not exist a
failure  by the  Certificate  Insurer  to  make a  required  payment  under  the
Certificate  Policy,  the Insurer shall have the right to exercise all rights of
the Holders of the Insured Certificates without any consent of such holders, and
such Holders may exercise such rights only with the prior written consent of the
Certificate Insurer.

                                             -58-

<PAGE>

                                   ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

  Section 12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                               Certificateholders.

        By accepting its Certificate, each Insured Certificateholder agrees that
unless a Certificate  Insurer Default exists, the Certificate Insurer shall have
the right to exercise all consent, voting, direction and other control rights of
the Insured  Certificateholders under this Agreement without any further consent
of the Insured Certificateholders.

          Section  12.02.Claims   Upon  the  Certificate   Policy;   Certificate
               Insurance Account.

        (a) If, on the Business Day next succeeding the Determination  Date, the
Master  Servicer  determines  that (i) the funds  that will be on deposit in the
Certificate  Account on the related  Certificate  Account  Deposit  Date, to the
extent  distributable  to the  Insured  Certificateholders  pursuant  to Section
4.02(a)(i) are  insufficient  to pay the Accrued  Certificate  Interest for such
Distribution Date; provided however, Accrued Certificate Interest on the Insured
Certificates  will be deemed to include any portion of the amounts  allocated to
such Certificates  described in clauses (ii) through (iv) (other than Relief Act
Shortfalls)  of the  definition  thereof  (in  each  case,  to the  extent  such
shortfalls  are  not  covered  by the  subordination  provided  by the  Class  M
Certificates  and Class B  Certificates)  on such  Distribution  Date,  (ii) the
principal portion of any Realized Loss is allocated to the Insured  Certificates
on such  Distribution  Date or (iii) the funds  available on the Scheduled Final
Distribution  Date will be  insufficient  to reduce  the  Certificate  Principal
Balance of the Insured  Certificates  to zero, the Master Servicer shall deliver
to the Trustee not later than 1:00 p.m.  New York City time on the  Business Day
next  succeeding  the  Determination  Date a  certificate  signed by a Servicing
Officer directing the Trustee to draw on the Certificate  Policy and stating the
amount to be drawn and stating the Insured Payment for each Insured Certificate,
and the Trustee  shall give  notice by  telephone  or telecopy of the  aggregate
amount of such deficiency, confirmed in writing in the form set forth as Exhibit
A to the Certificate Policy, to the Certificate Insurer at or before 12:00 noon,
New York City time,  on the Business Day prior to such  Distribution  Date.  If,
subsequent  to such  notice,  and prior to  payment by the  Certificate  Insurer
pursuant to such notice,  additional  amounts are  deposited in the  Certificate
Account,  the Trustee shall reasonably  promptly notify the Certificate  Insurer
and withdraw the notice or reduce the amount claimed, as appropriate.

        (b) The Trustee shall establish a separate special purpose trust account
for the  benefit of  Holders of the  Insured  Certificates  and the  Certificate
Insurer referred to herein as the "Certificate Insurance Account" over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Insured  Certificates  of the  Insured  Payment for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or
liabilities of the Master Servicer,  the Trustee or the Trust Fund. Amounts paid
under the Certificate Policy shall be transferred to the Certificate  Account in
accordance  with the next  succeeding  paragraph and disbursed by the Trustee to
Holders of Insured  Certificates  in  accordance  with  Section  4.02 or Section
9.01(c), as applicable. It shall not be necessary for such

                                             -59-

<PAGE>

payments to be made by checks or wire transfers separate from the checks or wire
transfers  used to pay the Insured  Payment  with other funds  available to make
such payment.  However, the amount of any payment of principal of or interest on
the Insured  Certificates to be paid from funds transferred from the Certificate
Insurance  Account  shall be noted as provided in paragraph (c) below and in the
statement  to be furnished  to Holders of the  Certificates  pursuant to Section
4.03. Funds held in the Certificate  Insurance  Account shall not be invested by
the Master Servicer or any other Person.

        On any  Distribution  Date with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by the Master Servicer on behalf of the Trustee, together with the other
funds to be  distributed to the Insured  Certificateholders  pursuant to Section
4.02,  directly to the payment in full of the Insured Payment due on the Insured
Certificates.  Any funds remaining in the Certificate  Insurance  Account on the
first  Business  Day  following  a  Distribution  Date shall be  remitted to the
Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by
the end of such Business Day.

        (c) The Trustee shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of the Insured  Certificates from moneys received under the Certificate  Policy.
The  Certificate  Insurer  shall  have the  right to  inspect  such  records  at
reasonable  times during  normal  business  hours upon two Business  Day's prior
notice to the Trustee.

        (d) In accordance with the terms of the Certificate Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Underwriter, in accordance with the
terms of the Commitment Letter.

      Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation.

        Anything  herein to the contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered  payment  of  the  Insured
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal of or interest on the Insured
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Insured Certificateholder, the Master Servicer,
the  Company  and the  Trustee  hereby  delegate  and assign to the  Certificate
Insurer,  to the fullest extent  permitted by law, the rights of such Holders to
receive such principal

                                             -60-

<PAGE>

and interest from the Trust Fund; provided that the Certificate Insurer shall be
paid such  amounts only from the sources and in the manner  explicitly  provided
for herein.

        The Trustee and the Master Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

        Section 12.04.Notices and Information to the Certificate Insurer.

        (a) All notices, statements,  reports, certificates or opinions required
by this Agreement to be sent to any other party hereto to the Rating Agencies or
to the Certificateholders shall also be sent to the Certificate Insurer.

        (b) the Master  Servicer shall designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

        Section 12.05.Trustee to Hold Certificate Policy.

        The Trustee will hold the  Certificate  Policy in trust as agent for the
Insured  Certificateholders  for  the  purpose  of  making  claims  thereon  and
distributing  the proceeds  thereof.  Neither the  Certificate  Policy,  nor the
amounts paid on the Certificate Policy will constitute part of the Trust Fund or
assets of any REMIC created by this Agreement.  Each Insured  Certificateholder,
by accepting its Certificate,  appoints the Trustee as attorney-in-fact  for the
purpose of making claims on the Certificate  Policy. The Trustee shall surrender
the Certificate  Policy to the  Certificate  Insurer for  cancellation  upon the
payment in full of the Insured Certificates.  To the extent that the Certificate
Policy constitutes a reserve fund for federal income tax purposes,  (1) it shall
be an outside credit support  agreement and not an asset of any REMIC and (2) it
shall be owned by the  Certificate  Insurer,  all within the  meaning of Section
1.860G-2(h) of the Treasury Regulations.

        Section 12.06.Ratings.

        The parties  hereto agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

        Section 12.07.Third Party Beneficiaries.

        The Certificate Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights,  its rights to
receive the Insurance Premium pursuant to Section 4.02(a) and its express rights
set forth in Article XII of this  Agreement  and shall have the right to enforce
the related provisions of this Agreement as if it were a party hereto.

                                             -61-

<PAGE>

               IN WITNESS  WHEREOF,  the  Company,  the Master  Servicer and the
Trustee have caused their names to be signed hereto by their respective officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

[Seal]                                                  RESIDENTIAL      FUNDING
                                                        MORTGAGE  SECURITIES  I,
                                                        INC.

Attest:/s/ Joe Orning                           By: /s/ Julie Malanoski
        Name:  Joe Orning                               Name: Julie Malanoski
        Title: Vice President                           Title:    Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest: /s/ Julie Malanoski                     By: /s/ Joe Orning
        Name:  Julie Malanoski                          Name: Joe Orning
        Title: Vice President                           Title:   Associate

[Seal]                                                            BANK      ONE,
                                                                  NATIONAL
                                                                  ASSOCIATION as
                                                                  Trustee

Attest: /s/ L. Dillard
        Name:  L. Dillard                       By: /s/ Keith R. Richardson
        Title: First Vice President                    Name: Keith R. Richardson
                                                        Title:   Vice President

                                             -1-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 27th day of June,  2003 before me, a notary  public in and
for said State,  personally  appeared Julie Malanoski,  known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    _________________

[Notarial Seal]

                                             -2-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 27th day of June,  2003 before me, a notary  public in and
for said State,  personally appeared Joe Orning,  known to me to be an Associate
of Residential  Funding  Corporation,  one of the corporations that executed the
within  instrument,  and also known to me to be the person  who  executed  it on
behalf  of  said  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    __________________

[Notarial Seal]

                                             -3-

<PAGE>

STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 27th day of June,  2003 before me, a notary  public in and
for said State,  personally  appeared Keith R.  Richardson,  known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    ___________________

[Notarial Seal]

                                             -4-

<PAGE>

                                         EXHIBIT ONE
                                    MORTGAGE LOAN SCHEDULE
                                   (Available Upon Request)

  RUN ON     : 06/19/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 13.01.10           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S13                                 CUTOFF : 06/01/03
  POOL       : 0004708
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ---------------------------------------------------------------------------

      8242853                              .2500
      229,500.27                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.5000                         .5450

      8350282                              .2500
      357,061.70                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8355606                              .2500
      369,042.71                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8359322                              .2500
      364,271.46                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8359364                              .2500
      398,952.11                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8360806                              .2500
      371,257.49                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8361518                              .2500
      398,583.42                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8362116                              .2500
      355,637.05                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8362496                              .2500
      389,602.38                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8363212                              .2500
      379,526.62                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8363272                              .2500
      369,622.77                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8364276                              .2500
      569,446.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8364626                              .2500
      362,629.91                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8365662                              .2500
      580,407.65                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8366138                              .2500
      874,169.76                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8367052                              .2500
      368,632.66                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8367646                              .2500
      373,500.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8367700                              .2500
      484,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8368142                              .2500
      437,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8368342                              .2500
      499,477.97                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8368380                              .2500
      388,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8368600                              .2500
      424,556.27                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8368740                              .2500
      500,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8369416                              .2500
      439,200.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8369442                              .2500
      145,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8369494                              .2500
      790,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8370240                              .2500
      366,307.98                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8370242                              .2500
      135,854.61                          .0300
            5.6250                         .0000
            5.3750                         .0000
            5.3450                         .0000
            5.3450                         .0000

      8370404                              .2500
      332,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8370588                              .2500
      372,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8370620                              .2500
      353,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8370788                              .2500
      250,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8370980                              .2500
      277,800.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8371004                              .2500
      416,500.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8371132                              .2500
      468,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8371458                              .2500
      409,601.51                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8371496                              .2500
      468,700.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8371568                              .2500
      504,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450
1

      8371878                              .2500
      360,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8371970                              .2500
      335,200.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8385031                              .2500
      576,754.09                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8484965                              .2500
      384,931.54                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8485111                              .2500
      373,422.61                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8485125                              .2500
      580,604.89                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8498987                              .2500
      382,847.45                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8502181                              .2500
      997,906.87                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8504773                              .2500
      553,832.70                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8504921                              .2500
      361,036.10                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8505347                              .2500
      568,248.01                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8505619                              .2500
      598,241.54                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8512345                              .2500
      362,275.45                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8520869                              .2500
      351,476.34                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8530425                              .2500
      373,053.90                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8537011                              .2500
      222,291.98                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000
1

      8538091                              .2500
      647,673.40                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8538625                              .2500
      375,284.61                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8543549                              .2500
      594,211.12                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8543589                              .2500
      572,747.37                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.5000                         .2950

      8543679                              .2500
      648,172.36                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8543773                              .2500
      647,954.31                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8543823                              .2500
      592,217.12                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8544189                              .2500
      373,217.16                          .0300
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1

      8762113                              .2500
      175,000.00                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8762143                              .2500
      152,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8762403                              .2500
      210,900.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8762407                              .2500
      295,800.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8762493                              .2500
      425,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8763251                              .2500
      212,050.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8763869                              .2500
      419,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8763931                              .2500
      480,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700
1

      8766231                              .2500
      383,200.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.5000                         .4200

      8766389                              .2500
       80,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8767383                              .2500
      456,500.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.5000                         .0450

      8767409                              .2500
      352,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

      8769829                              .2500
      243,050.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.5000                         .1700

  TOTAL NUMBER OF LOANS:      979
  TOTAL BALANCE........:        410,986,658.37

  RUN ON     : 06/19/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 13.01.10            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S13       FIXED SUMMARY REPORT      CUTOFF : 06/01/03
  POOL       : 0004708
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        5.9350            5.3750      6.7500
  RFC NET RATE                          5.6850            5.1250      6.5000
  NET MTG RATE(INVSTR RATE)             5.6122            5.0950      6.4200
  POST STRIP RATE                       5.4925            5.0950      5.5000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0729             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1196             .0000       .9200

  TOTAL NUMBER OF LOANS:   979
  TOTAL BALANCE........:     410,986,658.37

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 06/19/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 13.01.10          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S13                                 CUTOFF : 06/01/03
  POOL       : 0004708
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    8242853          E22/G01             F          230,800.00         ZZ
                                         360        229,500.27          1
                                       6.375          1,439.89         47
                                       6.125          1,439.89
    GROSSE POINTE P  MI   48230          2            11/25/02         00
    0415255827                           05           01/01/03          0
    0415255827                           O            12/01/32
    0

    8350282          E23/G01             F          358,500.00         ZZ
                                         360        357,061.70          1
                                       6.000          2,149.39         48
                                       5.750          2,149.39
    LONG BEACH       CA   90814          2            01/27/03         00
    0435582226                           05           03/01/03          0
    51024521                             O            02/01/33
    0

    8355606          Q51/G01             F          370,000.00         ZZ
                                         360        369,042.71          1
                                       5.875          2,188.69         57
                                       5.625          2,188.69
    FULLERTON        CA   92835          2            03/12/03         00
    0435574751                           05           05/01/03          0
    0679581                              O            04/01/33
    0

    8359322          E23/G01             F          365,000.00         ZZ
                                         360        364,271.46          1
                                       6.000          2,188.36         66
                                       5.750          2,188.36
    ORANGE           CA   92867          5            03/21/03         00
    0435611454                           05           05/01/03          0
1

    51027245                             O            04/01/33
    0

    8359364          E23/G01             F          399,750.00         ZZ
                                         360        398,952.11          1
                                       6.000          2,396.70         66
                                       5.750          2,396.70
    NAPA             CA   94558          2            03/21/03         00
    0435619200                           05           05/01/03          0
    62006532                             O            04/01/33
    0

    8360806          E23/G01             F          372,000.00         ZZ
                                         360        371,257.49          1
                                       6.000          2,230.33         80
                                       5.750          2,230.33
    RICHMOND         CA   94805          1            03/25/03         00
    0435632567                           05           05/01/03          0
    62006910                             O            04/01/33
    0

    8361518          E23/G01             F          399,000.00         ZZ
                                         360        398,583.42          1
                                       5.750          2,328.46         68
                                       5.500          2,328.46
    TRACY            CA   95304          1            04/03/03         00
    0435738364                           05           06/01/03          0
    61010571                             O            05/01/33
    0

    8362116          E23/G01             F          356,000.00         ZZ
                                         360        355,637.05          1
                                       5.875          2,105.87         75
                                       5.625          2,105.87
    WATSONVILLE      CA   95076          2            04/03/03         00
    0435687629                           05           06/01/03          0
    63001234                             O            05/01/33
    0

    8362496          E23/G01             F          390,000.00         ZZ
                                         360        389,602.38          1
                                       5.875          2,307.00         60
                                       5.625          2,307.00
    SAN JOSE         CA   95123          5            04/08/03         00
    0435664297                           05           06/01/03          0
    63001408                             O            05/01/33
    0

1

    8363212          253/253             F          380,304.00         ZZ
                                         360        379,526.62          1
                                       5.875          2,249.65         80
                                       5.625          2,249.65
    CUMMING          GA   30040          4            03/26/03         00
    991939                               03           05/01/03          0
    991939                               O            04/01/33
    0

    8363272          E23/G01             F          370,000.00         ZZ
                                         360        369,622.77          1
                                       5.875          2,188.69         55
                                       5.625          2,188.69
    HOLLISTER        CA   95023          2            04/04/03         00
    0435703871                           05           06/01/03          0
    63001305                             O            05/01/33
    0

    8364276          X80/G01             F          570,000.00         ZZ
                                         360        569,446.00          1
                                       6.125          3,463.38         80
                                       5.875          3,463.38
    LOS ANGELES      CA   90045          2            04/07/03         00
    0435743034                           05           06/01/03          0
    1410147713                           O            05/01/33
    0

    8364626          E23/G01             F          363,000.00         ZZ
                                         360        362,629.91          1
                                       5.875          2,147.28         75
                                       5.625          2,147.28
    MONTEREY         CA   93940          2            04/08/03         00
    0435744834                           05           06/01/03          0
    63001228                             O            05/01/33
    0

    8365662          E23/G01             F          581,000.00         ZZ
                                         360        580,407.65          1
                                       5.875          3,436.83         70
                                       5.625          3,436.83
    GREENBRAE        CA   94904          2            04/21/03         00
    0435768304                           05           06/01/03          0
    62007248                             O            05/01/33
    0

    8366138          926/G01             F          875,000.00         ZZ
                                         360        874,169.76          3
                                       6.250          5,387.53         32
                                       6.000          5,387.53
1

    SAN FRANCISCO    CA   94115          2            04/17/03         00
    0435752225                           05           06/01/03          0
    163031390                            O            05/01/33
    0

    8367052          E23/G01             F          369,000.00         ZZ
                                         360        368,632.66          1
                                       6.000          2,212.34         63
                                       5.750          2,212.34
    SALINAS          CA   93908          2            04/25/03         00
    0435789755                           05           06/01/03          0
    63001347                             O            05/01/33
    0

    8367646          E23/G01             F          373,500.00         ZZ
                                         360        373,500.00          1
                                       5.875          2,209.39         90
                                       5.625          2,209.39
    RAMONA           CA   92065          1            05/06/03         04
    0435783436                           03           07/01/03         25
    11018266                             O            06/01/33
    0

    8367700          E23/G01             F          484,000.00         ZZ
                                         360        484,000.00          1
                                       6.000          2,901.82         70
                                       5.750          2,901.82
    HOLLISTER        CA   95023          1            05/01/03         00
    0435830401                           05           07/01/03          0
    63001642                             O            06/01/33
    0

    8368142          E23/G01             F          437,000.00         ZZ
                                         360        437,000.00          1
                                       5.875          2,585.02         54
                                       5.625          2,585.02
    DANVILLE         CA   94526          5            05/01/03         00
    0435802210                           05           07/01/03          0
    62007610                             O            06/01/33
    0

    8368342          E23/G01             F          500,000.00         ZZ
                                         360        499,477.97          1
                                       5.750          2,917.86         39
                                       5.500          2,917.86
    SANTA ROSA       CA   95403          2            04/29/03         00
    0435819396                           05           06/01/03          0
    62006918                             O            05/01/33
    0
1

    8368380          E23/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       5.750          2,264.26         54
                                       5.500          2,264.26
    SAN RAFAEL       CA   94903          2            05/03/03         00
    0435802616                           05           07/01/03          0
    62007718                             O            06/01/33
    0

    8368600          N16/G01             F          425,000.00         ZZ
                                         360        424,556.27          1
                                       5.750          2,480.19         65
                                       5.500          2,480.19
    GLENDALE         CA   91201          2            05/05/03         00
    0435870233                           05           06/15/03          0
    573713134                            O            05/15/33
    0

    8368740          E23/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.000          2,997.75         69
                                       5.750          2,997.75
    SEBASTOPOL       CA   95472          1            05/09/03         00
    0435813118                           05           07/01/03          0
    62007721                             O            06/01/33
    0

    8369416          E23/G01             F          439,200.00         ZZ
                                         360        439,200.00          1
                                       5.875          2,598.03         80
                                       5.625          2,598.03
    MONTEREY         CA   93940          1            05/06/03         00
    0435912282                           05           07/01/03          0
    63001530                             O            06/01/33
    0

    8369442          E23/G01             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       5.875            857.73         62
                                       5.625            857.73
    GARDENA          CA   90247          5            05/05/03         00
    0435876156                           05           07/01/03          0
    51029518                             O            06/01/33
    0

    8369494          Q51/G01             F          790,000.00         ZZ
                                         360        790,000.00          1
1

                                       5.875          4,673.15         64
                                       5.625          4,673.15
    SAN MARINO       CA   91108          2            05/05/03         00
    0435877550                           05           07/01/03          0
    T30424B0                             O            06/01/33
    0

    8370240          N16/G01             F          366,700.00         ZZ
                                         360        366,307.98          1
                                       5.625          2,110.93         67
                                       5.375          2,110.93
    OAK PARK         CA   91377          5            05/09/03         00
    0435887377                           05           06/19/03          0
    513046897                            O            05/19/33
    0

    8370242          N16/G01             F          136,000.00         ZZ
                                         360        135,854.61          1
                                       5.625            782.89         56
                                       5.375            782.89
    SUN CITY         CA   92586          5            05/09/03         00
    0435884838                           05           06/19/03          0
    571609286                            O            05/19/33
    0

    8370404          E23/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       5.875          1,963.91         80
                                       5.625          1,963.91
    BRENTWOOD        CA   94513          2            04/30/03         00
    0435888888                           05           07/01/03          0
    61011205                             O            06/01/33
    0

    8370588          E23/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.000          2,230.33         80
                                       5.750          2,230.33
    SANTA ROSA       CA   95403          2            05/06/03         00
    0435882030                           05           07/01/03          0
    62007884                             O            06/01/33
    0

    8370620          E23/G01             F          353,000.00         ZZ
                                         360        353,000.00          1
                                       6.000          2,116.41         65
                                       5.750          2,116.41
    DEL REY OAKS     CA   93940          5            05/12/03         00
    0435883814                           05           07/01/03          0
1

    63001714                             O            06/01/33
    0

    8370788          E23/G01             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       5.875          1,478.84         59
                                       5.625          1,478.84
    CARLSBAD         CA   92009          5            05/12/03         00
    0435892419                           01           07/01/03          0
    11020124                             O            06/01/33
    0

    8370980          E23/G01             F          277,800.00         ZZ
                                         360        277,800.00          1
                                       6.125          1,687.94         66
                                       5.875          1,687.94
    SAN DIEGO        CA   92127          2            05/15/03         00
    0435925219                           03           07/01/03          0
    11020364                             O            06/01/33
    0

    8371004          E23/G01             F          416,500.00         ZZ
                                         360        416,500.00          1
                                       6.125          2,530.70         70
                                       5.875          2,530.70
    SAN DIEGO        CA   92110          5            05/14/03         00
    0435892666                           05           07/01/03          0
    11019663                             O            06/01/33
    0

    8371132          E23/G01             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       5.875          2,768.40         80
                                       5.625          2,768.40
    LOS ANGELES      CA   90068          1            05/12/03         00
    0435885793                           05           07/01/03          0
    51028363                             O            06/01/33
    0

    8371458          111/111             F          410,000.00         ZZ
                                         360        409,601.51          1
                                       6.125          2,491.20         44
                                       5.875          2,491.20
    SAN DIEGO        CA   92107          5            04/24/03         00
    684001174519                         05           06/01/03          0
    684001174519                         O            05/01/33
    0

1

    8371496          111/111             F          468,700.00         ZZ
                                         360        468,700.00          1
                                       5.875          2,772.54         59
                                       5.625          2,772.54
    RANCHO PALOS VE  CA   90275          2            04/30/03         00
    683001165772                         05           07/01/03          0
    683001165772                         O            06/01/33
    0

    8371568          E23/G01             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       5.875          2,981.35         74
                                       5.625          2,981.35
    DANVILLE         CA   94526          2            05/08/03         00
    0435931837                           03           07/01/03          0
    62007666                             O            06/01/33
    0

    8371878          367/367             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       5.750          2,100.86         80
                                       5.500          2,100.86
    BELTSVILLE       MD   20705          1            05/05/03         00
    99154231                             05           07/01/03          0
    99154231                             O            06/01/33
    0

    8371970          E23/G01             F          335,200.00         ZZ
                                         360        335,200.00          1
                                       6.000          2,009.69         80
                                       5.750          2,009.69
    MILPITAS         CA   95035          1            05/20/03         00
    0435899877                           05           07/01/03          0
    61011487                             O            06/01/33
    0

    8385031          025/G01             F          584,000.00         ZZ
                                         360        576,754.09          1
                                       5.750          3,408.07         73
                                       5.500          3,408.07
    HICKORY          NC   28601          2            11/22/02         00
    0435337373                           05           01/01/03          0
    0140960584                           O            12/01/32
    0

    8484965          313/G01             F          388,000.00         ZZ
                                         360        384,931.54          1
                                       6.125          2,357.53         77
                                       5.875          2,357.53
1

    SANTA CLARA      CA   95050          2            01/20/03         00
    0435477310                           05           03/01/03          0
    9222118                              O            02/01/33
    0

    8485111          313/G01             F          375,000.00         ZZ
                                         360        373,422.61          1
                                       5.750          2,188.40         74
                                       5.500          2,188.40
    SAN JOSE         CA   95118          5            01/23/03         00
    0435454681                           05           03/01/03          0
    9301110                              O            02/01/33
    0

    8485125          313/G01             F          583,000.00         ZZ
                                         360        580,604.89          1
                                       5.875          3,448.67         15
                                       5.625          3,448.67
    THOUSAND OAKS    CA   91362          5            01/23/03         00
    0435478797                           03           03/01/03          0
    9250218                              O            02/01/33
    0

    8498987          M37/G01             F          384,000.00         T
                                         360        382,847.45          1
                                       6.000          2,302.27         80
                                       5.750          2,302.27
    FLAGSTAFF        AZ   86001          1            02/19/03         00
    0435552641                           05           04/01/03          0
    610555                               O            03/01/33
    0

    8502181          E22/G01             F        1,000,000.00         ZZ
                                         360        997,906.87          1
                                       5.750          5,835.73         55
                                       5.500          5,835.73
    REDWOOD CITY     CA   94062          1            03/03/03         00
    0416171965                           05           05/01/03          0
    0416171965                           O            04/01/33
    0

    8504773          956/956             F          555,500.00         ZZ
                                         360        553,832.70          1
                                       6.000          3,330.50         80
                                       5.750          3,330.50
    CONCORD          CA   94521          1            02/11/03         00
    313010205                            03           04/01/03          0
    313010205                            O            03/01/33
    0
1

    8504921          956/956             F          363,000.00         ZZ
                                         360        361,036.10          1
                                       6.000          2,176.37         48
                                       5.750          2,176.37
    GREENBRAE        CA   94904          5            02/03/03         00
    812120184                            05           03/01/03          0
    812120184                            O            02/01/33
    0

    8505347          956/956             F          570,000.00         ZZ
                                         360        568,248.01          1
                                       5.875          3,371.77         49
                                       5.625          3,371.77
    LA JOLLA         CA   92037          5            02/07/03         00
    1513010245                           03           04/01/03          0
    1513010245                           O            03/01/33
    0

    8505619          964/G01             F          600,000.00         ZZ
                                         360        598,241.54          1
                                       6.125          3,645.67         80
                                       5.875          3,645.67
    ENCINO (AREA)    CA   91316          1            02/25/03         00
    0435484274                           05           04/01/03          0
    354445                               O            03/01/33
    0

    8512345          E22/G01             F          363,000.00         ZZ
                                         360        362,275.45          1
                                       6.000          2,176.37         70
                                       5.750          2,176.37
    ROHNERT PARK     CA   94928          2            03/03/03         00
    0416182418                           05           05/01/03          0
    0416182418                           O            04/01/33
    0

    8520869          696/G01             F          352,800.00         ZZ
                                         360        351,476.34          1
                                       5.875          2,086.95         80
                                       5.625          2,086.95
    VIENNA           VA   22180          1            02/28/03         00
    0435484126                           05           04/01/03          0
    40103039                             O            03/01/33
    0

    8530425          E82/G01             F          373,800.00         ZZ
                                         360        373,053.90          1
1

                                       6.000          2,241.12         69
                                       5.750          2,241.12
    VACAVILLE        CA   95688          2            03/10/03         00
    0400798997                           05           05/01/03          0
    0400798997                           O            04/01/33
    0

    8537011          X89/G01             F          223,000.00         ZZ
                                         360        222,291.98          1
                                       5.750          1,301.37         80
                                       5.500          1,301.37
    NAPA             CA   94559          2            02/15/03         00
    0435541792                           01           04/01/03          0
    1010240986                           O            03/01/33
    0

    8538091          975/G01             F          649,000.00         ZZ
                                         360        647,673.40          1
                                       5.875          3,839.08         62
                                       5.625          3,839.08
    HUNINGTON BEACH  CA   92648          1            03/04/03         00
    0435544887                           03           05/01/03          0
    2030805                              O            04/01/33
    0

    8538625          964/G01             F          376,000.00         ZZ
                                         360        375,284.61          1
                                       6.250          2,315.10         66
                                       6.000          2,315.10
    WILTON           CA   95693          2            02/28/03         00
    0435743505                           05           05/01/03          0
    336425                               O            04/01/33
    0

    8543549          956/956             F          596,000.00         ZZ
                                         360        594,211.12          1
                                       6.000          3,573.32         66
                                       5.750          3,573.32
    GREENBRAE        CA   94904          2            02/22/03         00
    713020119                            05           04/01/03          0
    713020119                            O            03/01/33
    0

    8543589          956/956             F          575,000.00         T
                                         360        572,747.37          1
                                       6.125          3,493.76         75
                                       5.875          3,493.76
    TRUCKEE          CA   96161          2            01/21/03         00
    1113020042                           05           03/01/03          0
1

    1113020042                           O            02/01/33
    0

    8543679          956/956             F          649,500.00         ZZ
                                         360        648,172.36          1
                                       5.875          3,842.04         80
                                       5.625          3,842.04
    VISTA            CA   92083          2            03/01/03         00
    1513020039                           03           05/01/03          0
    1513020039                           O            04/01/33
    0

    8543773          956/956             F          650,000.00         ZZ
                                         360        647,954.31          1
                                       5.750          3,793.22         65
                                       5.500          3,793.22
    ORINDA           CA   94563          5            02/26/03         00
    213020053                            05           04/01/03          0
    213020053                            O            03/01/33
    0

    8543823          956/956             F          594,000.00         ZZ
                                         360        592,217.12          1
                                       6.000          3,561.33         25
                                       5.750          3,561.33
    WESTLAKE VILLAG  CA   91362          2            03/03/03         00
    2913020036                           05           04/01/03          0
    2913020036                           O            03/01/33
    0

    8544189          A06/G01             F          374,000.00         ZZ
                                         360        373,217.16          1
                                       5.750          2,182.56         65
                                       5.500          2,182.56
    COMMERCE TWP     MI   48382          2            03/17/03         00
    0435558788                           05           05/01/03          0
    021000020304638                      O            04/01/33
    0

    8545659          A06/G01             F          375,000.00         ZZ
                                         360        374,215.08          1
                                       5.750          2,188.40         69
                                       5.500          2,188.40
    WEST BLOOMFIELD  MI   48323          2            03/12/03         00
    0435557632                           05           05/01/03          0
    021000020301066                      O            04/01/33
    0

1

    8550733          Q01/G01             F          580,351.00         ZZ
                                         360        579,745.08          1
                                       5.750          3,386.77         73
                                       5.500          3,386.77
    MERRIFIELD       MN   56465          2            04/25/03         00
    0435885181                           05           06/01/03          0
    1                                    O            05/01/33
    0

    8550879          964/G01             F          357,000.00         ZZ
                                         360        356,287.42          1
                                       6.000          2,140.40         53
                                       5.750          2,140.40
    FREMONT          CA   94539          2            02/28/03         00
    0435583752                           05           05/01/03          0
    355157                               O            04/01/33
    0

    8550881          964/G01             F          576,000.00         ZZ
                                         360        574,765.55          1
                                       5.625          3,315.78         80
                                       5.375          3,315.78
    SACRAMENTO       CA   95822          1            03/17/03         00
    0435557376                           05           05/01/03          0
    376098                               O            04/01/33
    0

    8552209          E22/G01             F          370,000.00         ZZ
                                         360        369,179.16          1
                                       6.000          2,218.34         51
                                       5.750          2,218.34
    MORAGA           CA   94556          2            03/17/03         00
    0416279669                           03           05/01/03          0
    0416279669                           O            04/01/33
    0

    8552513          E22/G01             F          350,000.00         ZZ
                                         360        349,284.57          1
                                       5.875          2,070.38         77
                                       5.625          2,070.38
    CANTON           MI   48188          2            03/19/03         00
    0416311801                           05           05/01/03          0
    0416311801                           O            04/01/33
    0

    8552523          E22/G01             F          363,500.00         ZZ
                                         360        362,050.22          1
                                       6.000          2,179.37         45
                                       5.750          2,179.37
1

    OAKLAND          CA   94610          2            03/14/03         00
    0416316420                           05           05/01/03          0
    0416316420                           O            04/01/33
    0

    8553211          Q01/G01             F          507,323.00         ZZ
                                         360        506,817.96          1
                                       6.000          3,041.66         77
                                       5.750          3,041.66
    PRESCOTT         AZ   86303          2            04/18/03         00
    0435761531                           03           06/01/03          0
    106133101                            O            05/01/33
    0

    8554139          356/G01             F          381,000.00         ZZ
                                         360        380,275.09          1
                                       6.250          2,345.89         30
                                       6.000          2,345.89
    MENLO PARK       CA   94025          2            02/24/03         00
    0435566567                           06           05/01/03          0
    28993509                             O            04/01/33
    0

    8555277          E22/G01             F          398,500.00         ZZ
                                         360        397,704.60          1
                                       6.000          2,389.21         80
                                       5.750          2,389.21
    CASTRO VALLEY    CA   94546          2            03/14/03         00
    0416332633                           05           05/01/03          0
    0416332633                           O            04/01/33
    0

    8555793          E82/G01             F          367,300.00         ZZ
                                         360        366,566.87          1
                                       6.000          2,202.15         61
                                       5.750          2,202.15
    MENDOCINO        CA   95460          2            03/20/03         00
    0400800371                           05           05/01/03          0
    0400800371                           O            04/01/33
    0

    8555891          E22/G01             F          576,000.00         ZZ
                                         360        574,822.60          1
                                       5.875          3,407.26         33
                                       5.625          3,407.26
    LOS ALTOS        CA   94022          2            03/18/03         00
    0416465490                           05           05/01/03          0
    0416465490                           O            04/01/33
    0
1

    8558081          E22/G01             F          360,000.00         ZZ
                                         360        359,264.12          1
                                       5.875          2,129.54         74
                                       5.625          2,129.54
    PASADENA         CA   91105          1            03/13/03         00
    0416327955                           05           05/01/03          0
    0416327955                           O            04/01/33
    0

    8558961          964/G01             F          600,000.00         ZZ
                                         360        598,830.68          1
                                       6.125          3,645.67         40
                                       5.875          3,645.67
    LOS ALTOS        CA   94024          2            03/07/03         00
    0435695333                           05           05/01/03          0
    356692                               O            04/01/33
    0

    8559255          X51/G01             F          383,500.00         ZZ
                                         360        382,213.64          1
                                       5.875          2,268.55         64
                                       5.625          2,268.55
    WEST HOLLYWOOD   CA   90069          2            03/20/03         00
    0435579529                           01           05/01/03          0
    0030305002                           O            04/01/33
    0

    8560611          025/G01             F          362,200.00         ZZ
                                         360        360,335.44          1
                                       5.875          2,142.55         77
                                       5.625          2,142.55
    LAKE OSWEGO      OR   97035          2            12/10/02         00
    0435631056                           05           02/01/03          0
    0132045428                           O            01/01/33
    0

    8560621          025/G01             F          367,400.00         ZZ
                                         360        365,960.63          1
                                       6.125          2,232.37         70
                                       5.875          2,232.37
    SIGNAL HILL      CA   90755          2            01/24/03         00
    0435668918                           05           03/01/03          0
    0132058157                           O            02/01/33
    0

    8560677          025/G01             F          350,000.00         ZZ
                                         360        348,974.24          1
1

                                       6.125          2,126.64         77
                                       5.875          2,126.64
    OREFIELD         PA   18069          2            02/04/03         00
    0435645379                           05           04/01/03          0
    0140737156                           O            03/01/33
    0

    8560759          025/G01             F          378,000.00         ZZ
                                         360        375,959.76          1
                                       6.125          2,296.77         66
                                       5.875          2,296.77
    LA CANADA FLINT  CA   91011          2            01/23/03         00
    0435647755                           05           03/01/03          0
    0141070185                           O            02/01/33
    0

    8560775          025/G01             F          380,000.00         ZZ
                                         360        378,178.31          1
                                       6.250          2,339.73         62
                                       6.000          2,339.73
    MOORPARK         CA   93021          2            12/06/02         00
    0435635255                           05           02/01/03          0
    0141111468                           O            01/01/33
    0

    8560909          025/G01             F          396,000.00         ZZ
                                         360        394,043.48          1
                                       6.125          2,406.14         77
                                       5.875          2,406.14
    DUBLIN           CA   94568          2            01/27/03         00
    0435642707                           03           03/01/03          0
    0141163873                           O            02/01/33
    0

    8560933          025/G01             F          366,300.00         ZZ
                                         360        365,196.67          1
                                       6.000          2,196.16         78
                                       5.750          2,196.16
    SAN DIEGO        CA   92126          2            02/24/03         00
    0435645296                           29           04/01/03          0
    0141258319                           O            03/01/33
    0

    8560957          025/G01             F          650,000.00         ZZ
                                         360        647,063.29          1
                                       5.875          3,845.00         78
                                       5.625          3,845.00
    (NORTHRIDGE ARE  CA   91326          1            01/22/03         00
    0435625595                           03           03/01/03          0
1

    0141307512                           O            02/01/33
    0

    8560963          025/G01             F          648,000.00         ZZ
                                         360        646,055.03          1
                                       6.000          3,885.09         68
                                       5.750          3,885.09
    PARAMUS          NJ   07652          5            02/10/03         00
    0435665757                           05           04/01/03          0
    0141309658                           O            03/01/33
    0

    8561043          025/G01             F          385,000.00         ZZ
                                         360        383,064.39          1
                                       6.000          2,308.27         78
                                       5.750          2,308.27
    IRVINE           CA   92612          2            12/26/02         00
    0435641956                           09           02/01/03          0
    0132000647                           O            01/01/33
    0

    8561065          025/G01             F          524,000.00         ZZ
                                         360        521,847.28          1
                                       5.875          3,099.66         80
                                       5.625          3,099.66
    SUDBURY          MA   01776          1            01/23/03         00
    0435642400                           05           03/01/03          0
    0141022376                           O            02/01/33
    0

    8561137          025/G01             F          550,000.00         ZZ
                                         360        547,946.09          1
                                       6.375          3,431.28         38
                                       6.125          3,431.28
    CORONADO         CA   92118          5            01/20/03         00
    0435642731                           05           03/01/03          0
    0132014085                           O            02/01/33
    0

    8561139          025/G01             F          625,000.00         ZZ
                                         360        622,551.46          1
                                       6.125          3,797.57         45
                                       5.875          3,797.57
    LOS ANGELES      CA   90210          2            01/07/03         00
    0435636790                           05           03/01/03          0
    0132014564                           O            02/01/33
    0

1

    8561143          025/G01             F          576,000.00         ZZ
                                         360        573,743.43          1
                                       6.125          3,499.84         47
                                       5.875          3,499.84
    PACIFIC PALISAD  CA   90272          2            01/15/03         00
    0435670054                           05           03/01/03          0
    0132016643                           O            02/01/33
    0

    8561171          025/G01             F          638,000.00         ZZ
                                         360        635,500.53          1
                                       6.125          3,876.56         55
                                       5.875          3,876.56
    CARLSBAD         CA   92009          2            01/29/03         00
    0435647540                           05           03/01/03          0
    0132063405                           O            02/01/33
    0

    8561177          025/G01             F          650,000.00         ZZ
                                         360        648,095.02          1
                                       6.125          3,949.47         53
                                       5.875          3,949.47
    COLUMBIA         SC   29206          2            02/21/03         00
    0435647227                           05           04/01/03          0
    0132065335                           O            03/01/33
    0

    8561191          025/G01             F          400,000.00         ZZ
                                         360        398,469.95          1
                                       6.250          2,462.87         80
                                       6.000          2,462.87
    ESCONDIDO        CA   92029          2            01/20/03         00
    0435627690                           05           03/01/03          0
    0132067042                           O            02/01/33
    0

    8561193          025/G01             F          539,700.00         ZZ
                                         360        537,585.05          1
                                       6.125          3,279.27         75
                                       5.875          3,279.27
    SANTA MONICA     CA   90405          2            01/22/03         00
    0435632955                           05           03/01/03          0
    0132067216                           O            02/01/33
    0

    8561209          025/G01             F          370,000.00         ZZ
                                         360        368,826.17          1
                                       6.250          2,278.16         37
                                       6.000          2,278.16
1

    LOS ALTOS        CA   94023          2            02/19/03         00
    0435662432                           05           04/01/03          0
    0132098310                           O            03/01/33
    0

    8561211          025/G01             F          368,000.00         ZZ
                                         360        366,921.48          1
                                       6.125          2,236.01         62
                                       5.875          2,236.01
    SAN DIEGO        CA   92130          2            02/03/03         00
    0435667100                           03           04/01/03          0
    0132099615                           O            03/01/33
    0

    8561239          025/G01             F          501,800.00         ZZ
                                         360        499,834.13          1
                                       6.125          3,048.99         79
                                       5.875          3,048.99
    NORTHVILLE       MI   48167          2            01/24/03         00
    0435648167                           03           03/01/03          0
    0132123209                           O            02/01/33
    0

    8561247          025/G01             F          363,000.00         ZZ
                                         360        361,543.64          1
                                       6.000          2,176.37         44
                                       5.750          2,176.37
    BERKELEY         CA   94705          2            01/17/03         00
    0435639505                           05           03/01/03          0
    0132127192                           O            02/01/33
    0

    8561267          025/G01             F          625,000.00         ZZ
                                         360        623,078.99          1
                                       5.875          3,697.11         55
                                       5.625          3,697.11
    PITTSBURGH       PA   15217          5            02/13/03         00
    0435665898                           05           04/01/03          0
    0132142282                           O            03/01/33
    0

    8561273          025/G01             F          575,000.00         ZZ
                                         360        573,314.81          1
                                       6.125          3,493.77         50
                                       5.875          3,493.77
    LOS ALTOS        CA   94024          5            02/01/03         00
    0435673090                           05           04/01/03          0
    0132147117                           O            03/01/33
    0
1

    8561313          025/G01             F          574,000.00         ZZ
                                         360        572,357.57          1
                                       6.250          3,534.22         44
                                       6.000          3,534.22
    PIEDMONT         CA   94611          2            01/30/03         00
    0435645353                           05           04/01/03          0
    0132168659                           O            03/01/33
    0

    8561317          025/G01             F          532,000.00         ZZ
                                         360        530,364.83          1
                                       5.875          3,146.98         80
                                       5.625          3,146.98
    SAN CLEMENTE     CA   92672          2            02/12/03         00
    0435669189                           03           04/01/03          0
    0132172826                           O            03/01/33
    0

    8561337          025/G01             F          580,000.00         ZZ
                                         360        578,217.29          1
                                       5.875          3,430.92         45
                                       5.625          3,430.92
    PLEASANTON       CA   94566          2            02/08/03         00
    0435622311                           05           04/01/03          0
    0132185208                           O            03/01/33
    0

    8561365          025/G01             F          362,000.00         ZZ
                                         360        360,636.01          1
                                       6.125          2,199.55         45
                                       5.875          2,199.55
    RANCHO PALOS VE  CA   90275          2            02/21/03         00
    0435647243                           05           04/01/03          0
    0132201633                           O            03/01/33
    0

    8561369          025/G01             F          372,000.00         ZZ
                                         360        370,856.61          1
                                       5.875          2,200.52         70
                                       5.625          2,200.52
    LA MIRADA        CA   90638          2            01/31/03         00
    0435645288                           03           04/01/03          0
    0132202052                           O            03/01/33
    0

    8561371          025/G01             F          540,000.00         ZZ
                                         360        538,340.22          1
1

                                       5.875          3,194.31         80
                                       5.625          3,194.31
    SAN FRANCISCO    CA   94114          1            02/24/03         00
    0435669007                           05           04/01/03          0
    0132207556                           O            03/01/33
    0

    8561377          025/G01             F          578,000.00         ZZ
                                         360        576,195.60          1
                                       6.000          3,465.41         75
                                       5.750          3,465.41
    CULVER CITY      CA   90230          2            02/26/03         00
    0435643291                           05           04/01/03          0
    0132211723                           O            03/01/33
    0

    8561393          025/G01             F          375,000.00         ZZ
                                         360        373,487.41          1
                                       6.125          2,278.54         75
                                       5.875          2,278.54
    PARKER           CO   80134          5            01/30/03         00
    0435635974                           05           03/01/03          0
    0132231366                           O            02/01/33
    0

    8561437          025/G01             F          564,260.00         ZZ
                                         360        562,566.39          1
                                       6.000          3,383.02         80
                                       5.750          3,383.02
    LONE TREE        CO   80124          2            01/30/02         00
    0435635164                           03           04/01/03          0
    0132076183                           O            03/01/33
    0

    8561441          025/G01             F          562,500.00         ZZ
                                         360        560,243.23          1
                                       6.000          3,372.48         72
                                       5.750          3,372.48
    SAN RAMON        CA   94583          2            01/22/03         00
    0435644612                           05           03/01/03          0
    0132077900                           O            02/01/33
    0

    8561447          025/G01             F          384,000.00         ZZ
                                         360        382,495.62          1
                                       6.125          2,333.23         77
                                       5.875          2,333.23
    MISSION VIEJO    CA   92691          1            01/30/03         00
    0435666029                           03           03/01/03          0
1

    0132078890                           O            02/01/33
    0

    8561469          025/G01             F          398,800.00         ZZ
                                         360        397,200.01          1
                                       6.000          2,391.01         80
                                       5.750          2,391.01
    VISTA            CA   92084          2            01/10/03         00
    0435626064                           05           03/01/03          0
    0140818816                           O            02/01/33
    0

    8561485          025/G01             F          357,000.00         ZZ
                                         360        355,567.70          1
                                       6.000          2,140.40         76
                                       5.750          2,140.40
    ALISO VIEJO      CA   92656          2            01/21/03         00
    0435647334                           03           03/01/03          0
    0140823964                           O            02/01/33
    0

    8561493          025/G01             F          568,000.00         ZZ
                                         360        565,610.76          1
                                       5.750          3,314.70         80
                                       5.500          3,314.70
    WINDHAM          NH   03087          2            01/27/03         00
    0435647326                           05           03/01/03          0
    0140954272                           O            02/01/33
    0

    8561983          696/G01             F          600,000.00         ZZ
                                         360        598,744.12          1
                                       5.750          3,501.44         67
                                       5.500          3,501.44
    GREAT FALLS      VA   22066          2            03/20/03         00
    0435567490                           03           05/01/03          0
    20203040                             O            04/01/33
    0

    8564651          964/G01             F          650,000.00         ZZ
                                         360        648,671.34          1
                                       5.875          3,845.00         60
                                       5.625          3,845.00
    SACRAMENTO       CA   95864          2            03/14/03         00
    0435618509                           05           05/01/03          0
    352371                               O            04/01/33
    0

1

    8567025          U37/U37             F          375,000.00         ZZ
                                         360        374,251.51          1
                                       6.000          2,248.31         37
                                       5.750          2,248.31
    SAN LUIS OBISPO  CA   93401          5            03/12/03         00
    8900011057                           05           05/01/03          0
    8900011057                           O            04/01/33
    0

    8567049          964/G01             F          395,000.00         ZZ
                                         360        394,230.22          1
                                       6.125          2,400.06         71
                                       5.875          2,400.06
    ARCADIA          CA   91006          2            03/14/03         00
    0435684691                           05           05/01/03          0
    344931                               O            04/01/33
    0

    8567729          757/G01             F          450,000.00         ZZ
                                         360        449,143.82          1
                                       6.250          2,770.73         30
                                       6.000          2,770.73
    YORK BEACH       ME   03909          2            03/10/03         00
    0435583687                           05           05/01/03          0
    1001239357                           O            04/01/33
    0

    8569125          E22/G01             F          908,000.00         ZZ
                                         360        906,099.44          1
                                       5.750          5,298.84         57
                                       5.500          5,298.84
    LAGUNA BEACH     CA   92651          2            03/21/03         00
    0416451078                           05           05/01/03          0
    0416451078                           O            04/01/33
    0

    8569197          E22/G01             F          372,000.00         ZZ
                                         360        371,239.60          1
                                       5.875          2,200.52         54
                                       5.625          2,200.52
    SAN JOSE         CA   95123          2            03/24/03         00
    0416486785                           05           05/01/03          0
    0416486785                           O            04/01/33
    0

    8569419          E22/G01             F          152,400.00         ZZ
                                         360        152,081.00          1
                                       5.750            889.37         80
                                       5.500            889.37
1

    BATON ROUGE      LA   70808          1            03/31/03         00
    0416608479                           05           05/01/03          0
    0416608479                           O            04/01/33
    0

    8569607          E22/G01             F          600,000.00         ZZ
                                         360        598,773.55          1
                                       5.875          3,549.23         24
                                       5.625          3,549.23
    GLENCOE          IL   60022          2            03/25/03         00
    0416331163                           05           05/01/03          0
    0416331163                           O            04/01/33
    0

    8572133          313/G01             F          600,000.00         ZZ
                                         360        598,773.55          1
                                       5.875          3,549.23         44
                                       5.625          3,549.23
    BRYN MAWR        PA   19010          2            03/14/03         00
    0435582614                           03           05/01/03          0
    9318569                              O            04/01/33
    0

    8572283          313/G01             F          600,000.00         ZZ
                                         360        598,241.54          1
                                       6.125          3,645.67         54
                                       5.875          3,645.67
    NEWPORT COAST    CA   92657          2            02/12/03         00
    0435596069                           03           04/01/03          0
    9289026                              O            03/01/33
    0

    8572289          313/G01             F          550,000.00         ZZ
                                         360        546,231.22          1
                                       6.000          3,297.53         43
                                       5.750          3,297.53
    LA JOLLA         CA   92037          2            02/13/03         00
    0435586268                           05           04/01/03          0
    9306515                              O            03/01/33
    0

    8572991          E82/G01             F          370,000.00         ZZ
                                         360        369,631.66          1
                                       6.000          2,218.34         78
                                       5.750          2,218.34
    TRABUCO CANYON   CA   92679          2            03/27/03         00
    0400811311                           03           06/01/03          0
    0400811311                           O            05/01/33
    0
1

    8573181          E22/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         60
                                       5.625          3,845.00
    LAFAYETTE        CA   94549          5            03/26/03         00
    0415894351                           05           06/01/03          0
    0415894351                           O            05/01/33
    0

    8575047          G51/G01             F          576,500.00         ZZ
                                         360        575,280.22          1
                                       5.750          3,364.30         77
                                       5.500          3,364.30
    BOULDER          CO   80303          2            03/28/03         00
    0435590385                           05           05/01/03          0
    07000513                             O            04/01/33
    0

    8580821          E82/G01             F          386,000.00         ZZ
                                         360        385,624.83          1
                                       6.125          2,345.38         49
                                       5.875          2,345.38
    MORGAN HILL      CA   95037          5            03/28/03         00
    0400782165                           05           06/01/03          0
    0400782165                           O            05/01/33
    0

    8581177          E22/G01             F          571,000.00         ZZ
                                         360        569,804.83          1
                                       5.750          3,332.20         24
                                       5.500          3,332.20
    MILL VALLEY      CA   94941          2            03/26/03         00
    0416471639                           05           05/01/03          0
    0416471639                           O            04/01/33
    0

    8582165          X89/G01             F          585,000.00         ZZ
                                         360        583,804.20          1
                                       5.875          3,460.50         67
                                       5.625          3,460.50
    MORGAN HILL      CA   95037          2            03/22/03         00
    0435684022                           03           05/01/03          0
    1010241650                           O            04/01/33
    0

    8582759          964/G01             F          585,000.00         ZZ
                                         360        583,859.94          1
1

                                       6.125          3,554.52         65
                                       5.875          3,554.52
    OAKLAND          CA   94611          2            03/21/03         00
    0435777990                           05           05/01/03          0
    343987                               O            04/01/33
    0

    8584453          E22/G01             F          387,200.00         ZZ
                                         360        386,480.85          1
                                       6.375          2,415.62         80
                                       6.125          2,415.62
    BUELLTON         CA   93427          1            03/14/03         00
    0416195162                           05           05/01/03          0
    0416195162                           O            04/01/33
    0

    8584599          E22/G01             F          370,000.00         ZZ
                                         360        369,622.77          1
                                       5.875          2,188.69         70
                                       5.625          2,188.69
    SANTA CLARA      CA   95050          2            03/26/03         00
    0416513414                           05           06/01/03          0
    0416513414                           O            05/01/33
    0

    8587433          X89/G01             F          395,000.00         ZZ
                                         360        394,230.22          1
                                       6.125          2,400.06         61
                                       5.875          2,400.06
    GILROY           CA   95020          2            03/27/03         00
    0435623301                           05           05/01/03          0
    1010241404                           O            04/01/33
    0

    8588751          E22/G01             F          365,000.00         ZZ
                                         360        364,636.64          1
                                       6.000          2,188.36         67
                                       5.750          2,188.36
    SAN FRANCISCO    CA   94132          2            03/28/03         00
    0416492171                           07           06/01/03          0
    0416492171                           O            05/01/33
    0

    8588945          E82/G01             F          397,000.00         ZZ
                                         360        396,614.14          1
                                       6.125          2,412.21         62
                                       5.875          2,412.21
    SAN DIEGO        CA   92131          2            03/31/03         00
    0400803458                           05           06/01/03          0
1

    0400803458                           O            05/01/33
    0

    8589981          025/G01             F          600,000.00         ZZ
                                         360        595,551.38          1
                                       5.750          3,501.44         38
                                       5.500          3,501.44
    PALO ALTO        CA   94303          2            10/28/02         00
    0435723549                           05           12/01/02          0
    0131523219                           O            11/01/32
    0

    8589987          025/G01             F          354,700.00         ZZ
                                         360        351,944.03          1
                                       6.125          2,155.20         65
                                       5.875          2,155.20
    WESTFORD         MA   01886          5            10/24/02         00
    0435593645                           05           12/01/02          0
    0131994485                           O            11/01/32
    0

    8590005          025/G01             F          360,000.00         ZZ
                                         300        356,196.01          1
                                       6.125          2,347.08         67
                                       5.875          2,347.08
    LEXINGTON        MA   02420          2            10/28/02         00
    0435723465                           05           12/01/02          0
    0140726084                           O            11/01/27
    0

    8591669          964/G01             F          399,990.00         ZZ
                                         360        399,191.63          1
                                       6.000          2,398.14         51
                                       5.750          2,398.14
    REDWOOD CITY     CA   94065          2            03/21/03         00
    0435602685                           03           05/01/03          0
    360718                               O            04/01/33
    0

    8592785          E22/G01             F          363,750.00         ZZ
                                         360        362,895.00          1
                                       6.000          2,180.87         75
                                       5.750          2,180.87
    ISSAQUAH         WA   98027          2            03/30/03         00
    0416597169                           05           05/01/03          0
    0416597169                           O            04/01/33
    0

1

    8592885          E22/G01             F          361,900.00         ZZ
                                         360        361,160.24          1
                                       5.875          2,140.78         77
                                       5.625          2,140.78
    SILVER SPRING    MD   20906          2            04/02/03         00
    0416488674                           03           05/01/03          0
    0416488674                           O            04/01/33
    0

    8593653          696/G01             F          617,000.00         ZZ
                                         360        616,370.94          1
                                       5.875          3,649.79         51
                                       5.625          3,649.79
    ARLINGTON        VA   22209          1            04/03/03         00
    0435604350                           09           06/01/03          0
    24603070                             O            05/01/33
    0

    8594357          U37/U37             F          597,000.00         ZZ
                                         360        595,642.89          1
                                       5.875          3,531.48         40
                                       5.625          3,531.48
    PISMO BEACH      CA   93449          2            03/21/03         00
    8900011293                           05           05/01/03          0
    8900011293                           O            04/01/33
    0

    8594903          U37/U37             F          552,000.00         ZZ
                                         360        550,133.36          1
                                       5.875          3,265.29         66
                                       5.625          3,265.29
    AVILA BEACH      CA   93424          2            03/24/03         00
    8900011292                           03           05/01/03          0
    8900011292                           O            04/01/33
    0

    8596773          Y41/G01             F        1,000,000.00         ZZ
                                         360        997,955.91          1
                                       5.875          5,915.38         58
                                       5.625          5,915.38
    GREENWOOD        MN   55331          2            03/31/03         00
    0435617246                           05           05/01/03          0
    7844078                              O            04/01/33
    0

    8597421          K21/G01             F          385,000.00         ZZ
                                         360        384,598.03          1
                                       5.750          2,246.76         75
                                       5.500          2,246.76
1

    INDEPENDENCE TW  MI   48348          2            04/02/03         00
    0435659735                           29           06/01/03          0
    0223398                              O            05/01/33
    0

    8597463          Q59/G01             F          533,600.00         ZZ
                                         360        532,509.27          1
                                       5.875          3,156.45         80
                                       5.625          3,156.45
    HUNTINGTON BEAC  CA   92648          1            03/27/03         00
    0435671276                           01           05/01/03          0
    0000403116                           O            04/01/33
    0

    8599197          E22/G01             F          289,000.00         ZZ
                                         360        288,719.11          1
                                       6.125          1,755.99         45
                                       5.875          1,755.99
    UNIVERSITY PARK  TX   75205          5            04/04/03         00
    0416334993                           05           06/01/03          0
    0416334993                           O            05/01/33
    0

    8599477          E82/G01             F          365,500.00         ZZ
                                         360        365,136.14          1
                                       6.000          2,191.36         54
                                       5.750          2,191.36
    EL SEGUNDO       CA   90245          2            04/07/03         00
    0400803292                           05           06/01/03          0
    0400803292                           O            05/01/33
    0

    8600255          X64/G01             F          561,000.00         ZZ
                                         360        560,414.29          1
                                       5.750          3,273.84         74
                                       5.500          3,273.84
    BIRMINGHAM       MI   48009          2            04/01/03         00
    0435792825                           05           06/01/03          0
    00000057214                          O            05/01/33
    0

    8601253          944/G01             F          382,000.00         ZZ
                                         360        381,610.53          1
                                       5.875          2,259.68         60
                                       5.625          2,259.68
    HUNTINGTON BEAC  CA   92649          5            04/02/03         00
    0435653225                           01           06/01/03          0
    W01653959                            O            05/01/33
    0
1

    8604171          A39/G01             F          382,000.00         ZZ
                                         360        381,610.54          1
                                       5.875          2,259.67         48
                                       5.625          2,259.67
    THOUSAND OAKS    CA   91362          5            04/01/03         00
    0435657549                           05           06/01/03          0
    2203045                              O            05/01/33
    0

    8604329          E22/G01             F          357,000.00         ZZ
                                         360        356,653.02          1
                                       6.125          2,169.17         70
                                       5.875          2,169.17
    SAN CLEMENTE     CA   92672          2            04/04/03         00
    0416326098                           03           06/01/03          0
    0416326098                           O            05/01/33
    0

    8604391          E22/G01             F          348,600.00         ZZ
                                         360        348,244.59          1
                                       5.875          2,062.10         80
                                       5.625          2,062.10
    PLYMOUTH         MI   48170          1            04/10/03         00
    0416462745                           05           06/01/03          0
    0416462745                           O            05/01/33
    0

    8604435          E22/G01             F          356,000.00         ZZ
                                         360        355,628.31          1
                                       5.750          2,077.52         80
                                       5.500          2,077.52
    MISSION VIEJO    CA   92691          1            04/01/03         00
    0416524460                           03           06/01/03          0
    0416524460                           O            05/01/33
    0

    8604449          E22/G01             F          390,000.00         ZZ
                                         360        389,602.37          1
                                       5.875          2,307.00         70
                                       5.625          2,307.00
    SAN FRANCISCO    CA   94112          2            04/02/03         00
    0416550788                           05           06/01/03          0
    0416550788                           O            05/01/33
    0

    8604537          E82/G01             F          520,000.00         ZZ
                                         360        519,469.83          1
1

                                       5.875          3,076.00         80
                                       5.625          3,076.00
    RENO             NV   89509          2            04/09/03         00
    0400810313                           03           06/01/03          0
    0400810313                           O            05/01/33
    0

    8607091          696/G01             F          559,200.00         ZZ
                                         360        558,083.84          1
                                       6.000          3,352.69         80
                                       5.750          3,352.69
    GREAT FALLS      VA   22066          1            03/28/03         00
    0435632757                           05           05/01/03          0
    25103054                             O            04/01/33
    0

    8610595          Q59/G01             F          420,000.00         ZZ
                                         360        419,141.48          1
                                       5.875          2,484.46         80
                                       5.625          2,484.46
    FULLERTON        CA   92833          1            03/20/03         00
    0435691639                           05           05/01/03          0
    0000502229                           O            04/01/33
    0

    8610795          356/356             F          368,000.00         ZZ
                                         360        367,265.47          1
                                       6.000          2,206.35         76
                                       5.750          2,206.35
    OAKLAND          CA   94609          2            03/19/03         00
    29026440                             03           05/01/03          0
    29026440                             O            04/01/33
    0

    8610803          696/G01             F          360,000.00         ZZ
                                         360        359,264.12          1
                                       5.875          2,129.54         80
                                       5.625          2,129.54
    SPRINGFIELD      VA   22152          1            03/26/03         00
    0435653027                           05           05/01/03          0
    24603097                             O            04/01/33
    0

    8612885          964/G01             F          364,000.00         ZZ
                                         360        363,255.95          1
                                       5.875          2,153.20         66
                                       5.625          2,153.20
    SAN JOSE         CA   95130          2            03/12/03         00
    0435735212                           05           05/01/03          0
1

    342887                               O            04/01/33
    0

    8612909          964/G01             F          600,000.00         ZZ
                                         360        599,373.56          1
                                       5.750          3,501.44         59
                                       5.500          3,501.44
    ORANGE           CA   92867          1            04/01/03         00
    0435677760                           03           06/01/03          0
    371966                               O            05/01/33
    0

    8612961          964/G01             F          372,000.00         ZZ
                                         360        371,257.49          1
                                       6.000          2,230.33         80
                                       5.750          2,230.33
    TORRANCE         CA   90505          2            03/27/03         00
    0435676499                           05           05/01/03          0
    383929                               O            04/01/33
    0

    8613025          E22/G01             F          645,000.00         ZZ
                                         360        644,342.39          1
                                       5.875          3,815.42         57
                                       5.625          3,815.42
    SAN FRANCISCO    CA   94117          5            04/09/03         00
    0416758340                           01           06/01/03          0
    0416758340                           O            05/01/33
    0

    8614853          W53/G01             F          599,000.00         ZZ
                                         360        597,832.64          1
                                       6.125          3,639.59         70
                                       5.875          3,639.59
    CALABASAS        CA   91302          2            03/25/03         00
    0435651823                           05           05/01/03          0
    1701100815                           O            04/01/33
    0

    8615613          964/G01             F          540,000.00         ZZ
                                         360        539,449.44          1
                                       5.875          3,194.31         63
                                       5.625          3,194.31
    DANVILLE         CA   94526          5            03/31/03         00
    0435876339                           03           06/01/03          0
    367749                               O            05/01/33
    0

1

    8615629          964/G01             F          372,000.00         ZZ
                                         360        371,275.03          1
                                       6.125          2,260.31         76
                                       5.875          2,260.31
    SAN MARCOS       CA   92069          2            03/24/03         00
    0435721691                           03           05/01/03          0
    374362                               O            04/01/33
    0

    8615641          964/G01             F          584,000.00         ZZ
                                         360        583,404.59          1
                                       5.875          3,454.58         80
                                       5.625          3,454.58
    STINSON BEACH    CA   94970          2            04/03/03         00
    0435684139                           05           06/01/03          0
    381266                               O            05/01/33
    0

    8616275          696/G01             F          580,000.00         ZZ
                                         360        579,394.45          1
                                       5.750          3,384.72         80
                                       5.500          3,384.72
    GAITHERSBURG     MD   20878          1            04/11/03         00
    0435667472                           05           06/01/03          0
    30303084                             O            05/01/33
    0

    8618649          E22/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         60
                                       5.625          3,845.00
    TIBURON          CA   94920          5            04/07/03         00
    0416262491                           05           06/01/03          0
    0416262491                           O            05/01/33
    0

    8619731          X89/G01             F          368,000.00         ZZ
                                         360        367,624.81          1
                                       5.875          2,176.86         80
                                       5.625          2,176.86
    FOLSOM           CA   95630          2            04/01/03         00
    0435717103                           05           06/01/03          0
    2003568                              O            05/01/33
    0

    8619869          964/G01             F          385,000.00         ZZ
                                         360        384,155.25          1
                                       5.500          2,185.99         63
                                       5.250          2,185.99
1

    PETALUMA         CA   94952          2            03/26/03         00
    0435690797                           03           05/01/03          0
    371327                               O            04/01/33
    0

    8619875          964/G01             F          383,000.00         ZZ
                                         360        382,179.18          1
                                       5.625          2,204.76         73
                                       5.375          2,204.76
    FREMONT          CA   94539          2            03/26/03         00
    0435687868                           05           05/01/03          0
    375126                               O            04/01/33
    0

    8619881          964/G01             F          360,000.00         ZZ
                                         360        359,615.14          1
                                       5.625          2,072.36         80
                                       5.375          2,072.36
    WEST LINN        OR   97068          2            03/28/03         00
    0435681424                           05           06/01/03          0
    381229                               O            05/01/33
    0

    8619891          964/G01             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         77
                                       5.625          2,070.38
    GOLDEN           CO   80401          5            04/02/03         00
    0435693080                           03           06/01/03          0
    379157                               O            05/01/33
    0

    8621303          Q59/G01             F          373,000.00         ZZ
                                         360        372,628.68          1
                                       6.000          2,236.32         57
                                       5.750          2,236.32
    LOS ANGELES      CA   90034          2            04/07/03         00
    0435727995                           05           06/01/03          0
    0000502371                           O            05/01/33
    0

    8622463          E82/G01             F          563,000.00         ZZ
                                         360        562,452.80          1
                                       6.125          3,420.85         52
                                       5.875          3,420.85
    SAN JOSE         CA   95125          2            04/11/03         00
    0400767596                           05           06/01/03          0
    0400767596                           O            05/01/33
    0
1

    8623301          E22/G01             F          485,000.00         ZZ
                                         360        484,493.63          1
                                       5.750          2,830.33         33
                                       5.500          2,830.33
    NEWPORT BEACH    CA   92660          2            04/09/03         00
    0416641272                           03           06/01/03          0
    0416641272                           O            05/01/33
    0

    8623613          253/253             F          378,000.00         ZZ
                                         360        377,623.69          1
                                       6.000          2,266.31         70
                                       5.750          2,266.31
    BOULDER          CO   80303          2            04/09/03         00
    466574                               05           06/01/03          0
    466574                               O            05/01/33
    0

    8623901          G51/G01             F          572,000.00         ZZ
                                         360        571,402.79          1
                                       5.750          3,338.04         80
                                       5.500          3,338.04
    BOULDER          CO   80304          1            04/16/03         00
    0435679378                           03           06/01/03          0
    07000576                             O            05/01/33
    0

    8624217          964/G01             F          399,250.00         ZZ
                                         360        398,453.09          1
                                       6.000          2,393.71         65
                                       5.750          2,393.71
    TRABUCO CANYON   CA   92679          2            03/27/03         00
    0435683552                           03           05/01/03          0
    360870                               O            04/01/33
    0

    8627037          E22/G01             F          386,000.00         ZZ
                                         360        385,624.83          1
                                       6.125          2,345.38         75
                                       5.875          2,345.38
    SAN JOSE         CA   95123          1            04/04/03         00
    0416774503                           05           06/01/03          0
    0416774503                           O            05/01/33
    0

    8627449          Q59/G01             F          432,500.00         ZZ
                                         360        432,059.05          1
1

                                       5.875          2,558.40         59
                                       5.625          2,558.40
    THOUSAND OAKS    CA   91320          2            04/07/03         00
    0435891825                           05           06/01/03          0
    0000502785                           O            05/01/33
    0

    8627811          642/G01             F          375,000.00         ZZ
                                         360        374,626.69          1
                                       6.000          2,248.31         54
                                       5.750          2,248.31
    IRVINE           CA   92602          5            04/11/03         00
    0435698444                           05           06/01/03          0
    03311703                             O            05/01/33
    0

    8627867          356/G01             F          395,000.00         ZZ
                                         360        393,090.25          1
                                       6.250          2,432.09         72
                                       6.000          2,432.09
    BELMONT          CA   94002          2            03/22/03         00
    0435714415                           05           06/01/03          0
    29003225                             O            05/01/33
    0

    8628037          B57/G01             F          600,000.00         ZZ
                                         360        599,402.70          1
                                       6.000          3,597.30         47
                                       5.750          3,597.30
    NEW ROCHELLE     NY   10804          2            04/04/03         00
    0435740188                           05           06/01/03          0
    11000153                             O            05/01/33
    0

    8628649          227/G01             F          380,000.00         ZZ
                                         360        379,603.25          1
                                       5.750          2,217.58         75
                                       5.500          2,217.58
    PORTLAND         OR   97229          1            04/04/03         00
    0435719794                           03           06/01/03          0
    2083241                              O            05/01/33
    0

    8628937          601/G01             F          590,000.00         ZZ
                                         360        588,850.17          1
                                       6.125          3,584.91         80
                                       5.875          3,584.91
    STAMFORD         CT   06903          1            03/28/03         00
    0435715727                           05           05/01/03          0
1

    62519996                             O            04/01/33
    0

    8628999          601/G01             F          570,600.00         ZZ
                                         360        568,794.07          1
                                       6.125          3,467.03         52
                                       5.875          3,467.03
    LA CANADA FLINT  CA   91011          2            02/26/03         00
    0435715404                           05           04/01/03          0
    80972722                             O            03/01/33
    0

    8629177          M27/G01             F          360,500.00         ZZ
                                         360        359,782.46          1
                                       5.875          2,132.49         75
                                       5.625          2,132.49
    CHARLOTTE        NC   28226          2            04/11/03         00
    0435721998                           03           06/01/03          0
    600913779                            O            05/01/33
    0

    8630229          X51/G01             F          374,000.00         ZZ
                                         360        373,645.14          1
                                       6.250          2,302.78         73
                                       6.000          2,302.78
    FRANKLIN         TN   37069          5            04/14/03         00
    0435717210                           05           06/01/03          0
    0030325007                           O            05/01/33
    0

    8630577          356/G01             F          649,000.00         ZZ
                                         360        648,384.20          1
                                       6.250          3,996.01         26
                                       6.000          3,996.01
    DANVILLE         CA   94526          2            04/02/03         00
    0435711270                           05           06/01/03          0
    3068988                              O            05/01/33
    0

    8631261          964/G01             F          572,000.00         ZZ
                                         360        571,416.82          1
                                       5.875          3,383.60         76
                                       5.625          3,383.60
    ALTADENA (AREA)  CA   91001          2            04/08/03         00
    0435735410                           05           06/01/03          0
    365671                               O            05/01/33
    0

1

    8631271          964/G01             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         80
                                       5.625          2,295.17
    ROSEVILLE        CA   95661          2            04/08/03         00
    0435737275                           05           06/01/03          0
    386937                               O            05/01/33
    0

    8631381          601/G01             F          358,100.00         ZZ
                                         360        356,083.33          1
                                       6.375          2,234.08         80
                                       6.125          2,234.08
    LOUDONVILLE      NY   12211          1            11/29/02         00
    0435720677                           05           01/01/03          0
    61355848                             O            12/01/32
    0

    8631993          E82/G01             F          393,000.00         ZZ
                                         360        392,318.03          1
                                       6.125          2,387.91         75
                                       5.875          2,387.91
    SAN BRUNO        CA   94066          2            04/16/03         00
    0400800306                           05           06/01/03          0
    0400800306                           O            05/01/33
    0

    8632265          601/G01             F          648,000.00         ZZ
                                         360        646,675.43          1
                                       5.875          3,833.17         80
                                       5.625          3,833.17
    IVYLAND          PA   18974          4            03/18/03         00
    0435715271                           05           05/01/03          0
    62702303                             O            04/01/33
    0

    8633195          696/G01             F          352,000.00         ZZ
                                         360        351,641.12          1
                                       5.875          2,082.21         80
                                       5.625          2,082.21
    LEESBURG         VA   20175          2            04/11/03         00
    0435689229                           05           06/01/03          0
    24503062                             O            05/01/33
    0

    8633743          964/G01             F          390,000.00         ZZ
                                         360        389,602.38          1
                                       5.875          2,307.00         80
                                       5.625          2,307.00
1

    CAMPBELL         CA   95008          2            04/11/03         00
    0435726898                           05           06/01/03          0
    372584                               O            05/01/33
    0

    8633749          964/G01             F          555,000.00         ZZ
                                         360        553,659.38          1
                                       5.750          3,238.83         77
                                       5.500          3,238.83
    BERKELEY         CA   94707          2            04/09/03         00
    0435719174                           05           06/01/03          0
    373720                               O            05/01/33
    0

    8633833          601/G01             F          536,000.00         ZZ
                                         360        534,930.15          1
                                       6.000          3,213.59         80
                                       5.750          3,213.59
    AURORA           CO   80016          1            03/14/03         00
    0435715677                           03           05/01/03          0
    81121683                             O            04/01/33
    0

    8634011          S11/G01             F          399,000.00         ZZ
                                         360        398,602.79          1
                                       6.000          2,392.21         46
                                       5.750          2,392.21
    SAN CLEMENTE     CA   92672          5            04/10/03         00
    0435721147                           05           06/01/03          0
    10300702                             O            05/01/33
    0

    8634813          E82/G01             F          396,000.00         ZZ
                                         360        395,342.22          1
                                       6.125          2,406.14         47
                                       5.875          2,406.14
    BONITA           CA   91902          2            04/11/03         00
    0400790671                           05           06/01/03          0
    0400790671                           O            05/01/33
    0

    8635011          601/G01             F          375,000.00         T
                                         360        374,286.51          1
                                       6.250          2,308.94         65
                                       6.000          2,308.94
    HILTON HEAD ISL  SC   29926          2            03/28/03         00
    0435718408                           03           05/01/03          0
    80873516                             O            04/01/33
    0
1

    8635051          601/G01             F          361,500.00         ZZ
                                         360        360,761.06          1
                                       5.875          2,138.41         80
                                       5.625          2,138.41
    METHUEN          MA   01844          1            03/07/03         00
    0435735956                           05           05/01/03          0
    81146997                             O            04/01/33
    0

    8636315          601/G01             F          355,000.00         ZZ
                                         360        353,984.20          1
                                       6.250          2,185.80         69
                                       6.000          2,185.80
    RESTON           VA   20191          5            01/28/03         00
    0435734835                           05           04/01/03          0
    81483885                             O            03/01/33
    0

    8636377          696/G01             F        1,000,000.00         ZZ
                                         360        998,097.38          1
                                       6.250          6,157.17         55
                                       6.000          6,157.17
    WASHINGTON       DC   20007          1            04/04/03         00
    0435715917                           05           05/01/03          0
    31103081                             O            04/01/33
    0

    8636413          601/G01             F          649,800.00         ZZ
                                         360        648,533.65          1
                                       6.125          3,948.25         74
                                       5.875          3,948.25
    DRAPER           UT   84020          2            03/17/03         00
    0435735634                           05           05/01/03          0
    81278962                             O            04/01/33
    0

    8637677          E22/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         40
                                       5.625          3,845.00
    SARATOGA         CA   95070          1            04/15/03         00
    0416748754                           05           06/01/03          0
    0416748754                           O            05/01/33
    0

    8637711          E22/G01             F          357,000.00         ZZ
                                         360        356,653.02          1
1

                                       6.125          2,169.17         80
                                       5.875          2,169.17
    SEATTLE          WA   98144          2            04/08/03         00
    0416291821                           05           06/01/03          0
    0416291821                           O            05/01/33
    0

    8637719          E22/G01             F          650,000.00         ZZ
                                         360        648,750.00          1
                                       6.000          3,897.08         60
                                       5.750          3,897.08
    LAGUNA BEACH     CA   92651          2            04/18/03         00
    0416316701                           05           06/01/03          0
    0416316701                           O            05/01/33
    0

    8637905          E22/G01             F          910,000.00         ZZ
                                         360        909,094.09          1
                                       6.000          5,455.91         64
                                       5.750          5,455.91
    KIRKLAND         WA   98033          2            04/16/03         00
    0416662062                           05           06/01/03          0
    0416662062                           O            05/01/33
    0

    8638083          E82/G01             F          649,900.00         ZZ
                                         360        649,237.40          1
                                       5.875          3,844.40         60
                                       5.625          3,844.40
    HIDDEN HILLS     CA   91302          2            04/17/03         00
    0400809869                           05           06/01/03          0
    0400809869                           O            05/01/33
    0

    8638091          E82/G01             F          366,100.00         ZZ
                                         360        365,735.55          1
                                       6.000          2,194.95         75
                                       5.750          2,194.95
    HUNTINGTON BEAC  CA   92646          2            04/18/03         00
    0400816765                           05           06/01/03          0
    0400816765                           O            05/01/33
    0

    8638105          E82/G01             F          300,400.00         ZZ
                                         360        300,108.03          1
                                       6.125          1,825.26         63
                                       5.875          1,825.26
    HASTINGS ON HUD  NY   10706          2            04/21/03         00
    0400767380                           05           06/01/03          0
1

    0400767380                           O            05/01/33
    0

    8638433          601/G01             F          360,000.00         ZZ
                                         360        359,264.12          1
                                       5.875          2,129.54         80
                                       5.625          2,129.54
    PORTLAND         OR   97212          1            03/18/03         00
    0435722590                           05           05/01/03          0
    81183642                             O            04/01/33
    0

    8638481          F62/F62             F          690,000.00         ZZ
                                         360        689,296.51          1
                                       5.875          4,081.61         58
                                       5.625          4,081.61
    PINECREST        FL   33156          5            04/15/03         00
    33334                                05           06/01/03          0
    33334                                O            05/01/33
    0

    8638891          601/G01             F          386,000.00         ZZ
                                         360        385,615.73          1
                                       6.000          2,314.27         78
                                       5.750          2,314.27
    CHARDON          OH   44024          2            03/31/03         00
    0435726518                           05           06/01/03          0
    8089882                              O            05/01/33
    0

    8639015          601/G01             F          600,000.00         T
                                         360        598,773.55          1
                                       5.875          3,549.23         64
                                       5.625          3,549.23
    CLINTON          WA   98236          2            03/25/03         00
    0435726336                           05           05/01/03          0
    81168635                             O            04/01/33
    0

    8639537          964/G01             F          376,000.00         ZZ
                                         360        375,625.69          1
                                       6.000          2,254.31         69
                                       5.750          2,254.31
    SAN RAFAEL       CA   94903          2            03/26/03         00
    0435723127                           05           06/01/03          0
    371847                               O            05/01/33
    0

1

    8639887          964/G01             F          364,000.00         ZZ
                                         360        363,637.64          1
                                       6.000          2,182.36         80
                                       5.750          2,182.36
    ALISO VIEJO      CA   92656          2            04/02/03         00
    0435722277                           03           06/01/03          0
    376158                               O            05/01/33
    0

    8639919          964/G01             F          600,000.00         ZZ
                                         360        599,373.56          1
                                       5.750          3,501.44         63
                                       5.500          3,501.44
    VISALIA          CA   93291          2            04/10/03         00
    0435734181                           05           06/01/03          0
    371041                               O            05/01/33
    0

    8639931          964/G01             F          390,500.00         ZZ
                                         360        390,101.86          1
                                       5.875          2,309.96         65
                                       5.625          2,309.96
    RANCHO PALOS VE  CA   90275          2            04/11/03         00
    0435730049                           05           06/01/03          0
    386458                               O            05/01/33
    0

    8639939          964/G01             F          359,600.00         ZZ
                                         360        359,224.55          1
                                       5.750          2,098.53         80
                                       5.500          2,098.53
    PORTLAND         OR   97239          1            04/14/03         00
    0435723713                           05           06/01/03          0
    388840                               O            05/01/33
    0

    8639969          T09/G01             F          372,000.00         ZZ
                                         360        371,629.67          1
                                       6.000          2,230.33         80
                                       5.750          2,230.33
    WATSONVILLE      CA   95076          1            04/08/03         00
    0435729660                           05           06/01/03          0
    2003001066                           O            05/01/33
    0

    8641981          E82/G01             F          318,000.00         ZZ
                                         360        317,690.93          1
                                       6.125          1,932.20         63
                                       5.875          1,932.20
1

    RYE BROOK        NY   10573          2            04/23/03         00
    0400739843                           05           06/01/03          0
    0400739843                           O            05/01/33
    0

    8642545          E22/G01             F          393,000.00         ZZ
                                         360        392,608.77          1
                                       6.000          2,356.23         59
                                       5.750          2,356.23
    FREMONT          CA   94539          5            04/15/03         00
    0416669570                           03           06/01/03          0
    0416669570                           O            05/01/33
    0

    8642693          S11/G01             F          366,000.00         ZZ
                                         360        365,635.65          1
                                       6.000          2,194.35         57
                                       5.750          2,194.35
    STUDIO CITY ARE  CA   91604          2            04/07/03         00
    0435775804                           05           06/01/03          0
    10300731                             O            05/01/33
    0

    8642733          E65/G01             F          332,200.00         ZZ
                                         360        331,877.12          1
                                       6.125          2,018.48         66
                                       5.875          2,018.48
    SUPERIOR TOWNSH  MI   48198          1            04/14/03         00
    0435838222                           29           06/01/03          0
    257601                               O            05/01/33
    0

    8642735          A39/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         78
                                       5.625          3,845.00
    ENCINO           CA   91436          2            04/16/03         00
    0435732151                           05           06/01/03          0
    2300357RFC                           O            05/01/33
    0

    8644615          S11/G01             F          635,000.00         ZZ
                                         360        634,367.85          1
                                       6.000          3,807.15         55
                                       5.750          3,807.15
    COTO DE CAZA AR  CA   92679          2            04/03/03         00
    0435733357                           03           06/01/03          0
    10300706                             O            05/01/33
    0
1

    8645499          116/116             F          645,400.00         ZZ
                                         360        644,757.50          1
                                       6.000          3,869.50         79
                                       5.750          3,869.50
    HOUSTON          TX   77005          4            04/04/03         00
    091022274                            05           06/01/03          0
    091022274                            O            05/01/33
    0

    8646105          R65/G01             F          360,000.00         ZZ
                                         360        359,624.14          1
                                       5.750          2,100.86         72
                                       5.500          2,100.86
    FRANKTOWN        CO   80116          2            04/16/03         00
    0435740394                           05           06/01/03          0
    42120774362                          O            05/01/33
    0

    8647291          964/G01             F          500,000.00         ZZ
                                         360        499,490.23          1
                                       5.875          2,957.69         68
                                       5.625          2,957.69
    CONCORD          CA   94521          1            04/07/03         00
    0435886114                           03           06/01/03          0
    388095                               O            05/01/33
    0

    8647295          964/G01             F          650,000.00         ZZ
                                         360        648,182.29          1
                                       5.875          3,845.00         78
                                       5.625          3,845.00
    SAN FRANCISCO    CA   94116          1            04/16/03         00
    0435741780                           05           06/01/03          0
    394110                               O            05/01/33
    0

    8647337          964/G01             F          580,000.00         ZZ
                                         360        579,408.66          1
                                       5.875          3,430.92         74
                                       5.625          3,430.92
    FOUNTAIN HILLS   AZ   85268          2            04/10/03         00
    0435723895                           03           06/01/03          0
    379701                               O            05/01/33
    0

    8647361          964/G01             F          377,000.00         ZZ
                                         360        376,615.63          1
1

                                       5.875          2,230.10         80
                                       5.625          2,230.10
    MOUNTAIN VIEW    CA   94043          2            04/14/03         00
    0435730403                           03           06/01/03          0
    373613                               O            05/01/33
    0

    8647365          964/G01             F          399,500.00         ZZ
                                         360        399,092.70          1
                                       5.875          2,363.19         75
                                       5.625          2,363.19
    SAN JOSE         CA   95132          2            04/03/03         00
    0435745823                           05           06/01/03          0
    375626                               O            05/01/33
    0

    8647371          964/G01             F          649,900.00         ZZ
                                         360        649,237.39          1
                                       5.875          3,844.41         65
                                       5.625          3,844.41
    SOUTH PASADENA   CA   91030          2            04/03/03         00
    0435753017                           05           06/01/03          0
    376113                               O            05/01/33
    0

    8648443          313/G01             F          508,800.00         ZZ
                                         360        507,733.53          1
                                       5.750          2,969.22         80
                                       5.500          2,969.22
    FAIRBURN         GA   30213          2            03/31/03         00
    0435737572                           03           05/01/03          0
    9445701                              O            04/01/33
    0

    8648459          313/G01             F          648,700.00         ZZ
                                         360        647,374.00          1
                                       5.875          3,837.31         44
                                       5.625          3,837.31
    LOS ANGELES      CA   90046          2            03/20/03         00
    0435732920                           05           05/01/03          0
    9423807                              O            04/01/33
    0

    8648495          313/G01             F          650,000.00         ZZ
                                         360        648,671.34          1
                                       5.875          3,845.00         60
                                       5.625          3,845.00
    BEVERLY HILLS A  CA   90210          2            03/23/03         00
    0435732102                           05           05/01/03          0
1

    9433251                              O            04/01/33
    0

    8648503          313/G01             F          555,000.00         ZZ
                                         360        553,892.22          1
                                       6.000          3,327.51         73
                                       5.750          3,327.51
    LOS ANGELES      CA   90027          2            04/23/03         00
    0435729710                           05           05/01/03          0
    9384280                              O            04/01/33
    0

    8648547          313/G01             F          644,000.00         ZZ
                                         360        643,343.41          1
                                       5.875          3,809.51         70
                                       5.625          3,809.51
    SOLANA BEACH     CA   92075          2            04/14/03         00
    0435736277                           05           06/01/03          0
    9416363                              O            05/01/33
    0

    8648549          313/G01             F          372,000.00         ZZ
                                         360        371,620.72          1
                                       5.875          2,200.53         38
                                       5.625          2,200.53
    LOS ALTOS        CA   94024          2            04/14/03         00
    0435729611                           05           06/01/03          0
    9413147                              O            05/01/33
    0

    8648555          313/G01             F          363,000.00         ZZ
                                         360        362,647.18          1
                                       6.125          2,205.63         80
                                       5.875          2,205.63
    CHICAGO          IL   60631          2            04/09/03         00
    0435737382                           05           06/01/03          0
    9307091                              O            05/01/33
    0

    8648611          313/G01             F          365,000.00         ZZ
                                         360        364,636.64          1
                                       6.000          2,188.36         79
                                       5.750          2,188.36
    ORANGE           CA   92869          2            04/15/03         00
    0435731179                           09           06/01/03          0
    9414517                              O            05/01/33
    0

1

    8648617          313/G01             F          627,000.00         ZZ
                                         360        623,775.71          1
                                       6.750          4,066.72         79
                                       6.500          4,066.72
    BRANFORD         CT   06405          2            11/01/02         11
    0435734363                           05           01/01/03         12
    9072596                              O            12/01/32
    0

    8648635          313/G01             F          550,000.00         ZZ
                                         360        548,902.20          1
                                       6.000          3,297.53         25
                                       5.750          3,297.53
    SANTA MONICA     CA   90402          2            03/11/03         00
    0435732714                           05           05/01/03          0
    9360736                              O            04/01/33
    0

    8648651          313/G01             F          378,300.00         ZZ
                                         360        377,544.92          1
                                       6.000          2,268.10         71
                                       5.750          2,268.10
    ALISO VIEJO      CA   92656          2            03/24/03         00
    0435730445                           03           05/01/03          0
    9407743                              O            04/01/33
    0

    8648703          313/G01             F          385,000.00         ZZ
                                         360        383,591.26          1
                                       5.750          2,246.76         55
                                       5.500          2,246.76
    THOUSAND OAKS    CA   91362          2            03/18/03         00
    0435729637                           05           05/01/03          0
    9416298                              O            04/01/33
    0

    8648737          313/G01             F          600,000.00         ZZ
                                         360        598,773.55          1
                                       5.875          3,549.23         55
                                       5.625          3,549.23
    SAN JOSE         CA   95138          2            03/21/03         00
    0435729819                           03           05/01/03          0
    9377987                              O            04/01/33
    0

    8648751          313/G01             F          374,000.00         ZZ
                                         360        373,271.12          1
                                       6.125          2,272.47         27
                                       5.875          2,272.47
1

    SOLVANG          CA   93463          2            03/13/03         00
    0435750088                           05           05/01/03          0
    9341124                              O            04/01/33
    0

    8649341          B57/G01             F          371,000.00         ZZ
                                         360        370,630.67          1
                                       6.000          2,224.33         53
                                       5.750          2,224.33
    LOS ANGELES      CA   90027          2            04/03/03         00
    0435751961                           05           06/01/03          0
    10011593                             O            05/01/33
    0

    8649439          696/G01             F        1,000,000.00         ZZ
                                         360        999,028.06          1
                                       6.125          6,076.11         20
                                       5.875          6,076.11
    WASHINGTON       DC   20008          2            04/23/03         00
    0435731948                           05           06/01/03          0
    25603120                             O            05/01/33
    0

    8651845          E22/G01             F          555,000.00         ZZ
                                         360        554,434.16          1
                                       5.875          3,283.03         45
                                       5.625          3,283.03
    PALO ALTO        CA   94306          2            04/16/03         00
    0416472181                           05           06/01/03          0
    0416472181                           O            05/01/33
    0

    8651933          E22/G01             F          575,000.00         ZZ
                                         360        574,399.67          1
                                       5.750          3,355.54         70
                                       5.500          3,355.54
    SAN CARLOS       CA   94070          5            04/17/03         00
    0416737278                           05           06/01/03          0
    0416737278                           O            05/01/33
    0

    8652021          E22/G01             F          565,000.00         ZZ
                                         360        564,423.96          1
                                       5.875          3,342.19         46
                                       5.625          3,342.19
    PLEASANTON       CA   94566          5            04/17/03         00
    0416815892                           05           06/01/03          0
    0416815892                           O            05/01/33
    0
1

    8652155          E82/G01             F          593,500.00         ZZ
                                         360        592,894.90          1
                                       5.875          3,510.78         54
                                       5.625          3,510.78
    FREMONT          CA   94539          2            04/22/03         00
    0400823522                           05           06/01/03          0
    0400823522                           O            05/01/33
    0

    8652253          E82/G01             F          386,000.00         ZZ
                                         360        385,624.83          1
                                       6.125          2,345.38         40
                                       5.875          2,345.38
    ROLLINGS HILLS   CA   90274          2            04/22/03         00
    0400802294                           05           06/01/03          0
    0400802294                           O            05/01/33
    0

    8652269          E82/G01             F          259,600.00         ZZ
                                         360        259,335.33          1
                                       5.875          1,535.63         61
                                       5.625          1,535.63
    MINNEAPOLIS      MN   55442          2            04/25/03         00
    0400814539                           05           06/01/03          0
    0400814539                           O            05/01/33
    0

    8652601          956/956             F          375,000.00         ZZ
                                         360        374,635.52          1
                                       6.125          2,278.54         61
                                       5.875          2,278.54
    SAN FRANCISCO    CA   94112          5            04/08/03         00
    813030040                            05           06/01/03          0
    813030040                            O            05/01/33
    0

    8652605          956/956             F          393,000.00         ZZ
                                         360        392,589.69          1
                                       5.750          2,293.44         53
                                       5.500          2,293.44
    CHATHAM          NJ   07928          5            04/07/03         00
    913020093                            05           06/01/03          0
    913020093                            O            05/01/33
    0

    8652617          956/956             F          386,000.00         ZZ
                                         360        384,868.73          1
1

                                       6.125          2,345.38         63
                                       5.875          2,345.38
    MISSION VIEJO    CA   92692          2            02/20/03         00
    1113020696                           03           04/01/03          0
    1113020696                           O            03/01/33
    0

    8652619          956/956             F          467,000.00         ZZ
                                         360        466,067.88          1
                                       6.000          2,799.90         65
                                       5.750          2,799.90
    ARROYO GRANDE    CA   93420          2            03/10/03         00
    1113020783                           05           05/01/03          0
    1113020783                           O            04/01/33
    0

    8652623          956/956             F          365,000.00         ZZ
                                         360        364,253.92          1
                                       5.875          2,159.11         67
                                       5.625          2,159.11
    TIGARD           OR   97224          2            03/19/03         00
    1113020961                           03           05/01/03          0
    1113020961                           O            04/01/33
    0

    8652653          956/956             F          565,000.00         ZZ
                                         360        563,314.98          1
                                       5.750          3,297.19         76
                                       5.500          3,297.19
    SEATTLE          WA   98117          2            03/31/03         00
    1313020162                           05           05/01/03          0
    1313020162                           O            04/01/33
    0

    8652681          956/956             F          333,000.00         ZZ
                                         360        332,599.69          1
                                       6.125          2,023.34         71
                                       5.875          2,023.34
    WYCKOFF          NJ   07481          2            04/14/03         00
    1813020691                           05           06/01/03          0
    1813020691                           O            05/01/33
    0

    8652683          956/956             F          633,000.00         ZZ
                                         360        631,736.55          1
                                       6.000          3,795.15         64
                                       5.750          3,795.15
    RANCHO PALOS VE  CA   90275          2            03/28/03         00
    1813020998                           05           05/01/03          0
1

    1813020998                           O            04/01/33
    0

    8652685          956/956             F          371,000.00         ZZ
                                         360        370,630.67          1
                                       6.000          2,224.33         72
                                       5.750          2,224.33
    AGOURA HILLS     CA   91301          2            04/10/03         00
    1913030090                           05           06/01/03          0
    1913030090                           O            05/01/33
    0

    8652689          956/956             F          500,000.00         ZZ
                                         360        499,502.25          1
                                       6.000          2,997.75         59
                                       5.750          2,997.75
    LAKE BARRINGTON  IL   60010          2            04/04/03         00
    2313020083                           05           06/01/03          0
    2313020083                           O            05/01/33
    0

    8652693          956/956             F          552,000.00         ZZ
                                         360        550,844.60          1
                                       5.750          3,221.32         51
                                       5.500          3,221.32
    LA GRANGE        IL   60525          2            03/28/03         00
    2313030101                           05           05/01/03          0
    2313030101                           O            04/01/33
    0

    8652733          956/956             F          363,000.00         ZZ
                                         360        362,629.91          1
                                       5.875          2,147.28         75
                                       5.625          2,147.28
    EVERGREEN        CO   80439          2            04/03/03         00
    2413030094                           03           06/01/03          0
    2413030094                           O            05/01/33
    0

    8652757          956/956             F          379,000.00         ZZ
                                         360        378,225.29          1
                                       5.875          2,241.93         53
                                       5.625          2,241.93
    AVON             CT   06001          2            03/17/03         00
    2713030493                           05           05/01/03          0
    2713030493                           O            04/01/33
    0

1

    8652767          956/956             F          332,000.00         ZZ
                                         360        331,161.51          1
                                       5.875          1,963.91         67
                                       5.625          1,963.91
    SHARON           MA   02067          2            04/01/03         00
    2813030145                           05           06/01/03          0
    2813030145                           O            05/01/33
    0

    8652771          956/956             F          419,000.00         ZZ
                                         360        417,051.35          1
                                       5.875          2,478.54         64
                                       5.625          2,478.54
    HOLLISTON        MA   01746          5            04/15/03         00
    2813030282                           05           06/01/03          0
    2813030282                           O            05/01/33
    0

    8652779          956/956             F          405,000.00         ZZ
                                         360        404,606.37          1
                                       6.125          2,460.82         54
                                       5.875          2,460.82
    LOS ANGELES      CA   91436          5            04/09/03         00
    2913030184                           05           06/01/03          0
    2913030184                           O            05/01/33
    0

    8652783          956/956             F          558,650.00         ZZ
                                         360        558,066.73          1
                                       5.750          3,260.13         80
                                       5.500          3,260.13
    METAIRIE         LA   70001          1            04/16/03         00
    3213030116                           05           06/01/03          0
    3213030116                           O            05/01/33
    0

    8652787          956/956             F          526,000.00         ZZ
                                         360        525,450.83          1
                                       5.750          3,069.59         79
                                       5.500          3,069.59
    PROSPECT         KY   40059          2            04/07/03         00
    3313030046                           05           06/01/03          0
    3313030046                           O            05/01/33
    0

    8652805          956/956             F          364,500.00         ZZ
                                         360        364,119.44          1
                                       5.750          2,127.12         90
                                       5.500          2,127.12
1

    INCLINE VILLAGE  NV   89451          1            04/09/03         01
    3713030063                           05           06/01/03         25
    3713030063                           O            05/01/33
    0

    8652845          956/956             F          461,000.00         ZZ
                                         360        460,551.94          1
                                       6.125          2,801.08         77
                                       5.875          2,801.08
    WAKE FOREST      NC   27587          2            04/14/03         00
    3913040039                           05           06/01/03          0
    3913040039                           O            05/01/33
    0

    8652889          956/956             F          500,000.00         ZZ
                                         360        499,490.23          1
                                       5.875          2,957.69         63
                                       5.625          2,957.69
    TREASURE ISLAND  FL   33706          5            04/02/03         00
    4113030085                           05           06/01/03          0
    4113030085                           O            05/01/33
    0

    8652935          956/956             F          396,000.00         T
                                         360        395,209.59          1
                                       6.000          2,374.22         80
                                       5.750          2,374.22
    CHARLEVOIX       MI   49720          2            03/25/03         00
    4313020252                           05           05/01/03          0
    4313020252                           O            04/01/33
    0

    8652937          956/956             F          411,850.00         ZZ
                                         360        411,240.00          1
                                       6.000          2,469.25         44
                                       5.750          2,469.25
    GRAND BLANC      MI   48439          2            04/02/03         00
    4313020371                           05           06/01/03          0
    4313020371                           O            05/01/33
    0

    8652941          956/956             F          417,200.00         ZZ
                                         360        416,774.64          1
                                       5.875          2,467.90         63
                                       5.625          2,467.90
    SHELBY TWP       MI   48316          2            03/31/03         00
    4313020461                           05           06/01/03          0
    4313020461                           O            05/01/33
    0
1

    8652985          956/956             F          499,000.00         ZZ
                                         360        498,491.25          1
                                       5.875          2,951.77         66
                                       5.625          2,951.77
    MERCER ISLAND    WA   98040          2            04/08/03         00
    5513030032                           05           06/01/03          0
    5513030032                           O            05/01/33
    0

    8653011          956/956             F          535,600.00         ZZ
                                         360        535,040.80          1
                                       5.750          3,125.62         74
                                       5.500          3,125.62
    FALL CITY        WA   98024          2            04/08/03         00
    5513030040                           05           06/01/03          0
    5513030040                           O            05/01/33
    0

    8653015          956/956             F          472,500.00         ZZ
                                         360        470,870.04          1
                                       5.875          2,795.02         76
                                       5.625          2,795.02
    MERCER ISLAND    WA   98040          2            04/01/03         00
    5513030072                           05           05/01/03          0
    5513030072                           O            04/01/33
    0

    8653023          956/956             F          470,000.00         ZZ
                                         360        469,520.81          1
                                       5.875          2,780.23         56
                                       5.625          2,780.23
    FOSTER CITY      CA   94404          2            04/03/03         00
    113030221                            05           06/01/03          0
    113030221                            O            05/01/33
    0

    8653025          956/956             F          470,000.00         ZZ
                                         360        469,301.04          1
                                       5.875          2,780.23         54
                                       5.625          2,780.23
    SAN JOSE         CA   95120          2            04/03/03         00
    113030276                            05           06/01/03          0
    113030276                            O            05/01/33
    0

    8653027          956/956             F          496,000.00         ZZ
                                         360        495,506.23          1
1

                                       6.000          2,973.77         67
                                       5.750          2,973.77
    LOS ANGELES      CA   91436          2            04/08/03         00
    113030287                            05           06/01/03          0
    113030287                            O            05/01/33
    0

    8653033          956/956             F          504,000.00         ZZ
                                         360        503,473.79          1
                                       5.750          2,941.21         54
                                       5.500          2,941.21
    FREMONT          CA   94539          2            04/03/03         00
    213030090                            03           06/01/03          0
    213030090                            O            05/01/33
    0

    8653037          956/956             F          475,000.00         ZZ
                                         360        474,051.90          1
                                       6.000          2,847.87         46
                                       5.750          2,847.87
    LOS ALTOS        CA   94022          5            03/28/03         00
    213030155                            05           05/01/03          0
    213030155                            O            04/01/33
    0

    8653041          956/956             F          514,500.00         ZZ
                                         360        513,448.33          1
                                       5.875          3,043.46         73
                                       5.625          3,043.46
    CHANDLER         AZ   85249          2            03/31/03         00
    413030078                            03           05/01/03          0
    413030078                            O            04/01/33
    0

    8653045          956/956             F          503,500.00         ZZ
                                         360        502,986.66          1
                                       5.875          2,978.39         71
                                       5.625          2,978.39
    FOUNTAIN HILLS   AZ   85268          2            04/07/03         00
    413030130                            05           06/01/03          0
    413030130                            O            05/01/33
    0

    8653069          956/956             F          530,000.00         ZZ
                                         360        529,459.64          1
                                       5.875          3,135.15         46
                                       5.625          3,135.15
    FREMONT          CA   94539          5            04/08/03         00
    713030014                            05           06/01/03          0
1

    713030014                            O            05/01/33
    0

    8653275          E40/G01             F          647,000.00         ZZ
                                         360        646,386.10          1
                                       6.250          3,983.69         80
                                       6.000          3,983.69
    LYNNFIELD        MA   01940          2            04/21/03         00
    0435743877                           05           06/01/03          0
    545000269                            O            05/01/33
    0

    8653387          A39/G01             F          360,500.00         ZZ
                                         360        360,149.61          1
                                       6.125          2,190.44         70
                                       5.875          2,190.44
    LOS ANGELES      CA   90045          5            04/16/03         00
    0435738141                           05           06/01/03          0
    2300847RFC                           O            05/01/33
    0

    8653427          A39/G01             F          580,000.00         ZZ
                                         360        579,422.61          1
                                       6.000          3,477.39         65
                                       5.750          3,477.39
    STUDIO CITY      CA   91604          1            04/22/03         00
    0435738513                           05           06/01/03          0
    2300720                              O            05/01/33
    0

    8653733          420/G01             F          359,200.00         ZZ
                                         360        358,850.88          1
                                       6.125          2,182.54         80
                                       5.875          2,182.54
    WINDSOR          CA   95492          1            04/18/03         00
    0435741814                           05           06/01/03          0
    73001521                             O            05/01/33
    0

    8654161          964/G01             F          480,000.00         ZZ
                                         360        479,510.62          1
                                       5.875          2,839.38         80
                                       5.625          2,839.38
    BELMONT          CA   94002          2            04/15/03         00
    0435868856                           05           06/01/03          0
    353304                               O            05/01/33
    0

1

    8654173          964/G01             F          364,000.00         ZZ
                                         360        363,637.64          1
                                       6.000          2,182.36         77
                                       5.750          2,182.36
    TRACY            CA   95377          2            04/11/03         00
    0435773726                           05           06/01/03          0
    364567                               O            05/01/33
    0

    8654175          964/G01             F          385,000.00         ZZ
                                         360        383,625.80          1
                                       6.125          2,339.30         43
                                       5.875          2,339.30
    LOS ALTOS        CA   94022          2            04/08/03         00
    0435735683                           05           06/01/03          0
    364646                               O            05/01/33
    0

    8654197          964/G01             F          400,000.00         TX
                                         360        399,592.18          1
                                       5.875          2,366.15         34
                                       5.625          2,366.15
    MALIBU           CA   90265          2            04/11/03         00
    0435801469                           05           06/01/03          0
    375929                               O            05/01/33
    0

    8654213          964/G01             F          529,000.00         ZZ
                                         360        528,447.69          1
                                       5.750          3,087.10         56
                                       5.500          3,087.10
    REDWOOD CITY     CA   94065          2            04/16/03         00
    0435785365                           05           06/01/03          0
    379456                               O            05/01/33
    0

    8654239          964/G01             F          536,000.00         ZZ
                                         360        535,426.98          1
                                       5.625          3,085.52         60
                                       5.375          3,085.52
    ENCINO (AREA)    CA   91436          2            04/11/03         00
    0435745799                           05           06/01/03          0
    381096                               O            05/01/33
    0

    8654245          964/G01             F          575,000.00         ZZ
                                         360        574,399.66          1
                                       5.750          3,355.55         60
                                       5.500          3,355.55
1

    PALO ALTO        CA   94301          2            04/11/03         00
    0435734322                           05           06/01/03          0
    381300                               O            05/01/33
    0

    8654283          964/G01             F          571,400.00         ZZ
                                         360        570,817.43          1
                                       5.875          3,380.05         55
                                       5.625          3,380.05
    EL DORADO HILLS  CA   95762          2            04/17/03         00
    0435740071                           05           06/01/03          0
    384864                               O            05/01/33
    0

    8654945          L46/L46             F          381,800.00         ZZ
                                         360        381,312.92          1
                                       6.125          2,319.86         71
                                       5.875          2,319.86
    MCKINNEY         TX   75070          2            04/11/03         00
    0001002245                           03           06/01/03          0
    0001002245                           O            05/01/33
    0

    8655491          227/G01             F          350,400.00         ZZ
                                         360        350,034.16          1
                                       5.750          2,044.84         80
                                       5.500          2,044.84
    HIGLEY           AZ   85236          1            04/16/03         00
    0435761770                           03           06/01/03          0
    2084232                              O            05/01/33
    0

    8655553          E22/G01             F          593,000.00         ZZ
                                         360        592,395.41          1
                                       5.875          3,507.82         19
                                       5.625          3,507.82
    SEATTLE          WA   98112          2            04/18/03         00
    0416411379                           05           06/01/03          0
    0416411379                           O            05/01/33
    0

    8655621          E22/G01             F          637,500.00         ZZ
                                         360        636,850.04          1
                                       5.875          3,771.05         75
                                       5.625          3,771.05
    GOLDEN           CO   80401          1            04/29/03         00
    0416511335                           03           06/01/03          0
    0416511335                           O            05/01/33
    0
1

    8655707          E22/G01             F          380,500.00         ZZ
                                         360        380,112.06          1
                                       5.875          2,250.80         75
                                       5.625          2,250.80
    PLANO            TX   75093          5            04/24/03         00
    0416604460                           03           06/01/03          0
    0416604460                           O            05/01/33
    0

    8655735          E22/G01             F          180,000.00         ZZ
                                         360        179,825.05          1
                                       6.125          1,093.70         51
                                       5.875          1,093.70
    DALLAS           TX   75214          5            04/24/03         00
    0416618775                           05           06/01/03          0
    0416618775                           O            05/01/33
    0

    8656097          E22/G01             F          297,250.00         ZZ
                                         360        296,967.96          1
                                       6.250          1,830.22         57
                                       6.000          1,830.22
    SAN RAMON        CA   94583          2            04/16/03         00
    0416875573                           09           06/01/03          0
    0416875573                           O            05/01/33
    0

    8656303          S11/G01             F          550,000.00         ZZ
                                         360        549,439.25          1
                                       5.875          3,253.46         58
                                       5.625          3,253.46
    ORANGE           CA   92869          2            04/16/03         00
    0435738836                           05           06/01/03          0
    10321301                             O            05/01/33
    0

    8657619          893/G01             F          375,000.00         ZZ
                                         360        374,626.69          2
                                       6.000          2,248.31         58
                                       5.750          2,248.31
    BELMONT          CA   94002          2            04/18/03         00
    0435919394                           05           06/01/03          0
    M30313041                            O            05/01/33
    0

    8657747          N47/G01             F          620,000.00         ZZ
                                         360        619,367.89          1
1

                                       5.875          3,667.53         75
                                       5.625          3,667.53
    SOQUEL           CA   95073          2            04/16/03         00
    0435927140                           05           06/01/03          0
    20504890                             O            05/01/33
    0

    8658747          E22/G01             F          149,600.00         ZZ
                                         360        149,451.07          1
                                       6.000            896.93         80
                                       5.750            896.93
    MANTECA          CA   95336          1            04/24/03         00
    0416863330                           05           06/01/03          0
    0416863330                           O            05/01/33
    0

    8658749          E22/G01             F        1,000,000.00         ZZ
                                         360        998,980.45          1
                                       5.875          5,915.38         60
                                       5.625          5,915.38
    NEWPORT BEACH    CA   92657          2            04/24/03         00
    0416869469                           03           06/01/03          0
    0416869469                           O            05/01/33
    0

    8658813          E22/G01             F          376,000.00         ZZ
                                         360        375,643.23          1
                                       6.250          2,315.10         80
                                       6.000          2,315.10
    ARLINGTON        VA   22205          2            04/24/03         00
    0416632990                           05           06/01/03          0
    0416632990                           O            05/01/33
    0

    8658847          E82/G01             F          374,500.00         ZZ
                                         360        374,127.18          1
                                       6.000          2,245.32         73
                                       5.750          2,245.32
    CAMPBELL         CA   95008          2            04/24/03         00
    0400820338                           05           06/01/03          0
    0400820338                           O            05/01/33
    0

    8658897          E82/G01             F          346,700.00         ZZ
                                         360        346,700.00          1
                                       5.875          2,050.86         60
                                       5.625          2,050.86
    BELGIUM          WI   53004          2            04/28/03         00
    0400815098                           05           07/01/03          0
1

    0400815098                           O            06/01/33
    0

    8658999          E22/G01             F          320,000.00         ZZ
                                         360        319,665.90          1
                                       5.750          1,867.43         68
                                       5.500          1,867.43
    RUMSON           NJ   07760          1            04/30/03         00
    0416786846                           05           06/01/03          0
    0416786846                           O            05/01/33
    0

    8659099          Y23/G01             F          150,000.00         TX
                                         360        150,000.00          1
                                       6.125            911.42         38
                                       5.875            911.42
    STRAWN           TX   76475          5            04/28/03         00
    0435887260                           03           07/01/03          0
    1000183643                           O            06/01/33
    0

    8659413          X60/G01             F          350,000.00         ZZ
                                         360        349,651.57          1
                                       6.000          2,098.43         64
                                       5.750          2,098.43
    LAKE FOREST PAR  WA   98155          5            04/20/03         00
    0435751813                           05           06/01/03          0
    107014401                            O            05/01/33
    0

    8660801          X44/G01             F          347,025.00         ZZ
                                         360        346,662.69          1
                                       5.750          2,025.14         79
                                       5.500          2,025.14
    GLENN DALE       MD   20769          2            04/23/03         00
    0435901210                           05           06/01/03          0
    1514838495                           O            05/01/33
    0

    8661311          964/G01             F          648,000.00         ZZ
                                         360        647,322.50          1
                                       5.875          3,833.17         70
                                       5.625          3,833.17
    NOVATO           CA   94947          2            04/17/03         00
    0435742903                           05           06/01/03          0
    391705                               O            05/01/33
    0

1

    8661339          964/G01             F          370,000.00         ZZ
                                         360        369,631.66          1
                                       6.000          2,218.34         71
                                       5.750          2,218.34
    SAN BRUNO        CA   94066          2            04/14/03         00
    0435749197                           05           06/01/03          0
    383897                               O            05/01/33
    0

    8661345          964/G01             F          594,500.00         ZZ
                                         360        593,893.88          1
                                       5.875          3,516.69         68
                                       5.625          3,516.69
    SAN MATEO        CA   94402          2            04/18/03         00
    0435749882                           05           06/01/03          0
    384217                               O            05/01/33
    0

    8661349          964/G01             F          390,000.00         ZZ
                                         360        389,602.37          1
                                       5.875          2,307.00         52
                                       5.625          2,307.00
    LOS GATOS        CA   95032          5            04/20/03         00
    0435753074                           05           06/01/03          0
    384261                               O            05/01/33
    0

    8661377          964/G01             F          397,000.00         ZZ
                                         360        396,604.78          1
                                       6.000          2,380.22         50
                                       5.750          2,380.22
    SUNNYVALE        CA   94087          2            04/15/03         00
    0435747118                           05           06/01/03          0
    354647                               O            05/01/33
    0

    8661405          964/G01             F          375,000.00         ZZ
                                         360        374,117.67          1
                                       5.875          2,218.27         60
                                       5.625          2,218.27
    DUBLIN           CA   94568          2            04/18/03         00
    0435748850                           05           06/01/03          0
    376179                               O            05/01/33
    0

    8661417          964/G01             F          374,000.00         ZZ
                                         360        373,627.68          1
                                       6.000          2,242.32         75
                                       5.750          2,242.32
1

    CASTRO VALLEY    CA   94552          2            04/18/03         00
    0435765847                           03           06/01/03          0
    378591                               O            05/01/33
    0

    8661935          757/G01             F          382,500.00         ZZ
                                         360        382,128.22          1
                                       6.125          2,324.12         75
                                       5.875          2,324.12
    MILFORD          CT   06460          5            04/15/03         00
    0435757018                           05           06/01/03          0
    1001357589                           O            05/01/33
    0

    8662221          253/253             F          351,000.00         ZZ
                                         360        348,592.61          1
                                       6.250          2,161.17         80
                                       6.000          2,161.17
    COLLEYVILLE      TX   76034          2            03/26/03         00
    455117                               03           05/01/03          0
    455117                               O            04/01/33
    0

    8662351          N47/G01             F          640,000.00         ZZ
                                         360        639,362.88          1
                                       6.000          3,837.12         70
                                       5.750          3,837.12
    SAN FRANCISCO    CA   94114          2            04/16/03         00
    0435781646                           05           06/01/03          0
    90501200                             O            05/01/33
    0

    8663651          Q59/G01             F          590,000.00         ZZ
                                         360        589,398.47          1
                                       5.875          3,490.07         80
                                       5.625          3,490.07
    THOUSAND OAKS    CA   91362          1            04/14/03         00
    0435883293                           05           06/01/03          0
    0000502782                           O            05/01/33
    0

    8663859          E22/G01             F          389,000.00         ZZ
                                         360        388,603.40          1
                                       5.875          2,301.08         62
                                       5.625          2,301.08
    DUBLIN           CA   94568          2            04/16/03         00
    0416471431                           03           06/01/03          0
    0416471431                           O            05/01/33
    0
1

    8663891          E22/G01             F          450,000.00         ZZ
                                         360        449,541.20          1
                                       5.875          2,661.92         75
                                       5.625          2,661.92
    MIDDLETON        MA   01949          1            05/01/03         00
    0416603017                           05           06/01/03          0
    0416603017                           O            05/01/33
    0

    8663911          E22/G01             F          355,000.00         ZZ
                                         360        354,638.06          1
                                       5.875          2,099.96         74
                                       5.625          2,099.96
    WALNUT CREEK     CA   94597          2            04/22/03         00
    0416790459                           05           06/01/03          0
    0416790459                           O            05/01/33
    0

    8663929          E22/G01             F          393,600.00         ZZ
                                         360        393,198.71          1
                                       5.875          2,328.29         80
                                       5.625          2,328.29
    PLEASANTON       CA   94566          2            04/23/03         00
    0416813079                           03           06/01/03          0
    0416813079                           O            05/01/33
    0

    8663931          E22/G01             F          564,000.00         ZZ
                                         360        563,424.98          1
                                       5.875          3,336.27         67
                                       5.625          3,336.27
    CUPERTINO        CA   95014          2            04/24/03         00
    0416814051                           05           06/01/03          0
    0416814051                           O            05/01/33
    0

    8663977          E22/G01             F          340,000.00         ZZ
                                         360        339,653.35          1
                                       5.875          2,011.23         80
                                       5.625          2,011.23
    SEATTLE          WA   98103          2            04/24/03         00
    0416931814                           05           06/01/03          0
    0416931814                           O            05/01/33
    0

    8664077          E82/G01             F          380,500.00         ZZ
                                         360        380,130.18          1
1

                                       6.125          2,311.96         67
                                       5.875          2,311.96
    PLEASANTON       CA   94582          2            04/22/03         00
    0400800447                           05           06/01/03          0
    0400800447                           O            05/01/33
    0

    8664083          E82/G01             F          403,500.00         ZZ
                                         360        403,500.00          1
                                       5.875          2,386.85         55
                                       5.625          2,386.85
    STAMFORD         CT   06903          2            04/30/03         00
    0400815924                           05           07/01/03          0
    0400815924                           O            06/01/33
    0

    8664211          X89/G01             F          394,000.00         ZZ
                                         360        393,588.64          1
                                       5.750          2,299.28         74
                                       5.500          2,299.28
    DAVIS            CA   95616          5            04/23/03         00
    0435745443                           05           06/01/03          0
    2003480                              O            05/01/33
    0

    8664259          227/G01             F          342,000.00         ZZ
                                         360        341,659.53          1
                                       6.000          2,050.47         65
                                       5.750          2,050.47
    SAN RAMON        CA   94583          1            04/16/03         00
    0435793054                           05           06/01/03          0
    2150479                              O            05/01/33
    0

    8664269          Q97/G01             F          628,000.00         ZZ
                                         360        627,389.63          1
                                       6.125          3,815.79         53
                                       5.875          3,815.79
    SCITUATE         MA   02047          2            04/23/03         00
    0435782883                           05           06/01/03          0
    16033550                             O            05/01/33
    0

    8664373          G34/G01             F          476,500.00         ZZ
                                         360        476,047.88          1
                                       6.250          2,933.89         80
                                       6.000          2,933.89
    HENDERSON        NV   89052          1            04/28/03         00
    0435747357                           03           06/01/03          0
1

    77301074                             O            05/01/33
    0

    8664417          511/511             F          515,000.00         ZZ
                                         360        512,029.67          1
                                       6.250          3,170.94         54
                                       6.000          3,170.94
    BROOKFIELD       WI   53045          2            11/08/02         00
    0002841597                           05           01/01/03          0
    0002841597                           O            12/01/32
    0

    8665009          Y41/G01             F          328,850.00         ZZ
                                         360        328,514.72          1
                                       5.875          1,945.27         70
                                       5.625          1,945.27
    WOODBURY         MN   55125          5            04/25/03         00
    0435864202                           05           06/01/03          0
    7973095                              O            05/01/33
    0

    8665379          B57/G01             F          270,000.00         ZZ
                                         360        269,724.72          1
                                       5.875          1,597.15         47
                                       5.625          1,597.15
    CARPINTERIA      CA   93103          2            04/22/03         00
    0435787692                           05           06/01/03          0
    50000950                             O            05/01/33
    0

    8665863          S11/G01             F          385,000.00         ZZ
                                         360        384,625.78          1
                                       6.125          2,339.30         69
                                       5.875          2,339.30
    SAN JUAN CAPIST  CA   92675          2            04/14/03         00
    0435756614                           05           06/01/03          0
    10300634                             O            05/01/33
    0

    8666235          964/G01             F          366,000.00         ZZ
                                         360        365,626.84          1
                                       5.875          2,165.03         74
                                       5.625          2,165.03
    PHOENIX          AZ   85254          2            04/19/03         00
    0435768528                           05           06/01/03          0
    381100                               O            05/01/33
    0

1

    8666289          964/G01             F          540,000.00         ZZ
                                         360        539,143.75          1
                                       5.875          3,194.31         55
                                       5.625          3,194.31
    SAN JOSE         CA   95120          5            04/15/03         00
    0435743489                           05           06/01/03          0
    386099                               O            05/01/33
    0

    8666291          964/G01             F          560,000.00         ZZ
                                         360        559,429.06          1
                                       5.875          3,312.61         50
                                       5.625          3,312.61
    HUNTINGTON BEAC  CA   92648          5            04/11/03         00
    0435750583                           03           06/01/03          0
    386142                               O            05/01/33
    0

    8666293          964/G01             F          366,000.00         ZZ
                                         360        365,635.65          1
                                       6.000          2,194.35         61
                                       5.750          2,194.35
    HUNTINGTON BEAC  CA   92648          2            04/21/03         00
    0435750682                           05           06/01/03          0
    389706                               O            05/01/33
    0

    8666295          964/G01             F          364,000.00         ZZ
                                         360        363,637.64          1
                                       6.000          2,182.36         80
                                       5.750          2,182.36
    FREMONT          CA   94536          2            04/24/03         00
    0435750302                           05           06/01/03          0
    390802                               O            05/01/33
    0

    8666297          964/G01             F          629,000.00         ZZ
                                         360        628,358.71          1
                                       5.875          3,720.77         76
                                       5.625          3,720.77
    UNINCORPORATED   CA   92679          2            04/15/03         00
    0435751490                           03           06/01/03          0
    394757                               O            05/01/33
    0

    8666317          964/G01             F          464,000.00         ZZ
                                         360        463,526.93          1
                                       5.875          2,744.74         80
                                       5.625          2,744.74
1

    ORANGE           CA   92867          1            04/22/03         00
    0435774633                           03           06/01/03          0
    386395                               O            05/01/33
    0

    8666323          964/G01             F          356,000.00         ZZ
                                         360        355,645.60          1
                                       6.000          2,134.40         80
                                       5.750          2,134.40
    FREMONT          CA   94536          2            04/16/03         00
    0435751722                           05           06/01/03          0
    387935                               O            05/01/33
    0

    8666381          A06/G01             F          361,100.00         T
                                         360        360,731.84          1
                                       5.875          2,136.05         68
                                       5.625          2,136.05
    PETOSKEY         MI   49770          2            05/01/03         00
    0435751938                           29           06/01/03          0
    1                                    O            05/01/33
    0

    8666455          964/G01             F          367,000.00         ZZ
                                         360        366,634.65          1
                                       6.000          2,200.35         69
                                       5.750          2,200.35
    HUGHSON          CA   95326          2            04/15/03         00
    0435744966                           05           06/01/03          0
    365380                               O            05/01/33
    0

    8666457          964/G01             F          549,000.00         ZZ
                                         360        548,440.27          1
                                       5.875          3,247.54         48
                                       5.625          3,247.54
    PACIFIC PALISAD  CA   90272          2            04/16/03         00
    0435745195                           05           06/01/03          0
    371114                               O            05/01/33
    0

    8666465          964/G01             F          550,000.00         ZZ
                                         360        549,439.25          1
                                       5.875          3,253.46         55
                                       5.625          3,253.46
    ANAHEIM          CA   92808          2            04/17/03         00
    0435744263                           03           06/01/03          0
    384060                               O            05/01/33
    0
1

    8666541          Q59/G01             F          488,000.00         ZZ
                                         360        487,514.19          1
                                       6.000          2,925.81         80
                                       5.750          2,925.81
    LOS ANGELES      CA   90005          1            04/18/03         00
    0435785373                           05           06/01/03          0
    0000502961                           O            05/01/33
    0

    8666579          367/367             F          464,000.00         ZZ
                                         360        463,073.87          1
                                       6.000          2,781.91         73
                                       5.750          2,781.91
    WASHINGTON       DC   20016          2            03/26/03         00
    99246131                             05           05/01/03          0
    99246131                             O            04/01/33
    0

    8666807          P67/G01             F          360,500.00         ZZ
                                         360        360,500.00          1
                                       5.875          2,132.49         79
                                       5.625          2,132.49
    BILLERICA        MA   01821          2            04/30/03         00
    0435789227                           05           07/01/03          0
    697871                               O            06/01/33
    0

    8666809          X89/G01             F          195,000.00         ZZ
                                         360        194,796.41          1
                                       5.750          1,137.97         49
                                       5.500          1,137.97
    ALEXANDRIA       VA   22314          2            04/18/03         00
    0435809066                           03           06/01/03          0
    2004348                              O            05/01/33
    0

    8667427          E22/G01             F          520,000.00         ZZ
                                         360        519,469.83          1
                                       5.875          3,076.00         80
                                       5.625          3,076.00
    CARSON CITY      NV   89705          1            04/22/03         00
    0416633741                           05           06/01/03          0
    0416633741                           O            05/01/33
    0

    8667713          E82/G01             F          159,000.00         ZZ
                                         360        159,000.00          1
1

                                       5.875            940.55         47
                                       5.625            940.55
    WANTAGH          NY   11793          2            04/29/03         00
    0400809364                           05           07/01/03          0
    0400809364                           O            06/01/33
    0

    8667775          F34/G01             F          536,000.00         ZZ
                                         360        535,453.53          1
                                       5.875          3,170.64         80
                                       5.625          3,170.64
    CLIFTON          VA   20124          1            04/25/03         00
    0435782990                           05           06/01/03          0
    13303033                             O            05/01/33
    0

    8667971          E76/G01             F          515,422.00         ZZ
                                         360        514,896.50          1
                                       5.875          3,048.92         71
                                       5.625          3,048.92
    BOULDER          CO   80305          2            04/23/03         00
    0435752720                           05           06/01/03          0
    10023704                             O            05/01/33
    0

    8667977          M27/G01             F          475,000.00         ZZ
                                         360        474,515.72          1
                                       5.875          2,809.80         62
                                       5.625          2,809.80
    MEMPHIS          TN   38111          2            04/25/03         00
    0435799820                           05           06/01/03          0
    5000100122                           O            05/01/33
    0

    8668053          U05/G01             F          355,000.00         ZZ
                                         360        354,654.96          1
                                       6.125          2,157.02         64
                                       5.875          2,157.02
    WHITTIER         CA   90602          1            04/10/03         00
    0435886932                           05           06/01/03          0
    3337260                              O            05/01/33
    0

    8668341          Y44/G01             F          378,000.00         ZZ
                                         360        377,623.70          1
                                       6.000          2,266.30         54
                                       5.750          2,266.30
    PASADENA         CA   91107          2            04/17/03         00
    0435787833                           05           06/01/03          0
1

    105501001                            O            05/01/33
    0

    8668977          X89/G01             F          600,000.00         ZZ
                                         360        599,373.56          1
                                       5.750          3,501.44         60
                                       5.500          3,501.44
    PEBBLE BEACH     CA   93953          2            04/24/03         00
    0435759485                           05           06/01/03          0
    2003599                              O            05/01/33
    0

    8669161          X64/G01             F          530,000.00         ZZ
                                         360        529,446.64          1
                                       5.750          3,092.94         59
                                       5.500          3,092.94
    CLARKSTON        MI   48348          2            04/25/03         00
    0435837653                           05           06/01/03          0
    0000007524                           O            05/01/33
    0

    8669211          N47/G01             F          550,000.00         ZZ
                                         360        549,452.47          1
                                       6.000          3,297.53         55
                                       5.750          3,297.53
    WALNUT CREEK     CA   94598          5            04/18/03         00
    0435897145                           03           06/01/03          0
    90501491                             O            05/01/33
    0

    8669243          Q30/G01             F          454,000.00         ZZ
                                         360        453,537.13          1
                                       5.875          2,685.58         57
                                       5.625          2,685.58
    NEW ROCHELLE     NY   10804          2            04/29/03         00
    0435787577                           05           06/01/03          0
    21019865                             O            05/01/33
    0

    8669345          R65/G01             F          356,000.00         ZZ
                                         360        355,619.41          1
                                       5.625          2,049.34         80
                                       5.375          2,049.34
    FREDERICKSBURG   VA   22407          1            04/30/03         00
    0435775036                           03           06/01/03          0
    4213006364                           O            05/01/33
    0

1

    8669377          E47/G01             F        1,000,000.00         ZZ
                                         360        998,955.94          1
                                       5.750          5,835.73         50
                                       5.500          5,835.73
    DENVER           NC   28037          2            04/16/03         00
    0435788278                           05           06/01/03          0
    7350510786                           O            05/01/33
    0

    8669415          R84/G01             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         73
                                       5.625          2,070.38
    HOUSTON          TX   77024          2            04/28/03         00
    0435794706                           03           06/01/03          0
    0690592                              O            05/01/33
    0

    8672781          E22/G01             F          385,000.00         ZZ
                                         360        384,598.03          1
                                       5.750          2,246.76         39
                                       5.500          2,246.76
    LAFAYETTE        CA   94549          5            04/17/03         00
    0416473387                           03           06/01/03          0
    0416473387                           O            05/01/33
    0

    8672857          E22/G01             F          188,000.00         ZZ
                                         360        187,808.33          1
                                       5.875          1,112.09         65
                                       5.625          1,112.09
    FARMINGTON       MI   48334          2            04/30/03         00
    0416616944                           05           06/01/03          0
    0416616944                           O            05/01/33
    0

    8672887          E22/G01             F          356,500.00         ZZ
                                         360        356,127.79          1
                                       5.750          2,080.44         57
                                       5.500          2,080.44
    BIRMINGHAM       AL   35242          2            04/29/03         00
    0416649903                           05           06/01/03          0
    0416649903                           O            05/01/33
    0

    8672953          E22/G01             F          497,500.00         ZZ
                                         360        497,027.96          1
                                       6.250          3,063.19         60
                                       6.000          3,063.19
1

    SAN ANTONIO      TX   78204          5            04/30/03         00
    0416727873                           05           06/01/03          0
    0416727873                           O            05/01/33
    0

    8673111          E22/G01             F          138,500.00         ZZ
                                         360        138,358.79          1
                                       5.875            819.28         41
                                       5.625            819.28
    NORTH HILLS (LA  CA   91343          2            04/23/03         00
    0416851012                           05           06/01/03          0
    0416851012                           O            05/01/33
    0

    8673115          E22/G01             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       5.750            887.03         47
                                       5.500            887.03
    WHARTON          NJ   07855          2            04/30/03         00
    0416854677                           05           07/01/03          0
    0416854677                           O            06/01/33
    0

    8673327          E82/G01             F          526,500.00         ZZ
                                         360        526,500.00          1
                                       5.875          3,114.45         80
                                       5.625          3,114.45
    WESTPORT         CT   06880          2            05/02/03         00
    0400827895                           05           07/01/03          0
    0400827895                           O            06/01/33
    0

    8673331          E82/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.000          2,248.31         70
                                       5.750          2,248.31
    LAGUNA NIGUEL    CA   92677          2            04/30/03         00
    0400826707                           03           07/01/03          0
    0400826707                           O            06/01/33
    0

    8673341          E82/G01             F          126,400.00         ZZ
                                         360        126,400.00          1
                                       6.250            778.27         60
                                       6.000            778.27
    MONETA           VA   24121          2            05/02/03         00
    0400819314                           05           07/01/03          0
    0400819314                           O            06/01/33
    0
1

    8674493          W68/G01             F          332,000.00         ZZ
                                         360        331,653.37          1
                                       5.750          1,937.46         67
                                       5.500          1,937.46
    HUNTINGTON BEAC  CA   92649          2            04/16/03         00
    0435884952                           05           06/01/03          0
    3030675                              O            05/01/33
    0

    8675663          253/253             F          395,350.00         ZZ
                                         360        394,946.92          1
                                       5.875          2,338.65         90
                                       5.625          2,338.65
    PHOENIX          AZ   85018          1            04/18/03         19
    446801                               05           06/01/03         25
    446801                               O            05/01/33
    0

    8675781          Y26/G01             F          375,960.00         ZZ
                                         360        375,548.49          1
                                       5.500          2,134.66         80
                                       5.250          2,134.66
    ROHNERT PARK     CA   94928          1            04/22/03         00
    0435790514                           05           06/01/03          0
    115601012                            O            05/01/33
    0

    8675803          L86/G01             F          375,000.00         ZZ
                                         360        374,626.69          1
                                       6.000          2,248.31         40
                                       5.750          2,248.31
    LAGUNA BEACH     CA   92651          5            04/18/03         00
    0435881719                           05           06/01/03          0
    10001634                             O            05/01/33
    0

    8675815          X51/G01             F          369,000.00         ZZ
                                         360        368,623.79          1
                                       5.875          2,182.77         44
                                       5.625          2,182.77
    WEST COVINA      CA   91791          2            05/01/03         00
    0435825302                           05           06/01/03          0
    0030402004                           O            05/01/33
    0

    8675891          U80/U80             F          398,000.00         ZZ
                                         360        398,000.00          1
1

                                       6.000          2,386.21         59
                                       5.750          2,386.21
    CHARLESTON       SC   29412          2            04/30/03         00
    30011257                             05           07/01/03          0
    30011257                             O            06/01/33
    0

    8676217          758/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       5.875          2,934.03         80
                                       5.625          2,934.03
    DALLAS           TX   75230          1            05/01/03         00
    0435794748                           03           07/01/03          0
    402837                               O            06/01/33
    0

    8676497          E22/G01             F          273,000.00         ZZ
                                         360        272,721.66          1
                                       5.875          1,614.90         72
                                       5.625          1,614.90
    HAMPSHIRE        IL   60101          2            05/01/03         00
    0416725760                           05           06/01/03          0
    0416725760                           O            05/01/33
    0

    8676649          E22/G01             F          532,000.00         ZZ
                                         360        531,470.39          1
                                       6.000          3,189.61         80
                                       5.750          3,189.61
    GLENDALE         CA   91208          1            04/22/03         00
    0416698041                           05           06/01/03          0
    0416698041                           O            05/01/33
    0

    8676735          E22/G01             F          591,000.00         ZZ
                                         360        590,397.45          1
                                       5.875          3,495.99         43
                                       5.625          3,495.99
    LOS GATOS        CA   95030          5            04/28/03         00
    0416814721                           05           06/01/03          0
    0416814721                           O            05/01/33
    0

    8676807          E22/G01             F          476,000.00         ZZ
                                         360        475,514.70          1
                                       5.875          2,815.72         80
                                       5.625          2,815.72
    (CHATSWORTH ARE  CA   91311          1            04/29/03         00
    0416887933                           05           06/01/03          0
1

    0416887933                           O            05/01/33
    0

    8676883          E22/G01             F           97,900.00         ZZ
                                         360         97,807.11          1
                                       6.250            602.79         70
                                       6.000            602.79
    AUSTIN           TX   78702          5            05/01/03         00
    0416287860                           05           06/01/03          0
    0416287860                           O            05/01/33
    0

    8676967          E82/G01             F          528,100.00         ZZ
                                         360        528,100.00          1
                                       6.125          3,208.79         58
                                       5.875          3,208.79
    PALOS VERDES ES  CA   90274          2            04/29/03         00
    0400810503                           05           07/01/03          0
    0400810503                           O            06/01/33
    0

    8676969          E82/G01             F          497,200.00         ZZ
                                         360        497,200.00          1
                                       5.875          2,941.13         56
                                       5.625          2,941.13
    FESTUS           MO   63028          2            05/01/03         00
    0400808903                           03           07/01/03          0
    0400808903                           O            06/01/33
    0

    8676973          E82/G01             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       6.250            880.48         68
                                       6.000            880.48
    MIAMI            FL   33173          2            05/01/03         00
    0400819678                           03           07/01/03          0
    0400819678                           O            06/01/33
    0

    8676983          M27/G01             F          434,300.00         ZZ
                                         360        434,300.00          1
                                       5.750          2,534.46         80
                                       5.500          2,534.46
    CARY             NC   27519          1            05/01/03         00
    0435801691                           05           07/01/03          0
    0100036125                           O            06/01/33
    0

1

    8677049          964/G01             F          376,000.00         T
                                         360        375,625.69          1
                                       6.000          2,254.31         80
                                       5.750          2,254.31
    LA QUINTA        CA   92253          2            04/18/03         00
    0435774450                           03           06/01/03          0
    382813                               O            05/01/33
    0

    8677111          964/G01             F          560,000.00         ZZ
                                         360        559,442.52          2
                                       6.000          3,357.48         70
                                       5.750          3,357.48
    MOUNTAIN VIEW    CA   94043          2            04/18/03         00
    0435857545                           05           06/01/03          0
    376835                               O            05/01/33
    0

    8677197          X52/G01             F          250,000.00         ZZ
                                         360        249,745.12          2
                                       5.875          1,478.84         49
                                       5.625          1,478.84
    KEY WEST         FL   33040          2            04/25/03         00
    0435774930                           05           06/01/03          0
    HOLDEN                               O            05/01/33
    0

    8677381          F34/G01             F          379,400.00         ZZ
                                         360        379,013.19          1
                                       5.875          2,244.29         80
                                       5.625          2,244.29
    WOODBRIDGE       VA   22191          2            04/21/03         00
    0435786504                           03           06/01/03          0
    45304021                             O            05/01/33
    0

    8677643          A06/G01             F          237,000.00         ZZ
                                         360        236,758.36          1
                                       5.875          1,401.95         40
                                       5.625          1,401.95
    HIGHLAND         MI   48357          2            04/26/03         00
    0435780960                           03           06/01/03          0
    1000020308424                        O            05/01/33
    0

    8678903          S11/G01             F          645,000.00         ZZ
                                         360        644,326.59          1
                                       5.750          3,764.04         62
                                       5.500          3,764.04
1

    LAGUNA HILLS     CA   92653          2            04/30/03         00
    0435776901                           03           06/01/03          0
    10300876                             O            05/01/33
    0

    8679585          253/253             F          326,400.00         ZZ
                                         360        326,067.22          1
                                       5.875          1,930.78         80
                                       5.625          1,930.78
    KATY             TX   77493          2            02/18/03         00
    997346                               03           06/01/03          0
    997346                               O            05/01/33
    0

    8679743          956/956             F          357,000.00         ZZ
                                         360        356,627.27          1
                                       5.750          2,083.36         70
                                       5.500          2,083.36
    WILMINGTON       MA   01887          5            04/23/03         00
    2813030115                           05           06/01/03          0
    2813030115                           O            05/01/33
    0

    8679747          956/956             F          361,000.00         ZZ
                                         360        360,631.95          1
                                       5.875          2,135.45         79
                                       5.625          2,135.45
    MARLBOROUGH      MA   01752          2            04/15/03         00
    2813030220                           05           06/01/03          0
    2813030220                           O            05/01/33
    0

    8679749          956/956             F          423,000.00         ZZ
                                         360        422,568.74          1
                                       5.875          2,502.20         69
                                       5.625          2,502.20
    MEDFIELD         MA   02052          2            04/30/03         00
    2813030273                           05           06/01/03          0
    2813030273                           O            05/01/33
    0

    8679755          956/956             F          567,000.00         ZZ
                                         360        566,421.92          1
                                       5.875          3,354.02         71
                                       5.625          3,354.02
    HINGHAM          MA   02043          2            04/18/03         00
    2813040073                           05           06/01/03          0
    2813040073                           O            05/01/33
    0
1

    8679757          956/956             F          476,000.00         ZZ
                                         360        475,514.70          1
                                       5.875          2,815.72         66
                                       5.625          2,815.72
    ANDOVER          MA   01810          2            04/30/03         00
    2813040144                           05           06/01/03          0
    2813040144                           O            05/01/33
    0

    8679759          956/956             F          600,000.00         ZZ
                                         360        599,388.27          1
                                       5.875          3,549.23         72
                                       5.625          3,549.23
    MANHATTAN BEACH  CA   90266          2            04/22/03         00
    2913020156                           05           06/01/03          0
    2913020156                           O            05/01/33
    0

    8679771          956/956             F          383,000.00         ZZ
                                         360        382,645.27          1
                                       6.375          2,389.42         71
                                       6.125          2,389.42
    (NEWBURY PARK A  CA   91320          2            04/25/03         00
    2913040054                           03           06/01/03          0
    2913040054                           O            05/01/33
    0

    8679775          956/956             F          335,000.00         ZZ
                                         360        334,658.45          1
                                       5.875          1,981.65         90
                                       5.625          1,981.65
    MANDEVILLE       LA   70448          1            04/28/03         10
    3213040090                           05           06/01/03         25
    3213040090                           O            05/01/33
    0

    8679785          956/956             F          360,000.00         ZZ
                                         360        359,632.96          1
                                       5.875          2,129.54         66
                                       5.625          2,129.54
    CHANHASSEN       MN   55317          5            04/22/03         00
    3513040043                           05           06/01/03          0
    3513040043                           O            05/01/33
    0

    8679791          956/956             F          520,000.00         ZZ
                                         360        519,391.67          1
1

                                       5.750          3,034.58         52
                                       5.500          3,034.58
    INCLINE VILLAGE  NV   89451          5            04/21/03         00
    3713040026                           05           06/01/03          0
    3713040026                           O            05/01/33
    0

    8679797          956/956             F          360,000.00         ZZ
                                         360        359,624.14          1
                                       5.750          2,100.86         69
                                       5.500          2,100.86
    SHAKER HEIGHTS   OH   44122          2            04/22/03         00
    3813040129                           05           06/01/03          0
    3813040129                           O            05/01/33
    0

    8679807          956/956             F          407,000.00         ZZ
                                         360        406,585.04          1
                                       5.875          2,407.56         53
                                       5.625          2,407.56
    APEX             NC   27539          2            04/24/03         00
    3913040052                           03           06/01/03          0
    3913040052                           O            05/01/33
    0

    8679825          956/956             F          512,000.00         ZZ
                                         360        511,502.36          1
                                       6.125          3,110.97         75
                                       5.875          3,110.97
    SOUTH SAN FRANC  CA   94080          2            04/24/03         00
    113030120                            05           06/01/03          0
    113030120                            O            05/01/33
    0

    8679839          956/956             F          521,500.00         ZZ
                                         360        520,980.84          1
                                       6.000          3,126.66         65
                                       5.750          3,126.66
    RANCHO PALOS VE  CA   90275          5            04/18/03         00
    713030073                            05           06/01/03          0
    713030073                            O            05/01/33
    0

    8679843          956/956             F          520,000.00         ZZ
                                         360        519,469.83          1
                                       5.875          3,076.00         65
                                       5.625          3,076.00
    TARZANA          CA   91356          2            04/10/03         00
    713030176                            05           06/01/03          0
1

    713030176                            O            05/01/33
    0

    8679851          956/956             F          498,000.00         ZZ
                                         360        497,492.26          1
                                       5.875          2,945.86         58
                                       5.625          2,945.86
    MORGAN HILL      CA   95037          2            04/15/03         00
    713030198                            05           06/01/03          0
    713030198                            O            05/01/33
    0

    8679857          956/956             F          406,000.00         ZZ
                                         360        405,586.07          1
                                       5.875          2,401.64         80
                                       5.625          2,401.64
    SAN JOSE         CA   95139          2            04/10/03         00
    713030311                            05           06/01/03          0
    713030311                            O            05/01/33
    0

    8679861          956/956             F          630,000.00         ZZ
                                         360        629,357.68          1
                                       5.875          3,726.69         70
                                       5.625          3,726.69
    DANVILLE         CA   94404          5            04/22/03         00
    713030325                            05           06/01/03          0
    713030325                            O            05/01/33
    0

    8679865          956/956             F          644,000.00         ZZ
                                         360        643,343.42          1
                                       5.875          3,809.50         70
                                       5.625          3,809.50
    SAN MATEO        CA   94402          2            04/12/03         00
    713030332                            05           06/01/03          0
    713030332                            O            05/01/33
    0

    8679867          956/956             F          444,000.00         ZZ
                                         360        443,547.32          1
                                       5.875          2,626.43         80
                                       5.625          2,626.43
    SAN JOSE         CA   95133          2            04/17/03         00
    713030387                            05           06/01/03          0
    713030387                            O            05/01/33
    0

1

    8679871          956/956             F          483,000.00         ZZ
                                         360        482,530.55          1
                                       6.125          2,934.76         80
                                       5.875          2,934.76
    UNION CITY       CA   94587          2            04/21/03         00
    713030458                            05           06/01/03          0
    713030458                            O            05/01/33
    0

    8679877          956/956             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         39
                                       5.625          3,845.00
    LOS ALTOS HILLS  CA   94024          2            04/17/03         00
    713030469                            05           06/01/03          0
    713030469                            O            05/01/33
    0

    8679881          956/956             F          445,400.00         ZZ
                                         360        444,956.60          1
                                       6.000          2,670.40         72
                                       5.750          2,670.40
    SAN JOSE         CA   95131          2            04/18/03         00
    713040004                            05           06/01/03          0
    713040004                            O            05/01/33
    0

    8679923          956/956             F          441,000.00         ZZ
                                         360        440,550.38          1
                                       5.875          2,608.68         70
                                       5.625          2,608.68
    QUINCY           MA   02170          2            04/09/03         00
    4313040253                           05           06/01/03          0
    4313040253                           O            05/01/33
    0

    8679937          956/956             F          525,000.00         ZZ
                                         360        524,477.36          1
                                       6.000          3,147.64         70
                                       5.750          3,147.64
    FOLSOM           CA   95630          5            04/23/03         00
    4513030212                           05           06/01/03          0
    4513030212                           O            05/01/33
    0

    8679941          956/956             F          440,000.00         ZZ
                                         360        439,582.51          1
                                       6.250          2,709.16         70
                                       6.000          2,709.16
1

    ELK GROVE        CA   95624          2            04/22/03         00
    4513030236                           05           06/01/03          0
    4513030236                           O            05/01/33
    0

    8679957          956/956             F          424,500.00         ZZ
                                         360        424,067.20          1
                                       5.875          2,511.08         75
                                       5.625          2,511.08
    SAMMAMISH        WA   98075          2            04/22/03         00
    5513040069                           05           06/01/03          0
    5513040069                           O            05/01/33
    0

    8679959          956/956             F          348,000.00         ZZ
                                         360        347,661.77          1
                                       6.125          2,114.48         69
                                       5.875          2,114.48
    SAN FRANCISCO    CA   94122          2            04/18/03         00
    113030226                            05           06/01/03          0
    113030226                            O            05/01/33
    0

    8679961          956/956             F          429,000.00         ZZ
                                         360        428,272.93          1
                                       6.000          2,572.07         74
                                       5.750          2,572.07
    MOUNTAIN VIEW    CA   94043          2            04/14/03         00
    113030285                            05           06/01/03          0
    113030285                            O            05/01/33
    0

    8679965          956/956             F          410,000.00         ZZ
                                         360        409,591.84          1
                                       6.000          2,458.16         48
                                       5.750          2,458.16
    SAN JOSE         CA   95125          2            04/16/03         00
    113040001                            05           06/01/03          0
    113040001                            O            05/01/33
    0

    8679967          956/956             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         78
                                       5.625          3,845.00
    SAN FRANCISCO    CA   94121          1            04/22/03         00
    113040122                            05           06/01/03          0
    113040122                            O            05/01/33
    0
1

    8679971          956/956             F          500,000.00         ZZ
                                         360        499,490.23          1
                                       5.875          2,957.69         32
                                       5.625          2,957.69
    OAKLAND          CA   94611          2            04/19/03         00
    213030065                            05           06/01/03          0
    213030065                            O            05/01/33
    0

    8679973          956/956             F          330,000.00         ZZ
                                         360        329,663.55          1
                                       5.875          1,952.07         53
                                       5.625          1,952.07
    APTOS            CA   95003          2            04/29/03         00
    713040037                            03           06/01/03          0
    713040037                            O            05/01/33
    0

    8679979          956/956             F          428,000.00         ZZ
                                         360        427,563.64          1
                                       5.875          2,531.78         80
                                       5.625          2,531.78
    MILPITAS         CA   95035          1            04/25/03         00
    713040084                            03           06/01/03          0
    713040084                            O            05/01/33
    0

    8679981          956/956             F          376,000.00         ZZ
                                         360        375,643.23          1
                                       6.250          2,315.10         76
                                       6.000          2,315.10
    SAN JOSE         CA   95123          2            04/25/03         00
    713040152                            05           06/01/03          0
    713040152                            O            05/01/33
    0

    8679983          956/956             F          370,000.00         ZZ
                                         360        369,631.66          1
                                       6.000          2,218.34         80
                                       5.750          2,218.34
    HOLLISTER        CA   95023          2            04/24/03         00
    713040171                            05           06/01/03          0
    713040171                            O            05/01/33
    0

    8679985          956/956             F          352,000.00         ZZ
                                         360        351,249.58          1
1

                                       6.000          2,110.42         70
                                       5.750          2,110.42
    ALISO VIEJO      CA   92656          2            04/16/03         00
    813020143                            03           06/01/03          0
    813020143                            O            05/01/33
    0

    8679987          956/956             F          530,000.00         ZZ
                                         360        529,459.64          1
                                       5.875          3,135.15         59
                                       5.625          3,135.15
    PETALUMA         CA   94954          5            04/14/03         00
    813030161                            05           06/01/03          0
    813030161                            O            05/01/33
    0

    8679995          956/956             F          363,000.00         ZZ
                                         360        361,611.49          1
                                       6.250          2,235.05         30
                                       6.000          2,235.05
    SAMMAMISH        WA   98075          2            01/28/03         00
    1113020432                           05           03/01/03          0
    1113020432                           O            02/01/33
    0

    8680001          956/956             F          427,000.00         ZZ
                                         360        426,106.24          1
                                       5.750          2,491.86         70
                                       5.500          2,491.86
    SAN JOSE         CA   95128          2            03/03/03         00
    1113021014                           05           05/01/03          0
    1113021014                           O            04/01/33
    0

    8680003          956/956             F          448,000.00         ZZ
                                         360        447,543.24          1
                                       5.875          2,650.09         80
                                       5.625          2,650.09
    HILLSBORO        OR   97123          2            04/08/03         00
    1113030277                           05           06/01/03          0
    1113030277                           O            05/01/33
    0

    8680013          956/956             F          401,800.00         ZZ
                                         360        401,380.49          1
                                       5.750          2,344.80         70
                                       5.500          2,344.80
    SANTA MARIA      CA   93455          5            04/01/03         00
    1113030805                           05           06/01/03          0
1

    1113030805                           O            05/01/33
    0

    8680017          956/956             F          498,000.00         ZZ
                                         360        497,504.24          1
                                       6.000          2,985.76         68
                                       5.750          2,985.76
    SAN DIEGO        CA   92131          2            04/15/03         00
    1113040045                           05           06/01/03          0
    1113040045                           O            05/01/33
    0

    8680021          956/956             F          323,000.00         ZZ
                                         360        322,678.45          1
                                       6.000          1,936.55         49
                                       5.750          1,936.55
    SAN BRUNO        CA   94066          2            04/04/03         00
    1113040084                           05           06/01/03          0
    1113040084                           O            05/01/33
    0

    8680023          956/956             F          356,300.00         ZZ
                                         360        355,953.69          1
                                       6.125          2,164.92         70
                                       5.875          2,164.92
    ARROYO GRANDE    CA   93420          1            04/07/03         00
    1113040135                           05           06/01/03          0
    1113040135                           O            05/01/33
    0

    8680025          956/956             F          451,000.00         ZZ
                                         360        450,099.82          1
                                       6.000          2,703.97         74
                                       5.750          2,703.97
    SONOMA           CA   95476          2            03/31/03         00
    1113040232                           05           05/01/03          0
    1113040232                           O            04/01/33
    0

    8680031          956/956             F          447,000.00         ZZ
                                         360        446,544.27          1
                                       5.875          2,644.17         80
                                       5.625          2,644.17
    ROSEVILLE        CA   95678          2            04/03/03         00
    1113040271                           05           06/01/03          0
    1113040271                           O            05/01/33
    0

1

    8680047          956/956             F          557,000.00         ZZ
                                         360        556,432.11          1
                                       5.875          3,294.87         70
                                       5.625          3,294.87
    CARLSBAD         CA   92009          2            04/17/03         00
    1513020109                           03           06/01/03          0
    1513020109                           O            05/01/33
    0

    8680051          956/956             F          437,000.00         ZZ
                                         360        436,564.96          1
                                       6.000          2,620.04         56
                                       5.750          2,620.04
    LEUCADIA         CA   92024          2            04/24/03         00
    1513040152                           05           06/01/03          0
    1513040152                           O            05/01/33
    0

    8680053          956/956             F          432,000.00         ZZ
                                         360        431,514.56          1
                                       5.875          2,555.44         80
                                       5.625          2,555.44
    HACIENDA HEIGHT  CA   91745          1            04/29/03         00
    1513040172                           03           06/01/03          0
    1513040172                           O            05/01/33
    0

    8680055          956/956             F          343,950.00         ZZ
                                         360        343,590.89          1
                                       5.750          2,007.20         80
                                       5.500          2,007.20
    ALLEN            TX   75013          2            04/18/03         00
    1613030150                           03           06/01/03          0
    1613030150                           O            05/01/33
    0

    8680059          956/956             F          440,000.00         ZZ
                                         360        439,551.40          1
                                       5.875          2,602.77         37
                                       5.625          2,602.77
    SEATTLE          WA   98102          2            04/30/03         00
    1713040143                           05           06/01/03          0
    1713040143                           O            05/01/33
    0

    8680063          956/956             F          370,000.00         ZZ
                                         360        369,631.66          1
                                       6.000          2,218.34         75
                                       5.750          2,218.34
1

    SANTA ROSA       CA   95404          5            04/19/03         00
    1813010426                           05           06/01/03          0
    1813010426                           O            05/01/33
    0

    8680065          956/956             F          472,000.00         ZZ
                                         360        471,518.77          1
                                       5.875          2,792.06         79
                                       5.625          2,792.06
    BOXFORD          MA   01921          2            04/19/03         00
    1813010935                           05           06/01/03          0
    1813010935                           O            05/01/33
    0

    8680067          956/956             F          402,850.00         ZZ
                                         360        402,439.28          1
                                       5.875          2,383.01         80
                                       5.625          2,383.01
    SAN JOSE         CA   95136          2            04/16/03         00
    1813011564                           05           06/01/03          0
    1813011564                           O            05/01/33
    0

    8680069          956/956             F          590,000.00         ZZ
                                         360        589,412.65          1
                                       6.000          3,537.35         47
                                       5.750          3,537.35
    MANHATTAN BEACH  CA   90266          2            04/30/03         00
    1813020146                           05           06/01/03          0
    1813020146                           O            05/01/33
    0

    8680071          956/956             F          350,000.00         ZZ
                                         360        349,651.57          1
                                       6.000          2,098.43         44
                                       5.750          2,098.43
    WAYLAND          MA   01778          2            04/17/03         00
    1813021202                           05           06/01/03          0
    1813021202                           O            05/01/33
    0

    8680077          956/956             F          346,000.00         ZZ
                                         360        345,647.24          1
                                       5.875          2,046.72         68
                                       5.625          2,046.72
    CYPRESS          CA   90630          5            04/15/03         00
    1913040020                           05           06/01/03          0
    1913040020                           O            05/01/33
    0
1

    8680083          956/956             F          496,000.00         ZZ
                                         360        495,489.66          1
                                       5.875          2,934.03         80
                                       5.625          2,934.03
    RIVERSIDE        CA   92508          1            04/22/03         00
    1913040057                           05           06/01/03          0
    1913040057                           O            05/01/33
    0

    8680089          956/956             F          435,000.00         ZZ
                                         360        434,556.50          1
                                       5.875          2,573.19         74
                                       5.625          2,573.19
    HIGHLAND         UT   84003          2            04/22/03         00
    2213030409                           03           06/01/03          0
    2213030409                           O            05/01/33
    0

    8680091          956/956             F          345,500.00         ZZ
                                         360        345,156.05          1
                                       6.000          2,071.45         57
                                       5.750          2,071.45
    SANDY            UT   84092          2            04/28/03         00
    2213040262                           03           06/01/03          0
    2213040262                           O            05/01/33
    0

    8680093          956/956             F          362,000.00         ZZ
                                         360        361,630.92          1
                                       5.875          2,141.37         78
                                       5.625          2,141.37
    AURORA           IL   60504          2            04/21/03         00
    2313030187                           03           06/01/03          0
    2313030187                           O            05/01/33
    0

    8680097          956/956             F          475,000.00         ZZ
                                         360        473,945.92          1
                                       6.000          2,847.87         80
                                       5.750          2,847.87
    NAPERVILLE       IL   60565          2            04/28/03         00
    2313040002                           05           06/01/03          0
    2313040002                           O            05/01/33
    0

    8680099          956/956             F          327,400.00         ZZ
                                         360        327,066.21          1
1

                                       5.875          1,936.69         52
                                       5.625          1,936.69
    HINSDALE         IL   60521          2            04/22/03         00
    2313040067                           05           06/01/03          0
    2313040067                           O            05/01/33
    0

    8680101          956/956             F          454,000.00         ZZ
                                         360        453,537.13          1
                                       5.875          2,685.58         51
                                       5.625          2,685.58
    SAN DIEGO        CA   92103          2            04/16/03         00
    213030253                            05           06/01/03          0
    213030253                            O            05/01/33
    0

    8680103          956/956             F          450,000.00         ZZ
                                         360        449,341.20          1
                                       5.875          2,661.92         63
                                       5.625          2,661.92
    ALAMEDA          CA   94501          5            04/18/03         00
    213040004                            05           06/01/03          0
    213040004                            O            05/01/33
    0

    8680105          956/956             F          412,500.00         ZZ
                                         360        412,079.44          1
                                       5.875          2,440.09         72
                                       5.625          2,440.09
    CAMPBELL         CA   95008          2            04/16/03         00
    213040013                            05           06/01/03          0
    213040013                            O            05/01/33
    0

    8680107          956/956             F          425,000.00         ZZ
                                         360        424,556.28          1
                                       5.750          2,480.18         68
                                       5.500          2,480.18
    FAIRFAX          CA   94930          2            04/14/03         00
    313030183                            05           06/01/03          0
    313030183                            O            05/01/33
    0

    8680113          956/956             F          427,000.00         ZZ
                                         360        426,574.92          1
                                       6.000          2,560.08         57
                                       5.750          2,560.08
    SANTA CRUZ       CA   95060          2            04/21/03         00
    313040015                            05           06/01/03          0
1

    313040015                            O            05/01/33
    0

    8680121          956/956             F          460,000.00         ZZ
                                         360        459,519.73          1
                                       5.750          2,684.44         46
                                       5.500          2,684.44
    BELMONT          CA   94002          5            04/24/03         00
    513020078                            05           06/01/03          0
    513020078                            O            05/01/33
    0

    8680125          956/956             F          423,000.00         ZZ
                                         360        422,568.74          1
                                       5.875          2,502.20         68
                                       5.625          2,502.20
    SUNNYVALE        CA   94087          5            04/28/03         00
    513030071                            05           06/01/03          0
    513030071                            O            05/01/33
    0

    8680135          956/956             F          427,000.00         ZZ
                                         360        426,584.98          1
                                       6.125          2,594.50         70
                                       5.875          2,594.50
    HUNTINGTON BEAC  CA   92647          5            04/18/03         00
    613020178                            05           06/01/03          0
    613020178                            O            05/01/33
    0

    8680141          956/956             F          450,000.00         ZZ
                                         360        449,552.02          1
                                       6.000          2,697.98         72
                                       5.750          2,697.98
    DAVIS            CA   95616          2            04/16/03         00
    613030023                            03           06/01/03          0
    613030023                            O            05/01/33
    0

    8680143          956/956             F          420,000.00         ZZ
                                         360        419,571.79          1
                                       5.875          2,484.46         58
                                       5.625          2,484.46
    COSTA MESA       CA   92627          2            04/15/03         00
    613030144                            05           06/01/03          0
    613030144                            O            05/01/33
    0

1

    8680147          956/956             F          357,500.00         ZZ
                                         360        357,135.51          1
                                       5.875          2,114.75         70
                                       5.625          2,114.75
    HIGHLANDS RANCH  CO   80126          2            04/25/03         00
    2413040123                           03           06/01/03          0
    2413040123                           O            05/01/33
    0

    8680161          956/956             F          429,000.00         ZZ
                                         360        428,562.61          1
                                       5.875          2,537.70         78
                                       5.625          2,537.70
    MONTCLAIR        NJ   07043          2            04/17/03         00
    2713030292                           05           06/01/03          0
    2713030292                           O            05/01/33
    0

    8680163          956/956             F          650,000.00         ZZ
                                         360        648,639.47          1
                                       5.750          3,793.22         52
                                       5.500          3,793.22
    CHARLOTTE        NC   28207          2            03/27/03         00
    2713030300                           05           05/01/03          0
    2713030300                           O            04/01/33
    0

    8680167          956/956             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         77
                                       5.625          2,070.38
    MONROE TOWNSHIP  NJ   08831          1            04/03/03         00
    2713030461                           05           06/01/03          0
    2713030461                           O            05/01/33
    0

    8680173          956/956             F          340,000.00         ZZ
                                         360        339,305.01          1
                                       5.875          2,011.23         76
                                       5.625          2,011.23
    MAPLEWOOD        NJ   07040          1            03/31/03         00
    2713030696                           05           05/01/03          0
    2713030696                           O            04/01/33
    0

    8680175          956/956             F          432,000.00         ZZ
                                         360        431,137.73          1
                                       6.000          2,590.06         74
                                       5.750          2,590.06
1

    SEATTLE          WA   98199          2            03/10/03         00
    2713030709                           05           05/01/03          0
    2713030709                           O            04/01/33
    0

    8680185          956/956             F          334,000.00         ZZ
                                         360        333,667.50          1
                                       6.000          2,002.50         71
                                       5.750          2,002.50
    AVON             CT   06001          2            04/04/03         00
    2713040091                           05           06/01/03          0
    2713040091                           O            05/01/33
    0

    8680225          S11/G01             F          362,000.00         ZZ
                                         360        361,639.63          1
                                       6.000          2,170.37         60
                                       5.750          2,170.37
    HUNTINGTON BEAC  CA   92649          2            04/25/03         00
    0435783568                           05           06/01/03          0
    10321326                             O            05/01/33
    0

    8680293          Q73/G01             F          118,600.00         ZZ
                                         360        118,479.09          1
                                       5.875            701.56         43
                                       5.625            701.56
    CORINTH          MS   38834          2            04/29/03         00
    0435775226                           05           06/01/03          0
    3047361                              O            05/01/33
    0

    8680439          G75/G01             F          423,000.00         ZZ
                                         360        422,578.90          1
                                       6.000          2,536.10         64
                                       5.750          2,536.10
    VIRGINIA BEACH   VA   23454          2            04/22/03         00
    0435843891                           03           06/01/03          0
    05052686                             O            05/01/33
    0

    8680529          696/G01             F          508,000.00         ZZ
                                         360        507,482.07          1
                                       5.875          3,005.01         80
                                       5.625          3,005.01
    ARLINGTON        VA   22207          1            05/01/03         00
    0435777388                           05           06/01/03          0
    24403049                             O            05/01/33
    0
1

    8680543          696/G01             F        1,000,000.00         ZZ
                                         360        998,980.45          1
                                       5.875          5,915.38         55
                                       5.625          5,915.38
    MCLEAN           VA   22101          1            04/29/03         00
    0435777545                           03           06/01/03          0
    24402172                             O            05/01/33
    0

    8680955          L86/G01             F          785,500.00         ZZ
                                         360        784,679.89          1
                                       5.750          4,583.96         53
                                       5.500          4,583.96
    MANHATTAN BEACH  CA   90266          2            04/30/03         00
    0435776620                           05           06/01/03          0
    10001649                             O            05/01/33
    0

    8681813          E22/G01             F          476,000.00         ZZ
                                         360        475,526.14          1
                                       6.000          2,853.86         32
                                       5.750          2,853.86
    SAN FRANCISCO    CA   94131          2            04/15/03         00
    0416031078                           07           06/01/03          0
    0416031078                           O            05/01/33
    0

    8681931          E22/G01             F          345,000.00         ZZ
                                         360        344,648.25          1
                                       5.875          2,040.81         44
                                       5.625          2,040.81
    MILL VALLEY      CA   94941          2            04/29/03         00
    0416453041                           05           06/01/03          0
    0416453041                           O            05/01/33
    0

    8682079          E22/G01             F          607,000.00         ZZ
                                         360        607,000.00          1
                                       5.875          3,590.63         68
                                       5.625          3,590.63
    SANTA CRUZ       CA   95060          2            04/28/03         00
    0416647527                           05           07/01/03          0
    0416647527                           O            06/01/33
    0

    8682233          E22/G01             F           93,600.00         ZZ
                                         360         93,504.57          1
1

                                       5.875            553.68         80
                                       5.625            553.68
    ORLANDO          FL   32826          2            04/24/03         00
    0416737732                           05           06/01/03          0
    0416737732                           O            05/01/33
    0

    8682429          E22/G01             F          485,000.00         ZZ
                                         360        484,505.52          1
                                       5.875          2,868.96         67
                                       5.625          2,868.96
    SAN CARLOS       CA   94070          2            04/28/03         00
    0416834950                           05           06/01/03          0
    0416834950                           O            05/01/33
    0

    8682699          E82/G01             F          301,200.00         ZZ
                                         360        301,200.00          1
                                       5.875          1,781.71         57
                                       5.625          1,781.71
    HUNTINGTON BEAC  CA   92646          2            05/02/03         00
    0400818878                           05           07/01/03          0
    0400818878                           O            06/01/33
    0

    8682725          E82/G01             F          296,500.00         ZZ
                                         360        296,500.00          1
                                       6.000          1,777.67         68
                                       5.750          1,777.67
    SAN JOSE         CA   95136          2            05/02/03         00
    0400830543                           05           07/01/03          0
    0400830543                           O            06/01/33
    0

    8682733          E82/G01             F          347,300.00         ZZ
                                         360        347,300.00          1
                                       6.000          2,082.24         79
                                       5.750          2,082.24
    HUNTINGTON BEAC  CA   92646          2            05/02/03         00
    0400813473                           05           07/01/03          0
    0400813473                           O            06/01/33
    0

    8682743          E82/G01             F          359,200.00         ZZ
                                         360        359,200.00          1
                                       5.875          2,124.80         80
                                       5.625          2,124.80
    BURKE            VA   22015          2            05/05/03         00
    0400809075                           03           07/01/03          0
1

    0400809075                           O            06/01/33
    0

    8682745          E82/G01             F          242,200.00         ZZ
                                         360        242,200.00          1
                                       5.875          1,432.70         54
                                       5.625          1,432.70
    OXNARD           CA   93035          2            05/02/03         00
    0400815759                           05           07/01/03          0
    0400815759                           O            06/01/33
    0

    8682751          E82/G01             F          269,800.00         ZZ
                                         360        269,800.00          1
                                       6.250          1,661.21         79
                                       6.000          1,661.21
    CHANDLER         AZ   85248          2            05/05/03         00
    0400814232                           05           07/01/03          0
    0400814232                           O            06/01/33
    0

    8682757          E82/G01             F          335,700.00         ZZ
                                         360        335,700.00          1
                                       6.000          2,012.69         75
                                       5.750          2,012.69
    HARTWELL         GA   30643          2            05/05/03         00
    0400822516                           05           07/01/03          0
    0400822516                           O            06/01/33
    0

    8683031          676/G01             F          750,000.00         ZZ
                                         360        749,216.95          1
                                       5.750          4,376.80         47
                                       5.500          4,376.80
    HONOLULU         HI   96816          5            04/01/03         00
    0435778220                           05           06/01/03          0
    6003926740                           O            05/01/33
    0

    8683183          B98/G01             F          637,000.00         ZZ
                                         360        636,350.55          1
                                       5.875          3,768.10         69
                                       5.625          3,768.10
    MURRIETA         CA   92562          2            04/22/03         00
    0435862404                           05           06/01/03          0
    BB4030090MB                          O            05/01/33
    0

1

    8684017          367/367             F          549,900.00         ZZ
                                         360        548,721.50          1
                                       5.625          3,165.53         74
                                       5.375          3,165.53
    VIENNA           VA   22182          1            04/01/03         00
    99241142                             03           05/01/03          0
    99241142                             O            04/01/33
    0

    8684167          562/G01             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       6.250            492.57         30
                                       6.000            492.57
    MAHOPAC          NY   10541          1            05/02/03         00
    0435781554                           05           07/01/03          0
    297070436                            O            06/01/33
    0

    8684391          893/G01             F          463,000.00         ZZ
                                         360        463,000.00          1
                                       6.000          2,775.92         62
                                       5.750          2,775.92
    SAN MATEO        CA   94403          2            05/01/03         00
    0435812102                           05           07/01/03          0
    M30415011                            O            06/01/33
    0

    8684651          313/G01             F          600,000.00         ZZ
                                         360        599,402.69          1
                                       6.000          3,597.31         80
                                       5.750          3,597.31
    CANTON           GA   30115          2            04/30/03         00
    0435778642                           05           06/01/03          0
    0009308545                           O            05/01/33
    0

    8684741          E33/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       5.750          2,684.44         58
                                       5.500          2,684.44
    LAKE FOREST      IL   60045          2            05/05/03         00
    0435831649                           03           07/01/03          0
    797741                               O            06/01/33
    0

    8685035          U35/G01             F          123,000.00         ZZ
                                         360        122,888.81          1
                                       6.500            777.44         73
                                       6.250            777.44
1

    DAVENPORT        IA   52804          1            05/05/03         00
    0435876743                           05           06/01/03          0
    11667052                             O            05/01/33
    0

    8685705          E82/G01             F          191,150.00         ZZ
                                         360        191,150.00          1
                                       5.875          1,130.72         74
                                       5.625          1,130.72
    COLORADO SPRING  CO   80920          2            05/07/03         00
    0400829297                           05           07/01/03          0
    0400829297                           O            06/01/33
    0

    8685713          E82/G01             F          224,000.00         T
                                         360        224,000.00          1
                                       6.250          1,379.21         71
                                       6.000          1,379.21
    PARK CITY        UT   84060          2            05/09/03         00
    0400822151                           01           07/01/03          0
    0400822151                           O            06/01/33
    0

    8685727          E82/G01             F          283,400.00         ZZ
                                         360        283,400.00          1
                                       5.875          1,676.42         45
                                       5.625          1,676.42
    POTOMAC          MD   20854          2            05/01/03         00
    0400805487                           05           07/01/03          0
    0400805487                           O            06/01/33
    0

    8685737          E82/G01             F          351,300.00         ZZ
                                         360        350,941.84          1
                                       5.875          2,078.07         85
                                       5.625          2,078.07
    CHESNEE          SC   29323          2            05/02/03         04
    0400821534                           05           06/01/03         12
    0400821534                           O            05/01/33
    0

    8685743          E82/G01             F          167,000.00         ZZ
                                         360        167,000.00          1
                                       6.250          1,028.25         80
                                       6.000          1,028.25
    BROKEN ARROW     OK   74012          2            05/07/03         00
    0400819348                           03           07/01/03          0
    0400819348                           O            06/01/33
    0
1

    8685767          E82/G01             F          166,100.00         ZZ
                                         360        166,100.00          1
                                       6.000            995.85         67
                                       5.750            995.85
    GUNTERSVILLE     AL   35976          2            05/07/03         00
    0400829388                           05           07/01/03          0
    0400829388                           O            06/01/33
    0

    8685769          E82/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.250          2,068.81         80
                                       6.000          2,068.81
    COPPELL          TX   75019          2            05/06/03         00
    0400785606                           05           07/01/03          0
    0400785606                           O            06/01/33
    0

    8685771          E82/G01             F          194,000.00         ZZ
                                         360        194,000.00          1
                                       5.875          1,147.58         49
                                       5.625          1,147.58
    ANNANDALE        VA   22003          2            05/01/03         00
    0400830758                           03           07/01/03          0
    0400830758                           O            06/01/33
    0

    8685945          W35/G01             F          207,000.00         ZZ
                                         360        207,000.00          1
                                       5.750          1,208.00         67
                                       5.500          1,208.00
    WHITMAN          MA   02382          5            05/01/03         00
    0435810510                           05           07/01/03          0
    19567                                O            06/01/33
    0

    8685947          356/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         40
                                       6.000          3,078.59
    DIABLO           CA   94528          2            04/25/03         00
    0435880422                           03           07/01/03          0
    3074762                              O            06/01/33
    0

    8686255          X89/G01             F          335,000.00         ZZ
                                         360        334,650.24          1
1

                                       5.750          1,954.97         70
                                       5.500          1,954.97
    LA CRESCENTA     CA   91214          5            04/25/03         00
    0435800909                           05           06/01/03          0
    2002185                              O            05/01/33
    0

    8686453          R84/G01             F          647,300.00         ZZ
                                         360        646,640.05          1
                                       5.875          3,829.02         54
                                       5.625          3,829.02
    HOUSTON          TX   77024          2            04/29/03         00
    0435841812                           05           06/01/03          0
    1032064-01                           O            05/01/33
    0

    8686765          L01/G01             F          351,400.00         ZZ
                                         360        351,041.74          1
                                       5.875          2,078.66         70
                                       5.625          2,078.66
    GLENDALE         AZ   85304          2            04/28/03         00
    0435819487                           05           06/01/03          0
    11633223                             O            05/01/33
    0

    8686791          E22/G01             F          538,000.00         ZZ
                                         360        470,844.21          1
                                       6.250          3,312.56         52
                                       6.000          3,312.56
    DANVILLE         CA   94506          2            04/24/03         00
    0416602092                           03           06/01/03          0
    0416602092                           O            05/01/33
    0

    8686863          E22/G01             F           89,200.00         ZZ
                                         360         89,200.00          1
                                       6.000            534.80         69
                                       5.750            534.80
    VIRGINIA BEACH   VA   23454          2            05/02/03         00
    0416656064                           05           07/01/03          0
    0416656064                           O            06/01/33
    0

    8686949          E22/G01             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       5.750          1,966.64         79
                                       5.500          1,966.64
    DALY CITY        CA   94015          2            04/28/03         00
    0416787661                           05           07/01/03          0
1

    0416787661                           O            06/01/33
    0

    8686955          E22/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.750          2,159.22         74
                                       5.500          2,159.22
    SAN DIEGO        CA   92129          5            05/02/03         00
    0416812980                           05           07/01/03          0
    0416812980                           O            06/01/33
    0

    8687039          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.125          2,308.92         73
                                       5.875          2,308.92
    MISSION VIEJO    CA   92691          2            04/30/03         00
    0416949923                           05           07/01/03          0
    0416949923                           O            06/01/33
    0

    8687097          A35/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       5.875          2,011.23         80
                                       5.625          2,011.23
    AMITYVILLE       NY   11701          2            05/01/03         00
    0435846886                           29           07/01/03          0
    15144                                O            06/01/33
    0

    8687109          B84/G01             F          540,000.00         ZZ
                                         360        539,449.44          1
                                       5.875          3,194.31         73
                                       5.625          3,194.31
    PAWLEYS ISLAND   SC   29585          2            04/25/03         00
    0435898754                           05           06/01/03          0
    1001370749                           O            05/01/33
    0

    8687227          L86/G01             F          477,500.00         ZZ
                                         360        477,500.00          1
                                       5.750          2,786.56         48
                                       5.500          2,786.56
    LA HABRA HEIGHT  CA   90631          5            05/02/03         00
    0435797683                           05           07/01/03          0
    10001658                             O            06/01/33
    0

1

    8687351          L85/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.875          3,845.00         80
                                       5.625          3,845.00
    SAN JOSE         CA   95127          2            05/08/03         00
    0435877972                           05           07/01/03          0
    10303354CA                           O            06/01/33
    0

    8687671          964/G01             F          376,000.00         ZZ
                                         360        375,625.69          1
                                       6.000          2,254.31         80
                                       5.750          2,254.31
    ALTADENA (AREA)  CA   91001          1            04/24/03         00
    0435777511                           05           06/01/03          0
    391783                               O            05/01/33
    0

    8687683          964/G01             F          364,000.00         ZZ
                                         360        363,637.64          1
                                       6.000          2,182.36         78
                                       5.750          2,182.36
    SAN ANSELMO      CA   94960          2            04/11/03         00
    0435790449                           05           06/01/03          0
    362117                               O            05/01/33
    0

    8687697          964/G01             F          446,400.00         ZZ
                                         360        445,944.87          1
                                       5.875          2,640.63         80
                                       5.625          2,640.63
    ALBANY           CA   94706          2            04/23/03         00
    0435788948                           05           06/01/03          0
    370357                               O            05/01/33
    0

    8687701          964/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       5.875          2,028.98         58
                                       5.625          2,028.98
    FREMONT          CA   94536          2            04/28/03         00
    0435789862                           03           07/01/03          0
    384951                               O            06/01/33
    0

    8687721          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         60
                                       5.625          2,661.92
1

    CUPERTINO        CA   95014          2            04/28/03         00
    0435795240                           05           07/01/03          0
    395062                               O            06/01/33
    0

    8687727          964/G01             F          371,600.00         ZZ
                                         360        371,230.07          1
                                       6.000          2,227.93         75
                                       5.750          2,227.93
    SAN JOSE         CA   95138          2            04/30/03         00
    0435789672                           05           06/01/03          0
    397011                               O            05/01/33
    0

    8687733          964/G01             F          370,000.00         ZZ
                                         360        369,640.38          1
                                       6.125          2,248.16         64
                                       5.875          2,248.16
    GLENDALE         CA   91208          5            04/22/03         00
    0435779111                           05           06/01/03          0
    361393                               O            05/01/33
    0

    8687749          K31/G01             F          333,450.00         ZZ
                                         360        333,110.04          1
                                       5.875          1,972.48         64
                                       5.625          1,972.48
    SUWANEE          GA   30024          2            04/25/03         00
    0435839402                           05           06/01/03          0
    2150120181                           O            05/01/33
    0

    8687775          964/G01             F          386,000.00         ZZ
                                         360        385,596.99          1
                                       5.750          2,252.59         43
                                       5.500          2,252.59
    HAYWARD          CA   94542          2            04/22/03         00
    0435789235                           05           06/01/03          0
    411320                               O            05/01/33
    0

    8687777          253/253             F          106,747.00         ZZ
                                         360        106,638.17          1
                                       5.875            631.45         27
                                       5.625            631.45
    TUCSON           AZ   85745          2            04/21/03         00
    994348                               03           06/01/03          0
    994348                               O            05/01/33
    0
1

    8687919          W58/G01             F          233,000.00         ZZ
                                         360        232,738.92          1
                                       5.375          1,304.73         47
                                       5.125          1,304.73
    CARLSBAD         CA   92008          5            05/01/03         00
    0435832811                           05           06/15/03          0
    84379                                O            05/15/33
    0

    8688021          W40/G01             F          588,000.00         ZZ
                                         360        588,000.00          1
                                       6.250          3,620.42         80
                                       6.000          3,620.42
    PHOENIX          AZ   85048          1            05/01/03         00
    0435797816                           03           07/01/03          0
    100018340                            O            06/01/33
    0

    8688637          E22/G01             F          158,500.00         ZZ
                                         240        158,146.68          1
                                       5.750          1,112.80         55
                                       5.500          1,112.80
    BURBANK AREA,(L  CA   91504          2            04/21/03         00
    0416386415                           01           06/01/03          0
    0416386415                           O            05/01/23
    0

    8688701          E22/G01             F          129,000.00         ZZ
                                         360        129,000.00          1
                                       6.250            794.28         68
                                       6.000            794.28
    BOLTON           CT   06043          2            05/05/03         00
    0416627057                           05           07/01/03          0
    0416627057                           O            06/01/33
    0

    8689025          E82/G01             F          349,000.00         ZZ
                                         360        349,000.00          1
                                       5.875          2,064.47         55
                                       5.625          2,064.47
    SANTA CRUZ       CA   95062          2            05/05/03         00
    0400825006                           05           07/01/03          0
    0400825006                           O            06/01/33
    0

    8689031          E82/G01             F          715,000.00         ZZ
                                         360        715,000.00          1
1

                                       6.000          4,286.79         48
                                       5.750          4,286.79
    BRONXVILLE       NY   10708          2            05/07/03         00
    0400806329                           05           07/01/03          0
    0400806329                           O            06/01/33
    0

    8689047          E82/G01             F          317,500.00         ZZ
                                         360        317,500.00          1
                                       5.875          1,878.13         44
                                       5.625          1,878.13
    SAN JOSE         CA   95120          2            05/05/03         00
    0400821526                           05           07/01/03          0
    0400821526                           O            06/01/33
    0

    8689051          E82/G01             F          423,000.00         ZZ
                                         360        423,000.00          1
                                       6.000          2,536.10         52
                                       5.750          2,536.10
    SAN JOSE         CA   95129          2            05/05/03         00
    0400815940                           05           07/01/03          0
    0400815940                           O            06/01/33
    0

    8689815          944/G01             F          433,500.00         ZZ
                                         360        433,500.00          1
                                       5.875          2,564.32         59
                                       5.625          2,564.32
    INDIANOLA        WA   98342          2            05/01/03         00
    0435784624                           03           07/01/03          0
    W02035238                            O            06/01/33
    0

    8691411          S11/G01             F          575,200.00         ZZ
                                         360        575,200.00          1
                                       5.875          3,402.53         80
                                       5.625          3,402.53
    TEMECULA         CA   92592          1            04/28/03         00
    0435795745                           05           07/01/03          0
    10400209                             O            06/01/33
    0

    8692003          K15/G01             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       6.250            640.35         63
                                       6.000            640.35
    JERSEY CITY      NJ   07305          5            05/02/03         00
    0435790720                           05           07/01/03          0
1

    010905514151                         O            06/01/33
    0

    8692597          E47/G01             F          322,700.00         ZZ
                                         360        322,371.00          1
                                       5.875          1,908.89         76
                                       5.625          1,908.89
    GILROY           CA   95020          2            04/21/03         00
    0435798756                           05           06/01/03          0
    7359514109                           O            05/01/33
    0

    8692973          944/G01             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       5.875          2,117.71         53
                                       5.625          2,117.71
    SACRAMENTO       CA   95819          2            04/30/03         00
    0435790613                           05           07/01/03          0
    W01660970                            O            06/01/33
    0

    8693471          696/G01             F          360,000.00         ZZ
                                         360        359,632.96          1
                                       5.875          2,129.54         60
                                       5.625          2,129.54
    CHEVY CHASE      MD   20815          5            04/23/03         00
    0435780515                           05           06/01/03          0
    31103093                             O            05/01/33
    0

    8694807          X91/X91             F          575,000.00         ZZ
                                         360        574,399.67          1
                                       5.750          3,355.54         57
                                       5.500          3,355.54
    HONOLULU         HI   96825          1            04/24/03         00
    802706                               01           06/01/03          0
    802706                               O            05/01/33
    0

    8695029          696/G01             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         72
                                       5.625          2,070.38
    SOUTH RIDING     VA   20152          5            04/25/03         00
    0435813456                           03           06/01/03          0
    23303137                             O            05/01/33
    0

1

    8695419          G51/G01             F          479,300.00         ZZ
                                         360        479,300.00          1
                                       5.750          2,797.06         69
                                       5.500          2,797.06
    LAFAYETTE        CO   80026          2            05/07/03         00
    0435798897                           03           07/01/03          0
    07000607                             O            06/01/33
    0

    8696305          P60/G01             F          352,500.00         ZZ
                                         360        352,500.00          1
                                       5.875          2,085.18         77
                                       5.625          2,085.18
    COLUMBUS         OH   43221          2            04/30/03         00
    0435809595                           05           07/01/03          0
    1310348149                           O            06/01/33
    0

    8696471          227/G01             F          479,000.00         ZZ
                                         360        478,523.15          1
                                       6.000          2,871.85         65
                                       5.750          2,871.85
    TRACY            CA   95377          5            04/07/03         00
    0435878376                           05           06/01/03          0
    2148786                              O            05/01/33
    0

    8696541          U87/G01             F          359,300.00         ZZ
                                         360        359,300.00          1
                                       6.125          2,183.14         72
                                       5.875          2,183.14
    MODESTO          CA   95356          2            05/09/03         00
    0435860820                           05           07/01/03          0
    7422                                 O            06/01/33
    0

    8697781          E22/G01             F          525,000.00         ZZ
                                         360        524,464.74          1
                                       5.875          3,105.57         62
                                       5.625          3,105.57
    ALAMO            CA   94507          5            04/25/03         00
    0416550499                           03           06/01/03          0
    0416550499                           O            05/01/33
    0

    8697825          E22/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.000          3,477.39         62
                                       5.750          3,477.39
1

    NEWPORT BEACH    CA   92625          2            05/02/03         00
    0416641959                           01           07/01/03          0
    0416641959                           O            06/01/33
    0

    8697891          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.875          3,845.00         55
                                       5.625          3,845.00
    SAN MATEO        CA   94402          5            04/23/03         00
    0416739811                           05           07/01/03          0
    0416739811                           O            06/01/33
    0

    8697925          E22/G01             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.875          1,908.89         68
                                       5.625          1,908.89
    SACRAMENTO       CA   95829          2            05/06/03         00
    0416780112                           05           07/01/03          0
    0416780112                           O            06/01/33
    0

    8697941          E22/G01             F          514,000.00         ZZ
                                         360        514,000.00          1
                                       5.875          3,040.50         64
                                       5.625          3,040.50
    LA CRESCENTA     CA   91214          2            04/30/03         00
    0416790657                           05           07/01/03          0
    0416790657                           O            06/01/33
    0

    8697955          E22/G01             F          570,000.00         ZZ
                                         360        569,418.85          1
                                       5.875          3,371.77         69
                                       5.625          3,371.77
    HUNTINGTON BEAC  CA   92648          2            04/25/03         00
    0416812246                           03           06/01/03          0
    0416812246                           O            05/01/33
    0

    8697961          E22/G01             F          109,000.00         ZZ
                                         360        109,000.00          1
                                       5.875            644.78         70
                                       5.625            644.78
    NORTH MIAMI      FL   33179          5            05/06/03         00
    0416814986                           05           07/01/03          0
    0416814986                           O            06/01/33
    0
1

    8697991          E22/G01             F           54,500.00         ZZ
                                         360         54,500.00          1
                                       5.750            318.05         43
                                       5.500            318.05
    MANCHESTER       KY   40962          2            05/07/03         00
    0416863041                           05           07/01/03          0
    0416863041                           O            06/01/33
    0

    8698057          E22/G01             F          177,600.00         ZZ
                                         360        177,600.00          1
                                       5.875          1,050.57         80
                                       5.625          1,050.57
    WESTMINSTER      CO   80031          2            05/07/03         00
    0416921880                           03           07/01/03          0
    0416921880                           O            06/01/33
    0

    8698073          E22/G01             F          627,000.00         ZZ
                                         360        627,000.00          1
                                       5.875          3,708.94         80
                                       5.625          3,708.94
    DUBLIN           CA   94568          2            04/29/03         00
    0416935807                           03           07/01/03          0
    0416935807                           O            06/01/33
    0

    8698075          E22/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       5.875          2,780.23         50
                                       5.625          2,780.23
    CUPERTINO        CA   95014          2            05/05/03         00
    0416937464                           05           07/01/03          0
    0416937464                           O            06/01/33
    0

    8698093          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         60
                                       5.625          2,661.92
    LOS ANGELES      CA   90068          5            05/06/03         00
    0416950947                           05           07/01/03          0
    0416950947                           O            06/01/33
    0

    8698109          E22/G01             F          132,000.00         ZZ
                                         360        132,000.00          1
1

                                       5.875            780.83         55
                                       5.625            780.83
    CHARLOTTE        NC   28226          2            05/06/03         00
    0416970796                           05           07/01/03          0
    0416970796                           O            06/01/33
    0

    8698301          E82/G01             F          319,000.00         ZZ
                                         360        319,000.00          1
                                       5.875          1,887.01         58
                                       5.625          1,887.01
    DENVER           CO   80210          2            05/09/03         00
    0400829479                           05           07/01/03          0
    0400829479                           O            06/01/33
    0

    8698315          E82/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.000          2,997.75         72
                                       5.750          2,997.75
    ATLANTA          GA   30306          2            05/09/03         00
    0400830535                           05           07/01/03          0
    0400830535                           O            06/01/33
    0

    8698317          E82/G01             F          311,500.00         ZZ
                                         360        311,500.00          1
                                       5.875          1,842.64         57
                                       5.625          1,842.64
    EL CAJON         CA   92021          2            05/07/03         00
    0400815528                           05           07/01/03          0
    0400815528                           O            06/01/33
    0

    8698325          E82/G01             F          446,500.00         ZZ
                                         360        446,500.00          1
                                       6.125          2,712.98         45
                                       5.875          2,712.98
    SANTA MONICA     CA   90402          2            05/07/03         00
    0400802583                           05           07/01/03          0
    0400802583                           O            06/01/33
    0

    8698351          E82/G01             F          321,000.00         ZZ
                                         360        321,000.00          1
                                       6.000          1,924.56         43
                                       5.750          1,924.56
    SARATOGA         CA   95070          2            05/07/03         00
    0400824330                           05           07/01/03          0
1

    0400824330                           O            06/01/33
    0

    8698379          E82/G01             F          319,100.00         ZZ
                                         360        319,100.00          1
                                       5.875          1,887.60         80
                                       5.625          1,887.60
    ALAMEDA          CA   94501          2            05/07/03         00
    0400824306                           05           07/01/03          0
    0400824306                           O            06/01/33
    0

    8698383          E82/G01             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       5.875          1,818.98         44
                                       5.625          1,818.98
    SAN FRANCISCO    CA   94131          2            05/06/03         00
    0400821427                           07           07/01/03          0
    0400821427                           O            06/01/33
    0

    8698981          G75/G01             F          558,300.00         ZZ
                                         360        557,717.10          1
                                       5.750          3,258.09         76
                                       5.500          3,258.09
    ANNAPOLIS        MD   21401          2            04/11/03         00
    0435836341                           05           06/01/03          0
    05057511                             O            05/01/33
    0

    8698985          G75/G01             F          436,850.00         ZZ
                                         360        436,415.11          1
                                       6.000          2,619.14         79
                                       5.750          2,619.14
    OAKTON           VA   22124          2            04/22/03         00
    0435843958                           03           06/01/03          0
    05048182                             O            05/01/33
    0

    8698989          G75/G01             F          599,350.00         ZZ
                                         360        598,781.30          1
                                       6.250          3,690.31         66
                                       6.000          3,690.31
    VIENNA           VA   22180          5            04/11/03         00
    0435843917                           05           06/01/03          0
    4988272                              O            05/01/33
    0

1

    8698999          E86/G01             F          493,400.00         ZZ
                                         360        492,884.87          1
                                       5.750          2,879.34         80
                                       5.500          2,879.34
    ALAMEDA          CA   94502          1            04/22/03         00
    0435843156                           03           06/01/03          0
    315527                               O            05/01/33
    0

    8699003          E86/G01             F          360,000.00         ZZ
                                         360        359,641.62          1
                                       6.000          2,158.38         72
                                       5.750          2,158.38
    STATEN ISLAND    NY   10314          5            04/11/03         00
    0435836580                           05           06/01/03          0
    303325                               O            05/01/33
    0

    8699009          G75/G01             F          550,000.00         ZZ
                                         360        549,439.25          1
                                       5.875          3,253.46         74
                                       5.625          3,253.46
    HUNTINGTOWN      MD   20639          1            04/25/03         00
    0435843826                           05           06/01/03          0
    05066700                             O            05/01/33
    0

    8699011          G75/G01             F          540,000.00         ZZ
                                         360        539,394.90          1
                                       5.375          3,023.85         80
                                       5.125          3,023.85
    CLERMONT         FL   34711          1            04/29/03         00
    0435844022                           03           06/01/03          0
    05086776                             O            05/01/33
    0

    8699021          E86/G01             F          411,000.00         ZZ
                                         360        409,823.96          1
                                       6.250          2,530.60         72
                                       6.000          2,530.60
    FAIRFAX          VA   22030          2            02/06/03         00
    0435813100                           03           04/01/03          0
    274698                               O            03/01/33
    0

    8699023          E86/G01             F          324,800.00         ZZ
                                         360        324,476.66          1
                                       6.000          1,947.34         80
                                       5.750          1,947.34
1

    OAK HILL         VA   20171          2            04/18/03         00
    0435844238                           03           06/01/03          0
    0301279                              O            05/01/33
    0

    8699031          E86/G01             F          500,000.00         ZZ
                                         360        499,477.97          1
                                       5.750          2,917.86         63
                                       5.500          2,917.86
    TORRANCE         CA   90505          2            04/18/03         00
    0435844311                           05           06/01/03          0
    294814                               O            05/01/33
    0

    8699073          E86/G01             F          351,200.00         ZZ
                                         360        350,841.94          1
                                       5.875          2,077.48         80
                                       5.625          2,077.48
    ASHBURN          VA   20147          1            04/24/03         00
    0435842513                           03           06/01/03          0
    302186                               O            05/01/33
    0

    8699077          E86/G01             F          560,000.00         ZZ
                                         360        559,415.32          1
                                       5.750          3,268.01         66
                                       5.500          3,268.01
    NEW HOPE         PA   18938          2            04/17/03         00
    0435843750                           05           06/01/03          0
    295965                               O            05/01/33
    0

    8699089          E86/G01             F          334,000.00         ZZ
                                         360        333,667.50          1
                                       6.000          2,002.50         79
                                       5.750          2,002.50
    BERRYVILLE       VA   22611          5            04/15/03         00
    0435843073                           05           06/01/03          0
    310850                               O            05/01/33
    0

    8699093          E86/G01             F          595,000.00         ZZ
                                         360        594,407.68          1
                                       6.000          3,567.32         73
                                       5.750          3,567.32
    WALPOLE          MA   02081          2            04/17/03         00
    0435842885                           05           06/01/03          0
    289140                               O            05/01/33
    0
1

    8699105          E86/G01             F          337,200.00         ZZ
                                         360        336,864.32          1
                                       6.000          2,021.68         80
                                       5.750          2,021.68
    ANNAPOLIS        MD   21401          5            04/16/03         00
    0435811674                           03           06/01/03          0
    300022                               O            05/01/33
    0

    8699151          E86/G01             F          484,000.00         ZZ
                                         360        483,506.54          1
                                       5.875          2,863.04         76
                                       5.625          2,863.04
    HAMILTON         OH   45011          2            04/16/03         00
    0435844204                           03           06/01/03          0
    304076                               O            05/01/33
    0

    8699177          E86/G01             F          564,000.00         ZZ
                                         360        563,424.98          1
                                       5.875          3,336.27         73
                                       5.625          3,336.27
    POTOMAC          MD   20854          2            04/25/03         00
    0435841630                           05           06/01/03          0
    307098                               O            05/01/33
    0

    8699183          E86/G01             F          404,000.00         ZZ
                                         360        403,578.20          1
                                       5.750          2,357.63         77
                                       5.500          2,357.63
    GREENWICH        CT   06830          2            04/25/03         00
    0435831680                           08           06/01/03          0
    301101                               O            05/01/33
    0

    8699383          X82/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.125          3,949.47         80
                                       5.875          3,949.47
    ALEXANDRIA       VA   22305          2            05/05/03         00
    0435808944                           05           07/01/03          0
    855876                               O            06/01/33
    0

    8699777          A01/G01             F          203,000.00         ZZ
                                         360        202,782.98          1
1

                                       5.625          1,168.58         61
                                       5.375          1,168.58
    PITTSBURG        CA   94565          5            04/24/03         00
    0435867015                           05           06/01/03          0
    JONES                                O            05/01/33
    0

    8700255          A06/G01             F          116,000.00         ZZ
                                         360        115,878.88          1
                                       5.750            676.95         80
                                       5.500            676.95
    ROYAL OAK        MI   48067          2            04/30/03         00
    0435809884                           05           06/01/03          0
    021000020306779                      O            05/01/33
    0

    8700545          964/G01             F          440,000.00         ZZ
                                         360        439,561.98          1
                                       6.000          2,638.02         44
                                       5.750          2,638.02
    MILL VALLEY      CA   94941          2            04/23/03         00
    0435782636                           05           06/01/03          0
    349966                               O            05/01/33
    0

    8700571          A06/G01             F          163,000.00         ZZ
                                         360        162,833.81          1
                                       5.875            964.21         33
                                       5.625            964.21
    BLOOMFIELD TWP   MI   48301          5            04/14/03         00
    0435817556                           05           06/01/03          0
    1000020306161                        O            05/01/33
    0

    8700575          964/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       6.000          2,194.35         61
                                       5.750          2,194.35
    EAST PALO ALTO   CA   94303          2            04/25/03         00
    0435784590                           05           07/01/03          0
    396299                               O            06/01/33
    0

    8701097          Q01/G01             F          119,512.00         ZZ
                                         360        119,393.03          1
                                       6.000            716.53         78
                                       5.750            716.53
    POQUOSON         VA   23662          2            04/25/03         00
    0435812250                           05           06/01/03          0
1

    146113                               O            05/01/33
    0

    8701293          944/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       5.875          2,129.54         68
                                       5.625          2,129.54
    BELLEVUE         WA   98006          5            05/01/03         00
    0435813159                           03           07/01/03          0
    W02035235                            O            06/01/33
    0

    8701579          E86/G01             F          564,250.00         ZZ
                                         360        563,660.89          1
                                       5.750          3,292.81         72
                                       5.500          3,292.81
    ROCKVILLE        MD   20853          2            04/14/03         00
    0435810809                           05           06/01/03          0
    303068                               O            05/01/33
    0

    8702237          E82/G01             F          328,500.00         ZZ
                                         360        328,500.00          1
                                       5.875          1,943.20         76
                                       5.625          1,943.20
    VISALIA          CA   93291          2            05/07/03         00
    0400804951                           05           07/01/03          0
    0400804951                           O            06/01/33
    0

    8702239          E82/G01             F          363,000.00         ZZ
                                         360        363,000.00          1
                                       6.000          2,176.37         79
                                       5.750          2,176.37
    SAN CLEMENTE     CA   92672          2            05/08/03         00
    0400831962                           05           07/01/03          0
    0400831962                           O            06/01/33
    0

    8702259          E82/G01             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       5.875          1,745.04         55
                                       5.625          1,745.04
    SANTA ROSA       CA   95409          2            05/08/03         00
    0400830592                           05           07/01/03          0
    0400830592                           O            06/01/33
    0

1

    8702273          E22/G01             F          538,333.00         ZZ
                                         360        538,333.00          1
                                       5.750          3,141.57         55
                                       5.500          3,141.57
    HUNTINGTON       NY   11743          1            05/13/03         00
    0416484137                           05           07/01/03          0
    0416484137                           O            06/01/33
    0

    8702275          E22/G01             F          186,500.00         ZZ
                                         360        186,500.00          1
                                       6.500          1,178.81         79
                                       6.250          1,178.81
    ROBERTSDALE      AL   36567          2            05/08/03         00
    0416487783                           05           07/01/03          0
    0416487783                           O            06/01/33
    0

    8702379          E22/G01             F          174,000.00         ZZ
                                         360        174,000.00          1
                                       6.500          1,099.80         90
                                       6.250          1,099.80
    EVERETT          MA   02149          2            05/07/03         01
    0416994366                           01           07/01/03         25
    0416994366                           O            06/01/33
    0

    8702383          E22/G01             F          337,350.00         ZZ
                                         360        337,350.00          1
                                       5.875          1,995.55         79
                                       5.625          1,995.55
    TROY             MI   48098          2            05/08/03         00
    0416996833                           03           07/01/03          0
    0416996833                           O            06/01/33
    0

    8702397          E22/G01             F          762,145.00         ZZ
                                         360        761,386.29          1
                                       6.000          4,569.44         51
                                       5.750          4,569.44
    FRESNO           CA   93720          2            04/21/03         00
    0416133098                           03           06/01/03          0
    0416133098                           O            05/01/33
    0

    8702459          E22/G01             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       5.750          1,027.09         80
                                       5.500          1,027.09
1

    AUBURN           WA   98002          2            04/30/03         00
    0416814796                           05           07/01/03          0
    0416814796                           O            06/01/33
    0

    8702551          E22/G01             F          267,000.00         ZZ
                                         360        267,000.00          1
                                       5.875          1,579.41         70
                                       5.625          1,579.41
    GOLD HILL        OR   97525          2            05/07/03         00
    0416756302                           05           07/01/03          0
    0416756302                           O            06/01/33
    0

    8704565          F25/G01             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       5.375          1,887.10         52
                                       5.125          1,887.10
    MAHOPAC          NY   10541          2            05/06/03         00
    0435890793                           05           07/01/03          0
    R0303016                             O            06/01/33
    0

    8704659          356/356             F          378,345.00         ZZ
                                         360        378,345.00          1
                                       6.250          2,329.54         76
                                       6.000          2,329.54
    HAYWARD          CA   94545          2            04/26/03         00
    29021862                             05           07/01/03          0
    29021862                             O            06/01/33
    0

    8705209          K15/G01             F          155,000.00         ZZ
                                         360        154,838.17          1
                                       5.750            904.54         78
                                       5.500            904.54
    BRONX            NY   10469          5            04/25/03         00
    0435816913                           05           06/01/03          0
    005005512852                         O            05/01/33
    0

    8705763          K15/G01             F           86,200.00         ZZ
                                         240         86,013.44          1
                                       6.000            617.56         75
                                       5.750            617.56
    MORA             MN   55051          5            04/25/03         00
    0435814009                           05           06/01/03          0
    013105515158                         O            05/01/23
    0
1

    8707017          E82/G01             F          263,400.00         ZZ
                                         360        263,400.00          1
                                       5.875          1,558.11         50
                                       5.625          1,558.11
    S ORANGE         NJ   07079          2            05/09/03         00
    0400827747                           05           07/01/03          0
    0400827747                           O            06/01/33
    0

    8707043          E82/G01             F          322,350.00         ZZ
                                         360        322,350.00          1
                                       6.000          1,932.65         75
                                       5.750          1,932.65
    SACRAMENTO       CA   95834          2            05/09/03         00
    0400830824                           03           07/01/03          0
    0400830824                           O            06/01/33
    0

    8707045          E82/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.250          1,921.04         80
                                       6.000          1,921.04
    VISALIA          CA   93291          2            05/09/03         00
    0400824074                           03           07/01/03          0
    0400824074                           O            06/01/33
    0

    8707417          696/G01             F          185,000.00         ZZ
                                         360        184,811.39          1
                                       5.875          1,094.34         76
                                       5.625          1,094.34
    SILVER SPRING    MD   20901          2            04/17/03         00
    0435808670                           05           06/01/03          0
    31803053                             O            05/01/33
    0

    8707429          696/G01             F          537,500.00         ZZ
                                         360        537,500.00          1
                                       5.875          3,179.52         77
                                       5.625          3,179.52
    ROCKVILLE        MD   20853          2            05/08/03         00
    0435808852                           03           07/01/03          0
    30503069                             O            06/01/33
    0

    8707443          696/G01             F          350,000.00         ZZ
                                         360        349,643.16          1
1

                                       5.875          2,070.38         77
                                       5.625          2,070.38
    ARLINGTON        VA   22204          2            04/22/03         00
    0435810908                           05           06/01/03          0
    22803072                             O            05/01/33
    0

    8707601          X89/G01             F          627,750.00         T
                                         360        627,125.07          1
                                       6.000          3,763.68         65
                                       5.750          3,763.68
    APTOS            CA   95003          2            04/23/03         00
    0435859152                           03           06/01/03          0
    2004579                              O            05/01/33
    0

    8707771          R84/G01             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       5.750          1,563.98         71
                                       5.500          1,563.98
    HOUSTON          TX   77019          2            05/09/03         00
    0435877725                           05           07/01/03          0
    0703131                              O            06/01/33
    0

    8707793          E22/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         55
                                       5.625          2,188.69
    SANTA ROSA       CA   95404          2            05/06/03         00
    0416791754                           03           07/01/03          0
    0416791754                           O            06/01/33
    0

    8707819          E22/G01             F          583,000.00         ZZ
                                         360        583,000.00          1
                                       5.875          3,448.67         79
                                       5.625          3,448.67
    SAN FRANCISCO    CA   94116          2            05/06/03         00
    0416813798                           05           07/01/03          0
    0416813798                           O            06/01/33
    0

    8707821          E22/G01             F          494,500.00         ZZ
                                         360        494,500.00          1
                                       5.875          2,925.15         69
                                       5.625          2,925.15
    LIVERMORE        CA   94550          2            05/07/03         00
    0416815249                           05           07/01/03          0
1

    0416815249                           O            06/01/33
    0

    8707839          E22/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       5.875          3,312.61         80
                                       5.625          3,312.61
    FORT LAUDERDALE  FL   33325          2            05/09/03         00
    0416827251                           03           07/01/03          0
    0416827251                           O            06/01/33
    0

    8707971          A39/G01             F          457,000.00         ZZ
                                         360        456,545.05          1
                                       6.000          2,739.95         74
                                       5.750          2,739.95
    SHERMAN OAKS     CA   91423          1            04/25/03         00
    0435867072                           05           06/01/03          0
    2300889                              O            05/01/33
    0

    8708067          E86/G01             F          401,400.00         ZZ
                                         360        401,000.40          1
                                       6.000          2,406.60         90
                                       5.750          2,406.60
    SETAUKET         NY   11733          1            04/30/03         14
    0435811278                           05           06/01/03         30
    303624                               O            05/01/33
    0

    8708357          X51/G01             F          493,500.00         ZZ
                                         360        492,996.85          1
                                       5.875          2,919.24         62
                                       5.625          2,919.24
    APTOS            CA   95003          2            04/30/03         00
    0435877709                           05           06/01/03          0
    0030318027                           O            05/01/33
    0

    8708419          X51/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       5.875          2,602.77         46
                                       5.625          2,602.77
    CORONA DEL MAR   CA   92625          5            05/12/03         00
    0435909700                           05           07/01/03          0
    0030428003                           O            06/01/33
    0

1

    8708519          964/G01             F          390,000.00         ZZ
                                         360        389,602.37          1
                                       5.875          2,307.00         64
                                       5.625          2,307.00
    SAN FRANCISCO    CA   94122          5            04/25/03         00
    0435805346                           07           06/01/03          0
    393105                               O            05/01/33
    0

    8708521          964/G01             F          520,000.00         ZZ
                                         360        519,482.34          1
                                       6.000          3,117.66         80
                                       5.750          3,117.66
    OAKLAND          CA   94610          2            04/11/03         00
    0435876180                           03           06/01/03          0
    347638                               O            05/01/33
    0

    8708541          964/G01             F          471,500.00         ZZ
                                         360        471,500.00          1
                                       6.125          2,864.89         66
                                       5.875          2,864.89
    CARLSBAD         CA   92009          2            05/01/03         00
    0435837109                           03           07/01/03          0
    391394                               O            06/01/33
    0

    8708547          964/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.125          2,551.97         71
                                       5.875          2,551.97
    SEBASTOPOL       CA   95472          1            05/02/03         00
    0435881891                           05           07/01/03          0
    394560                               O            06/01/33
    0

    8708549          964/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       6.000          2,134.40         57
                                       5.750          2,134.40
    CASTRO VALLEY    CA   94552          2            04/30/03         00
    0435862271                           03           07/01/03          0
    395876                               O            06/01/33
    0

    8708555          964/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       5.875          2,839.38         50
                                       5.625          2,839.38
1

    BERKELEY         CA   94708          1            05/02/03         00
    0435802863                           05           07/01/03          0
    402047                               O            06/01/33
    0

    8708557          964/G01             F          467,000.00         ZZ
                                         360        467,000.00          1
                                       5.875          2,762.48         68
                                       5.625          2,762.48
    NEVADA CITY      CA   95959          1            05/05/03         00
    0435898226                           05           07/01/03          0
    409973                               O            06/01/33
    0

    8708613          A21/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       5.875          1,952.08         79
                                       5.625          1,952.08
    NEW MILFORND     NJ   07646          2            05/08/03         00
    0435871702                           05           07/01/03          0
    0100134759                           O            06/01/33
    0

    8708811          X89/G01             F          335,300.00         ZZ
                                         360        335,300.00          1
                                       5.875          1,983.43         65
                                       5.625          1,983.43
    LA MIRADA        CA   90638          2            05/08/03         00
    0435874854                           05           07/01/03          0
    2002707                              O            06/01/33
    0

    8708855          X89/G01             F          353,750.00         ZZ
                                         360        353,750.00          1
                                       5.875          2,092.56         54
                                       5.625          2,092.56
    SANTA ROSA       CA   95405          2            05/08/03         00
    0435840947                           05           07/01/03          0
    2004899                              O            06/01/33
    0

    8708907          K15/G01             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       5.375            302.38         58
                                       5.125            302.38
    LANSING          MI   48911          2            05/06/03         00
    0435839634                           05           07/01/03          0
    036305514488                         O            06/01/33
    0
1

    8709059          E86/G01             F          355,000.00         ZZ
                                         360        354,646.60          1
                                       6.000          2,128.40         79
                                       5.750          2,128.40
    SOMERS           CT   06071          2            04/28/03         00
    0435832134                           05           06/01/03          0
    302036                               O            05/01/33
    0

    8709123          E86/G01             F          635,200.00         ZZ
                                         360        634,552.38          1
                                       5.875          3,757.45         77
                                       5.625          3,757.45
    BERKELEY         CA   94705          1            04/23/03         00
    0435812631                           05           06/01/03          0
    249778                               O            05/01/33
    0

    8709835          Y50/G01             F          549,800.00         ZZ
                                         360        549,239.46          1
                                       5.875          3,252.27         66
                                       5.625          3,252.27
    SCOTTSDALE       AZ   85259          2            04/21/03         00
    0435874987                           03           06/01/03          0
    20031967                             O            05/01/33
    0

    8712051          E82/G01             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       5.875          1,727.29         72
                                       5.625          1,727.29
    HOWARD BEACH     NY   11414          5            05/13/03         00
    0400812285                           05           07/01/03          0
    0400812285                           O            06/01/33
    0

    8712071          E82/G01             F          475,600.00         ZZ
                                         360        475,600.00          1
                                       5.875          2,813.35         61
                                       5.625          2,813.35
    BROOKLYN         NY   11209          2            05/13/03         00
    0400828877                           05           07/01/03          0
    0400828877                           O            06/01/33
    0

    8712091          X71/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
1

                                       5.625          2,763.15         48
                                       5.375          2,763.15
    MARTINEZ         CA   94553          5            04/30/03         00
    0435920244                           05           07/01/03          0
    7981115                              O            06/01/33
    0

    8712211          E22/G01             F          788,000.00         ZZ
                                         360        788,000.00          1
                                       5.875          4,661.32         59
                                       5.625          4,661.32
    LOS ANGELES      CA   90064          2            05/01/03         00
    0416118834                           05           07/01/03          0
    0416118834                           O            06/01/33
    0

    8712293          E22/G01             F          246,400.00         ZZ
                                         360        246,400.00          1
                                       6.000          1,477.29         80
                                       5.750          1,477.29
    CLAREMONT        CA   91711          2            05/07/03         00
    0416731164                           05           07/01/03          0
    0416731164                           O            06/01/33
    0

    8712385          E22/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.125          2,138.79         80
                                       5.875          2,138.79
    DUBLIN           CA   94568          2            05/06/03         00
    0416836682                           05           07/01/03          0
    0416836682                           O            06/01/33
    0

    8712403          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.875          3,845.00         58
                                       5.625          3,845.00
    SAN RAMON        CA   94583          2            05/06/03         00
    0416866838                           03           07/01/03          0
    0416866838                           O            06/01/33
    0

    8712435          E22/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.000          2,056.46         79
                                       5.750          2,056.46
    TRUCKEE          CA   96161          1            05/09/03         00
    0416905784                           03           07/01/03          0
1

    0416905784                           O            06/01/33
    0

    8712445          E22/G01             F          399,400.00         ZZ
                                         360        399,400.00          1
                                       6.000          2,394.60         40
                                       5.750          2,394.60
    SANTA MONICA     CA   90403          2            05/07/03         00
    0416917458                           05           07/01/03          0
    0416917458                           O            06/01/33
    0

    8713015          K15/G01             F          129,200.00         ZZ
                                         240        129,200.00          1
                                       6.000            925.63         46
                                       5.750            925.63
    DEER PARK        NY   11729          5            04/29/03         00
    0435844287                           05           07/01/03          0
    020805513798                         O            06/01/23
    0

    8713305          A06/G01             F          218,650.00         ZZ
                                         360        218,650.00          1
                                       6.375          1,364.10         94
                                       6.125          1,364.10
    OAK PARK         MI   48237          2            05/02/03         11
    0435856406                           05           07/01/03         30
    1                                    O            06/01/33
    0

    8713693          K15/G01             F          107,000.00         ZZ
                                         360        106,903.27          1
                                       6.500            676.31         62
                                       6.250            676.31
    PARAMOUNT        CA   90723          5            04/25/03         00
    0435860333                           05           06/01/03          0
    024905509131                         O            05/01/33
    0

    8713941          696/G01             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       5.750          2,941.21         80
                                       5.500          2,941.21
    ALEXANDRIA       VA   22312          1            05/08/03         00
    0435828116                           05           07/01/03          0
    25503100                             O            06/01/33
    0

1

    8713977          367/367             F          576,000.00         ZZ
                                         360        575,412.74          1
                                       5.875          3,407.26         58
                                       5.625          3,407.26
    GREAT FALLS      VA   22066          2            04/24/03         00
    99074340                             05           06/01/03          0
    99074340                             O            05/01/33
    0

    8714049          696/G01             F          583,900.00         ZZ
                                         360        583,900.00          1
                                       5.875          3,453.99         80
                                       5.625          3,453.99
    GAITHERSBURG     MD   20878          1            05/15/03         00
    0435873534                           03           07/01/03          0
    24403056                             O            06/01/33
    0

    8714063          696/G01             F          550,000.00         ZZ
                                         360        549,439.25          1
                                       5.875          3,253.46         78
                                       5.625          3,253.46
    ALEXANDRIA       VA   22309          2            05/05/03         00
    0435859186                           03           06/01/03          0
    23303180                             O            05/01/33
    0

    8714065          696/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         36
                                       5.625          2,661.92
    BETHESDA         MD   20816          2            05/07/03         00
    0435866033                           05           07/01/03          0
    22303073                             O            06/01/33
    0

    8714135          696/G01             F          552,800.00         ZZ
                                         360        552,800.00          1
                                       5.875          3,270.02         80
                                       5.625          3,270.02
    ARLINGTON        VA   22205          2            05/07/03         00
    0435864509                           05           07/01/03          0
    25503134                             O            06/01/33
    0

    8714251          227/G01             F          417,000.00         ZZ
                                         360        416,574.84          1
                                       5.875          2,466.72         60
                                       5.625          2,466.72
1

    PLEASANTON       CA   94566          2            04/21/03         00
    0435866546                           05           06/01/03          0
    2150927                              O            05/01/33
    0

    8714329          N47/G01             F          363,500.00         ZZ
                                         360        363,500.00          1
                                       6.000          2,179.37         75
                                       5.750          2,179.37
    MARTINEZ         CA   94553          5            05/08/03         00
    0435897475                           05           07/01/03          0
    20504927                             O            06/01/33
    0

    8714613          S11/G01             F          353,500.00         ZZ
                                         360        353,148.09          1
                                       6.000          2,119.41         60
                                       5.750          2,119.41
    IRVINE           CA   92602          2            04/18/03         00
    0435842596                           03           06/01/03          0
    10300893                             O            05/01/33
    0

    8714801          W58/G01             F           75,750.00         ZZ
                                         360         75,750.00          1
                                       6.000            454.16         80
                                       5.750            454.16
    PORTERVILLE      CA   93257          2            05/08/03         00
    0435881974                           05           07/01/03          0
    82584                                O            06/01/33
    0

    8715215          B57/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       5.875          2,543.61         58
                                       5.625          2,543.61
    NEWHALL          CA   91321          2            05/06/03         00
    0435894183                           05           07/01/03          0
    10011331                             O            06/01/33
    0

    8715221          E82/G01             F          443,100.00         ZZ
                                         360        443,100.00          1
                                       6.000          2,656.61         74
                                       5.750          2,656.61
    ALEXANDRIA       VA   22310          5            05/13/03         00
    0400816781                           03           07/01/03          0
    0400816781                           O            06/01/33
    0
1

    8715227          E82/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       5.875          1,863.34         48
                                       5.625          1,863.34
    FAIRFAX          VA   22032          2            05/15/03         00
    0400836912                           05           07/01/03          0
    0400836912                           O            06/01/33
    0

    8715229          E82/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.500          2,781.10         80
                                       6.250          2,781.10
    REDMOND          WA   98053          2            05/15/03         00
    0400827754                           03           07/01/03          0
    0400827754                           O            06/01/33
    0

    8715233          E82/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.250          2,524.44         51
                                       6.000          2,524.44
    SAN RAMON        CA   94583          2            05/12/03         00
    0400816591                           05           07/01/03          0
    0400816591                           O            06/01/33
    0

    8715253          E82/G01             F          292,300.00         ZZ
                                         360        292,300.00          1
                                       6.000          1,752.49         64
                                       5.750          1,752.49
    COSTA MESA       CA   92627          2            05/12/03         00
    0400834925                           05           07/01/03          0
    0400834925                           O            06/01/33
    0

    8715257          E82/G01             F          403,700.00         ZZ
                                         360        403,700.00          1
                                       5.875          2,388.04         63
                                       5.625          2,388.04
    AURORA           CO   80016          2            05/15/03         00
    0400826962                           03           07/01/03          0
    0400826962                           O            06/01/33
    0

    8715261          E82/G01             F          393,100.00         ZZ
                                         360        393,100.00          1
1

                                       6.125          2,388.52         63
                                       5.875          2,388.52
    ALISO VIEJO ARE  CA   92656          2            05/08/03         00
    0400792834                           05           07/01/03          0
    0400792834                           O            06/01/33
    0

    8715281          E82/G01             F          334,500.00         ZZ
                                         360        334,500.00          1
                                       5.875          1,978.69         50
                                       5.625          1,978.69
    SAN JOSE         CA   95148          2            05/12/03         00
    0400830287                           05           07/01/03          0
    0400830287                           O            06/01/33
    0

    8715593          T53/G01             F          508,000.00         ZZ
                                         360        508,000.00          1
                                       5.875          3,005.02         79
                                       5.625          3,005.02
    UPLAND           CA   91784          1            05/08/03         00
    0435890728                           05           07/01/03          0
    31002073                             O            06/01/33
    0

    8715647          E22/G01             F          103,500.00         ZZ
                                         360        103,500.00          1
                                       6.250            637.27         90
                                       6.000            637.27
    PIQUA            OH   45356          2            05/12/03         01
    0416697407                           05           07/01/03         25
    0416697407                           O            06/01/33
    0

    8715661          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       5.750          1,925.79         51
                                       5.500          1,925.79
    NORWALK          CT   06850          2            05/12/03         00
    0416741551                           05           07/01/03          0
    0416741551                           O            06/01/33
    0

    8715717          E22/G01             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       6.000          2,566.08         80
                                       5.750          2,566.08
    BARRINGTON       RI   02806          2            05/12/03         00
    0416801470                           05           07/01/03          0
1

    0416801470                           O            06/01/33
    0

    8715719          E22/G01             F           84,750.00         ZZ
                                         360         84,750.00          1
                                       6.250            521.82         75
                                       6.000            521.82
    BOISE            ID   83706          5            05/08/03         00
    0416812931                           05           07/01/03          0
    0416812931                           O            06/01/33
    0

    8715781          U97/G01             F          342,000.00         ZZ
                                         360        341,667.60          1
                                       6.125          2,078.03         85
                                       5.875          2,078.03
    DURHAM           CT   06422          2            04/25/03         14
    0435891130                           05           06/01/03         25
    636323349                            O            05/01/33
    0

    8715823          E22/G01             F          361,500.00         ZZ
                                         360        361,500.00          1
                                       6.500          2,284.93         75
                                       6.250          2,284.93
    PLYMOUTH         MA   02360          5            05/12/03         00
    0416901940                           05           07/01/03          0
    0416901940                           O            06/01/33
    0

    8715943          E22/G01             F          787,500.00         ZZ
                                         360        787,500.00          1
                                       5.875          4,658.36         75
                                       5.625          4,658.36
    BELLEVUE         WA   98006          1            05/12/03         00
    0416997385                           03           07/01/03          0
    0416997385                           O            06/01/33
    0

    8715959          E22/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.000          2,062.45         80
                                       5.750          2,062.45
    ARROYO GRANDE    CA   93420          1            05/13/03         00
    0417010840                           05           07/01/03          0
    0417010840                           O            06/01/33
    0

1

    8717521          E82/G01             F          314,200.00         ZZ
                                         360        314,200.00          1
                                       5.875          1,858.61         59
                                       5.625          1,858.61
    RIDGELAND        MS   39157          2            05/13/03         00
    0400822540                           03           07/01/03          0
    0400822540                           O            06/01/33
    0

    8717783          964/G01             F          380,000.00         ZZ
                                         360        379,621.71          1
                                       6.000          2,278.29         32
                                       5.750          2,278.29
    SAN JOSE         CA   95138          2            04/18/03         00
    0435840061                           03           06/01/03          0
    384159                               O            05/01/33
    0

    8717803          964/G01             F          723,000.00         ZZ
                                         360        723,000.00          1
                                       5.875          4,276.82         60
                                       5.625          4,276.82
    ARCADIA          CA   91006          2            04/29/03         00
    0435868906                           05           07/01/03          0
    391368                               O            06/01/33
    0

    8717805          964/G01             F          650,000.00         ZZ
                                         360        649,352.92          1
                                       6.000          3,897.08         68
                                       5.750          3,897.08
    SAN CARLOS       CA   94070          2            04/22/03         00
    0435868682                           05           06/01/03          0
    391464                               O            05/01/33
    0

    8717809          964/G01             F          458,500.00         ZZ
                                         360        458,043.56          1
                                       6.000          2,748.94         42
                                       5.750          2,748.94
    SOUTH LAKE TAHO  CA   96150          2            04/11/03         00
    0435878103                           05           06/01/03          0
    391825                               O            05/01/33
    0

    8717823          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.125          2,278.54         69
                                       5.875          2,278.54
1

    SAN JOSE         CA   95148          5            04/28/03         00
    0435838545                           05           07/01/03          0
    398025                               O            06/01/33
    0

    8717829          964/G01             F          640,000.00         ZZ
                                         360        639,362.88          1
                                       6.000          3,837.12         55
                                       5.750          3,837.12
    SAN FRANCISCO    CA   94127          2            04/15/03         00
    0435857487                           05           06/01/03          0
    364663                               O            05/01/33
    0

    8717833          964/G01             F          575,500.00         ZZ
                                         360        574,913.25          1
                                       5.875          3,404.30         53
                                       5.625          3,404.30
    LOS GATOS        CA   95032          2            04/17/03         00
    0435835384                           05           06/01/03          0
    368252                               O            05/01/33
    0

    8717839          964/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.000          2,008.49         72
                                       5.750          2,008.49
    SAN GABRIEL      CA   91775          2            04/28/03         00
    0435833934                           05           07/01/03          0
    372947                               O            06/01/33
    0

    8717843          964/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       5.875          2,271.51         80
                                       5.625          2,271.51
    CASTRO VALLEY    CA   94546          2            04/30/03         00
    0435864541                           05           07/01/03          0
    375777                               O            06/01/33
    0

    8717847          964/G01             F          700,000.00         ZZ
                                         360        699,303.15          1
                                       6.000          4,196.85         57
                                       5.750          4,196.85
    SAN ANSELMO      CA   94960          5            04/17/03         00
    0435828884                           05           06/01/03          0
    378478                               O            05/01/33
    0
1

    8717851          964/G01             F          476,000.00         ZZ
                                         360        475,514.70          1
                                       5.875          2,815.72         64
                                       5.625          2,815.72
    CUPERTINO        CA   95014          2            04/16/03         00
    0435825070                           05           06/01/03          0
    380587                               O            05/01/33
    0

    8717861          964/G01             F          548,000.00         ZZ
                                         360        547,441.29          1
                                       5.875          3,241.63         54
                                       5.625          3,241.63
    CUPERTINO        CA   95014          2            04/22/03         00
    0435831839                           05           06/01/03          0
    383102                               O            05/01/33
    0

    8717879          964/G01             F          427,000.00         ZZ
                                         360        427,000.00          1
                                       6.000          2,560.08         72
                                       5.750          2,560.08
    HOUSTON          TX   77019          2            05/08/03         00
    0435830021                           05           07/01/03          0
    399485                               O            06/01/33
    0

    8717881          964/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.000          2,068.45         75
                                       5.750          2,068.45
    SAN FRANCISCO    CA   94132          2            05/06/03         00
    0435832142                           05           07/01/03          0
    399705                               O            06/01/33
    0

    8717903          964/G01             F          435,500.00         ZZ
                                         360        435,500.00          1
                                       6.000          2,611.04         75
                                       5.750          2,611.04
    ALAMEDA          CA   94502          1            04/30/03         00
    0435878764                           03           07/01/03          0
    411242                               O            06/01/33
    0

    8718131          X71/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
1

                                       6.000          2,398.20         72
                                       5.750          2,398.20
    FREMONT          CA   94539          2            04/28/03         00
    0435895263                           05           07/01/03          0
    7871829                              O            06/01/33
    0

    8718463          356/356             F          393,000.00         ZZ
                                         360        392,627.10          1
                                       6.250          2,419.77         67
                                       6.000          2,419.77
    FREMONT          CA   94536          2            04/19/03         00
    29023041                             05           06/01/03          0
    29023041                             O            05/01/33
    0

    8718535          K15/G01             F          209,000.00         ZZ
                                         360        209,000.00          1
                                       6.000          1,253.06         65
                                       5.750          1,253.06
    POMONA           NY   10970          5            05/06/03         00
    0435872627                           01           07/01/03          0
    026005514580                         O            06/01/33
    0

    8718545          975/G01             F          800,000.00         ZZ
                                         360        800,000.00          1
                                       5.625          4,605.25         64
                                       5.375          4,605.25
    YORBA LINDA      CA   92887          1            05/07/03         00
    0435875786                           05           07/01/03          0
    2032309                              O            06/01/33
    0

    8718633          116/116             F          352,000.00         ZZ
                                         360        351,632.49          1
                                       5.750          2,054.18         80
                                       5.500          2,054.18
    THE WOODLANDS    TX   77380          1            04/29/03         00
    091024370                            03           06/01/03          0
    091024370                            O            05/01/33
    0

    8718665          E82/G01             F          317,700.00         ZZ
                                         360        317,700.00          1
                                       6.000          1,904.77         73
                                       5.750          1,904.77
    RICHMOND         CA   94803          2            05/14/03         00
    0400830618                           05           07/01/03          0
1

    0400830618                           O            06/01/33
    0

    8718683          E82/G01             F          369,700.00         ZZ
                                         360        369,700.00          1
                                       6.000          2,216.54         78
                                       5.750          2,216.54
    LOS ANGELES      CA   90293          2            05/13/03         00
    0400831699                           05           07/01/03          0
    0400831699                           O            06/01/33
    0

    8718751          E82/G01             F          316,800.00         ZZ
                                         360        316,800.00          1
                                       6.000          1,899.38         80
                                       5.750          1,899.38
    LODI             CA   95240          2            05/13/03         00
    0400827788                           05           07/01/03          0
    0400827788                           O            06/01/33
    0

    8718795          E82/G01             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       5.875          1,035.19         75
                                       5.625          1,035.19
    WALNUT           CA   91789          2            05/14/03         00
    0400832770                           05           07/01/03          0
    0400832770                           O            06/01/33
    0

    8718823          E82/G01             F          362,900.00         ZZ
                                         360        362,900.00          1
                                       6.000          2,175.77         64
                                       5.750          2,175.77
    HOLLISTON        MA   01746          2            05/16/03         00
    0400811725                           05           07/01/03          0
    0400811725                           O            06/01/33
    0

    8719013          E22/G01             F          142,400.00         ZZ
                                         360        142,400.00          1
                                       6.000            853.76         80
                                       5.750            853.76
    HOUSTON          TX   77043          5            05/13/03         00
    0416742880                           03           07/01/03          0
    0416742880                           O            06/01/33
    0

1

    8719093          E22/G01             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       5.875          2,023.06         40
                                       5.625          2,023.06
    PIEDMONT         CA   94611          2            05/02/03         00
    0416488864                           05           07/01/03          0
    0416488864                           O            06/01/33
    0

    8719113          E22/G01             F           99,745.00         ZZ
                                         360         99,745.00          1
                                       6.375            622.28         83
                                       6.125            622.28
    LOUISVILLE       KY   40208          2            05/14/03         10
    0416543627                           01           07/01/03         12
    0416543627                           O            06/01/33
    0

    8719237          E22/G01             F          328,530.71         ZZ
                                         360        328,530.71          1
                                       5.875          1,943.38         69
                                       5.625          1,943.38
    DALLAS           TX   75208          5            05/13/03         00
    0416828499                           05           07/01/03          0
    0416828499                           O            06/01/33
    0

    8719479          E22/G01             F          780,000.00         ZZ
                                         360        780,000.00          1
                                       5.875          4,613.99         65
                                       5.625          4,613.99
    SAN FRANCISCO    CA   94116          2            05/12/03         00
    0416935054                           05           07/01/03          0
    0416935054                           O            06/01/33
    0

    8719487          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       5.875          3,845.00         59
                                       5.625          3,845.00
    PENRYN           CA   95663          2            05/10/03         00
    0416940534                           05           07/01/03          0
    0416940534                           O            06/01/33
    0

    8719549          E22/G01             F          164,800.00         ZZ
                                         360        164,800.00          1
                                       6.000            988.06         80
                                       5.750            988.06
1

    CHESTER          SC   29745          2            05/13/03         00
    0414914507                           05           07/01/03          0
    0414914507                           O            06/01/33
    0

    8719565          E22/G01             F          411,000.00         ZZ
                                         360        411,000.00          1
                                       5.875          2,431.22         74
                                       5.625          2,431.22
    HOWELL TWP.      NJ   07728          2            05/14/03         00
    0416464188                           05           07/01/03          0
    0416464188                           O            06/01/33
    0

    8719577          E22/G01             F          703,000.00         ZZ
                                         360        703,000.00          1
                                       5.875          4,158.51         66
                                       5.625          4,158.51
    MARTINEZ         CA   94553          5            05/12/03         00
    0416366540                           05           07/01/03          0
    0416366540                           O            06/01/33
    0

    8719729          E22/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       5.875          1,981.65         79
                                       5.625          1,981.65
    ISSAQUAH         WA   98027          2            05/09/03         00
    0417050440                           03           07/01/03          0
    0417050440                           O            06/01/33
    0

    8719981          E33/G01             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       5.875          2,537.70         75
                                       5.625          2,537.70
    LAKE FOREST      IL   60045          2            05/09/03         00
    0435877154                           05           07/01/03          0
    1                                    O            06/01/33
    0

    8720375          757/G01             F          340,000.00         ZZ
                                         360        339,653.35          1
                                       5.875          2,011.23         74
                                       5.625          2,011.23
    WALTHAM          MA   02452          2            04/28/03         00
    0435889555                           05           06/01/03          0
    1001378650                           O            05/01/33
    0
1

    8721009          U42/G01             F          348,500.00         ZZ
                                         360        348,500.00          1
                                       5.875          2,061.51         80
                                       5.625          2,061.51
    PARKER           CO   80138          2            05/09/03         00
    0435893300                           05           07/01/03          0
    28300515                             O            06/01/33
    0

    8721653          356/356             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       6.250          2,444.40         54
                                       6.000          2,444.40
    MORGAN HILL      CA   95037          2            04/24/03         00
    29035029                             05           07/01/03          0
    29035029                             O            06/01/33
    0

    8721983          K15/G01             F          148,000.00         ZZ
                                         360        147,849.10          1
                                       5.875            875.48         80
                                       5.625            875.48
    FREE UNION       VA   22940          1            04/23/03         00
    0435874961                           05           06/01/03          0
    012305508224                         O            05/01/33
    0

    8723551          E82/G01             F          319,500.00         ZZ
                                         360        319,500.00          1
                                       6.000          1,915.56         54
                                       5.750          1,915.56
    PLEASANTON       CA   94566          2            05/15/03         00
    0400830097                           05           07/01/03          0
    0400830097                           O            06/01/33
    0

    8723557          E82/G01             F          320,800.00         ZZ
                                         360        320,800.00          1
                                       5.875          1,897.65         78
                                       5.625          1,897.65
    JAMESTOWN        CA   95327          2            05/15/03         00
    0400832739                           05           07/01/03          0
    0400832739                           O            06/01/33
    0

    8723565          E82/G01             F          441,200.00         ZZ
                                         360        441,200.00          1
1

                                       6.000          2,645.22         33
                                       5.750          2,645.22
    MANHATTAN BEACH  CA   90266          2            05/15/03         00
    0400830360                           05           07/01/03          0
    0400830360                           O            06/01/33
    0

    8723739          E22/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       5.875          3,105.57         52
                                       5.625          3,105.57
    NEWPORT BEACH    CA   92625          5            05/08/03         00
    0416934057                           03           07/01/03          0
    0416934057                           O            06/01/33
    0

    8723759          E22/G01             F          159,000.00         ZZ
                                         360        159,000.00          1
                                       5.875            940.55         65
                                       5.625            940.55
    ANTELOPE         CA   95843          5            05/12/03         00
    0417179439                           05           07/01/03          0
    0417179439                           O            06/01/33
    0

    8723771          E22/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.000          2,757.93         80
                                       5.750          2,757.93
    CASTRO VALLEY    CA   94552          2            05/06/03         00
    0414539213                           03           07/01/03          0
    0414539213                           O            06/01/33
    0

    8723791          E22/G01             F          187,500.00         ZZ
                                         360        187,500.00          1
                                       5.875          1,109.13         70
                                       5.625          1,109.13
    WALSENBURG       CO   81089          2            05/14/03         00
    0416423291                           05           07/01/03          0
    0416423291                           O            06/01/33
    0

    8723829          E22/G01             F          808,000.00         ZZ
                                         360        808,000.00          1
                                       5.875          4,779.63         60
                                       5.625          4,779.63
    SAN MARTIN       CA   95046          2            05/15/03         00
    0416609071                           05           07/01/03          0
1

    0416609071                           O            06/01/33
    0

    8723849          E22/G01             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       5.875            665.48         62
                                       5.625            665.48
    AUSTIN           TX   78729          5            05/15/03         00
    0416649754                           05           07/01/03          0
    0416649754                           O            06/01/33
    0

    8723891          E22/G01             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       5.875            857.73         65
                                       5.625            857.73
    WEST HAVEN       CT   06516          2            05/14/03         00
    0416791259                           05           07/01/03          0
    0416791259                           O            06/01/33
    0

    8723945          E22/G01             F          439,500.00         ZZ
                                         360        439,500.00          1
                                       5.750          2,564.80         59
                                       5.500          2,564.80
    CORAL SPRINGS    FL   33067          2            05/15/03         00
    0416939635                           03           07/01/03          0
    0416939635                           O            06/01/33
    0

    8723953          E22/G01             F          556,000.00         ZZ
                                         360        556,000.00          1
                                       6.000          3,333.50         80
                                       5.750          3,333.50
    SAN RAMON        CA   94583          2            05/13/03         00
    0416945103                           03           07/01/03          0
    0416945103                           O            06/01/33
    0

    8724027          E22/G01             F          316,500.00         ZZ
                                         360        316,500.00          1
                                       5.875          1,872.22         80
                                       5.625          1,872.22
    LONG BEACH       CA   90815          5            05/08/03         00
    0417022829                           05           07/01/03          0
    0417022829                           O            06/01/33
    0

1

    8724045          E22/G01             F          564,000.00         ZZ
                                         360        564,000.00          1
                                       5.750          3,291.35         80
                                       5.500          3,291.35
    IRVINE           CA   92602          2            05/08/03         00
    0417037470                           03           07/01/03          0
    0417037470                           O            06/01/33
    0

    8724049          E22/G01             F          209,000.00         ZZ
                                         360        209,000.00          1
                                       6.500          1,321.02         75
                                       6.250          1,321.02
    SILVER SPRING    MD   20906          2            05/15/03         00
    0417042041                           03           07/01/03          0
    0417042041                           O            06/01/33
    0

    8724057          E22/G01             F          461,000.00         ZZ
                                         360        461,000.00          1
                                       5.875          2,726.99         66
                                       5.625          2,726.99
    SAN RAFAEL       CA   94903          2            05/13/03         00
    0417051224                           05           07/01/03          0
    0417051224                           O            06/01/33
    0

    8724091          E22/G01             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       6.000          1,013.24         40
                                       5.750          1,013.24
    READING          MA   01867          2            05/15/03         00
    0417062098                           05           07/01/03          0
    0417062098                           O            06/01/33
    0

    8725245          K15/G01             F          243,000.00         ZZ
                                         360        243,000.00          1
                                       5.875          1,437.44         75
                                       5.625          1,437.44
    WHITE PLAINS     NY   10603          5            04/30/03         00
    0435880778                           01           07/01/03          0
    026005514790                         O            06/01/33
    0

    8725469          356/356             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.375          2,183.55         47
                                       6.125          2,183.55
1

    BELMONT          CA   94002          5            04/25/03         00
    28986586                             05           07/01/03          0
    28986586                             O            06/01/33
    0

    8726017          A06/G01             F          180,600.00         ZZ
                                         360        180,600.00          1
                                       6.000          1,082.79         76
                                       5.750          1,082.79
    SOUTHFIELD       MI   48075          2            05/09/03         00
    0435891718                           05           07/01/03          0
    1000010301165                        O            06/01/33
    0

    8726785          356/356             F          386,915.00         ZZ
                                         360        386,915.00          1
                                       6.250          2,382.31         45
                                       6.000          2,382.31
    LOS GATOS        CA   95032          2            04/30/03         00
    29026101                             05           07/01/03          0
    29026101                             O            06/01/33
    0

    8727051          A06/G01             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       6.000            599.56         55
                                       5.750            599.56
    ROYAL OAK        MI   48073          2            05/15/03         00
    0435883582                           05           07/01/03          0
    1000020308989                        O            06/01/33
    0

    8728017          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       5.875          1,183.08         49
                                       5.625          1,183.08
    LA (SHERMAN OAK  CA   91403          5            04/28/03         00
    0416069284                           05           07/01/03          0
    0416069284                           O            06/01/33
    0

    8728231          E22/G01             F          126,500.00         ZZ
                                         360        126,500.00          1
                                       6.375            789.20         72
                                       6.125            789.20
    LEIGHTON         AL   35646          5            05/16/03         00
    0417011490                           05           07/01/03          0
    0417101490                           O            06/01/33
    0
1

    8728253          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       5.875          1,183.08         37
                                       5.625          1,183.08
    SAN FRANCISCO    CA   94116          2            05/13/03         00
    0416591063                           07           07/01/03          0
    0416591063                           O            06/01/33
    0

    8728291          E22/G01             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.000            629.53         27
                                       5.750            629.53
    WINDSOR          CO   80550          2            05/16/03         00
    0416770246                           05           07/01/03          0
    0416770246                           O            06/01/33
    0

    8728297          E22/G01             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       5.875          1,727.29         80
                                       5.625          1,727.29
    JAMAICA PLAIN    MA   02130          2            05/16/03         00
    0416778538                           01           07/01/03          0
    0416778538                           O            06/01/33
    0

    8728343          E22/G01             F          355,000.00         ZZ
                                         240        355,000.00          1
                                       6.000          2,543.33         60
                                       5.750          2,543.33
    MAPLEWOOD        NJ   07040          2            05/16/03         00
    0416944247                           05           07/01/03          0
    0416944247                           O            06/01/23
    0

    8728379          E22/G01             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.125          1,142.31         80
                                       5.875          1,142.31
    ROCKLIN          CA   95677          2            05/14/03         00
    0416978708                           05           07/01/03          0
    0416978708                           O            06/01/33
    0

    8728425          E22/G01             F          244,000.00         ZZ
                                         360        244,000.00          1
1

                                       5.875          1,443.35         49
                                       5.625          1,443.35
    COMMERCE TOWNSH  MI   48390          2            05/16/03         00
    0417014347                           05           07/01/03          0
    0417014347                           O            06/01/33
    0

    8728463          E22/G01             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       6.125          2,169.17         54
                                       5.875          2,169.17
    LEXINGTON        MA   02420          2            05/16/03         00
    0417050895                           05           07/01/03          0
    0417050895                           O            06/01/33
    0

    8728507          E82/G01             F          364,500.00         ZZ
                                         360        364,500.00          1
                                       5.875          2,156.16         57
                                       5.625          2,156.16
    HERNDON          VA   20171          2            05/19/03         00
    0400835658                           03           07/01/03          0
    0400835658                           O            06/01/33
    0

    8728511          E82/G01             F          363,700.00         ZZ
                                         360        363,700.00          1
                                       5.875          2,151.42         57
                                       5.625          2,151.42
    MONTARA          CA   94037          2            05/16/03         00
    0400837134                           05           07/01/03          0
    0400837134                           O            06/01/33
    0

    8728513          E82/G01             F          858,700.00         ZZ
                                         360        858,700.00          1
                                       6.000          5,148.34         62
                                       5.750          5,148.34
    PARADISE VALLEY  AZ   85253          2            05/19/03         00
    0400817474                           05           07/01/03          0
    0400817474                           O            06/01/33
    0

    8728527          E82/G01             F          302,200.00         ZZ
                                         360        302,200.00          1
                                       5.875          1,787.63         54
                                       5.625          1,787.63
    SAN FRANCISCO    CA   94116          2            05/16/03         00
    0400829321                           05           07/01/03          0
1

    0400829321                           O            06/01/33
    0

    8728531          E82/G01             F          333,250.00         ZZ
                                         360        333,250.00          1
                                       5.875          1,971.30         77
                                       5.625          1,971.30
    SOUTHINGTON      CT   06489          2            05/19/03         00
    0400836722                           05           07/01/03          0
    0400836722                           O            06/01/33
    0

    8728537          E82/G01             F          351,800.00         ZZ
                                         360        351,800.00          1
                                       5.875          2,081.03         32
                                       5.625          2,081.03
    FREMONT          CA   94539          2            05/16/03         00
    0400835948                           05           07/01/03          0
    0400835948                           O            06/01/33
    0

    8728539          E82/G01             F          666,000.00         ZZ
                                         360        666,000.00          1
                                       6.125          4,046.69         65
                                       5.875          4,046.69
    SAN JOSE         CA   95126          2            05/16/03         00
    0400819470                           05           07/01/03          0
    0400819470                           O            06/01/33
    0

    8728555          E82/G01             F          404,700.00         ZZ
                                         360        404,700.00          1
                                       6.000          2,426.38         80
                                       5.750          2,426.38
    SAN DIEGO        CA   92122          2            05/16/03         00
    0400829487                           05           07/01/03          0
    0400829487                           O            06/01/33
    0

    8728743          998/998             F          619,000.00         ZZ
                                         240        617,660.29          1
                                       6.000          4,434.71         65
                                       5.750          4,434.71
    ALPHARETTA       GA   30022          2            04/22/03         00
    5570803                              03           06/01/03          0
    5570803                              O            05/01/23
    0

1

    8728977          B57/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       5.875          2,514.04         66
                                       5.625          2,514.04
    LONG BEACH       CA   90814          5            05/14/03         00
    0435883863                           03           07/01/03          0
    35000608                             O            06/01/33
    0

    8729905          A46/G01             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.000            575.57         80
                                       5.750            575.57
    ALBUQUERQUE      NM   87120          1            05/21/03         00
    0435876040                           05           07/01/03          0
    0646098                              O            06/01/33
    0

    8729909          964/G01             F          568,000.00         ZZ
                                         360        568,000.00          1
                                       6.125          3,451.23         80
                                       5.875          3,451.23
    NORTHRIDGE (ARE  CA   91326          1            05/06/03         00
    0435891411                           03           07/01/03          0
    373409                               O            06/01/33
    0

    8729917          964/G01             F          394,250.00         ZZ
                                         360        394,250.00          1
                                       5.875          2,332.14         45
                                       5.625          2,332.14
    SAN CLEMENTE     CA   92673          5            05/06/03         00
    0435877220                           03           07/01/03          0
    378132                               O            06/01/33
    0

    8729925          964/G01             F          458,000.00         ZZ
                                         360        458,000.00          1
                                       5.875          2,709.24         55
                                       5.625          2,709.24
    WALNUT CREEK     CA   94598          2            05/09/03         00
    0435894449                           05           07/01/03          0
    379668                               O            06/01/33
    0

    8729937          964/G01             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       5.875          2,579.11         38
                                       5.625          2,579.11
1

    DANVILLE         CA   94526          2            05/02/03         00
    0435892963                           05           07/01/03          0
    383117                               O            06/01/33
    0

    8729989          964/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.125          2,424.37         47
                                       5.875          2,424.37
    LAGUNA BEACH     CA   92651          2            04/30/03         00
    0435886304                           05           07/01/03          0
    364828                               O            06/01/33
    0

    8730083          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       5.750          2,275.94         75
                                       5.500          2,275.94
    HACIENDA HEIGHT  CA   91745          5            05/02/03         00
    0435874664                           05           07/01/03          0
    397475                               O            06/01/33
    0

    8730089          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         55
                                       5.625          2,188.69
    SAN FRANCISCO    CA   94121          2            05/08/03         00
    0435884507                           07           07/01/03          0
    397499                               O            06/01/33
    0

    8730091          964/G01             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       6.000          2,572.07         47
                                       5.750          2,572.07
    LOS GATOS        CA   95032          2            05/12/03         00
    0435877162                           05           07/01/03          0
    397721                               O            06/01/33
    0

    8730117          X78/G01             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       6.125          3,281.10         80
                                       5.875          3,281.10
    ATLANTA          GA   30327          2            05/16/03         00
    0435900048                           05           07/01/03          0
    990424                               O            06/01/33
    0
1

    8730127          964/G01             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       6.000          2,146.39         72
                                       5.750          2,146.39
    FOLSOM           CA   95630          5            05/02/03         00
    0435883822                           05           07/01/03          0
    405693                               O            06/01/33
    0

    8730185          964/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       5.875          2,721.08         68
                                       5.625          2,721.08
    NOVATO           CA   94947          5            05/08/03         00
    0435876784                           05           07/01/03          0
    409807                               O            06/01/33
    0

    8730293          253/253             F          488,000.00         ZZ
                                         360        487,502.47          1
                                       5.875          2,886.70         80
                                       5.625          2,886.70
    WEST BLOOMFIELD  MI   48323          1            04/11/03         00
    465572                               05           06/01/03          0
    465572                               O            05/01/33
    0

    8730295          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         64
                                       5.625          2,661.92
    FREMONT          CA   94539          2            05/05/03         00
    0435872817                           05           07/01/03          0
    393931                               O            06/01/33
    0

    8730309          964/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.125          2,284.62         80
                                       5.875          2,284.62
    SAN GABRIEL      CA   91775          1            04/29/03         00
    0435877618                           05           07/01/03          0
    398924                               O            06/01/33
    0

    8730313          964/G01             F          417,000.00         ZZ
                                         360        417,000.00          1
1

                                       6.250          2,567.54         62
                                       6.000          2,567.54
    SAN JOSE         CA   95130          5            05/05/03         00
    0435893839                           05           07/01/03          0
    400931                               O            06/01/33
    0

    8730331          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.000          2,248.31         61
                                       5.750          2,248.31
    LOS ANGELES      CA   90025          5            05/02/03         00
    0435877964                           05           07/01/03          0
    388461                               O            06/01/33
    0

    8730333          964/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       5.875          1,987.57         78
                                       5.625          1,987.57
    EL CERRITO       CA   94530          2            04/30/03         00
    0435879325                           05           07/01/03          0
    389232                               O            06/01/33
    0

    8730335          964/G01             F          478,000.00         ZZ
                                         360        478,000.00          1
                                       5.750          2,789.48         58
                                       5.500          2,789.48
    SAN RAFAEL       CA   94901          2            04/30/03         00
    0435878707                           05           07/01/03          0
    389425                               O            06/01/33
    0

    8730345          964/G01             F          134,400.00         ZZ
                                         360        134,400.00          1
                                       5.625            773.68         80
                                       5.375            773.68
    IDAHO FALLS      ID   83401          2            05/07/03         00
    0435888656                           05           07/01/03          0
    390602                               O            06/01/33
    0

    8730363          964/G01             F          368,500.00         ZZ
                                         360        368,500.00          1
                                       6.000          2,209.34         71
                                       5.750          2,209.34
    SACRAMENTO       CA   95816          2            05/08/03         00
    0435887799                           05           07/01/03          0
1

    398627                               O            06/01/33
    0

    8730375          964/G01             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       5.875          2,868.96         59
                                       5.625          2,868.96
    SAN FRANCISCO    CA   94116          5            04/29/03         00
    0435875109                           05           07/01/03          0
    398907                               O            06/01/33
    0

    8730413          964/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.000          2,308.27         78
                                       5.750          2,308.27
    EL DORADO HILLS  CA   95762          1            05/01/03         00
    0435885967                           03           07/01/03          0
    399186                               O            06/01/33
    0

    8730597          964/G01             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       6.000          2,937.80         52
                                       5.750          2,937.80
    GRANITE BAY      CA   95746          5            05/07/03         00
    0435875927                           03           07/01/03          0
    401192                               O            06/01/33
    0

    8730755          964/G01             F          339,100.00         ZZ
                                         360        339,100.00          1
                                       5.875          2,005.91         50
                                       5.625          2,005.91
    SAN MARINO       CA   91108          1            05/06/03         00
    0435875802                           05           07/01/03          0
    402124                               O            06/01/33
    0

    8730777          964/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       5.875          2,650.09         16
                                       5.625          2,650.09
    HILLSBOROUGH     CA   94010          2            05/08/03         00
    0435881859                           05           07/01/03          0
    402244                               O            06/01/33
    0

1

    8730791          964/G01             F          335,500.00         ZZ
                                         360        335,500.00          1
                                       6.000          2,011.49         78
                                       5.750          2,011.49
    GIG HARBOR       WA   98332          2            05/05/03         00
    0435872965                           05           07/01/03          0
    415472                               O            06/01/33
    0

    8730823          964/G01             F          348,500.00         T
                                         360        348,500.00          1
                                       5.875          2,061.51         85
                                       5.625          2,061.51
    MINDEN           NV   89423          1            05/14/03         01
    0435892138                           05           07/01/03         12
    425911                               O            06/01/33
    0

    8731097          N47/G01             F          410,400.00         ZZ
                                         360        410,400.00          1
                                       5.875          2,427.67         80
                                       5.625          2,427.67
    GRANITE BAY      CA   94576          2            05/07/03         00
    0435926480                           03           07/01/03          0
    20504550                             O            06/01/33
    0

    8731103          N47/G01             F          489,600.00         ZZ
                                         360        489,600.00          1
                                       5.750          2,857.17         80
                                       5.500          2,857.17
    BERKELEY         CA   94708          1            05/16/03         00
    0435927587                           05           07/01/03          0
    90501342                             O            06/01/33
    0

    8731211          964/G01             F          556,000.00         ZZ
                                         360        556,000.00          1
                                       5.875          3,288.95         74
                                       5.625          3,288.95
    SAN JOSE         CA   95126          2            05/09/03         00
    0435881800                           05           07/01/03          0
    395132                               O            06/01/33
    0

    8731427          E82/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       6.000          2,134.40         75
                                       5.750          2,134.40
1

    MANASSAS         VA   20112          5            05/21/03         00
    0400832150                           05           07/01/03          0
    0400832150                           O            06/01/33
    0

    8731437          E82/G01             F          333,600.00         ZZ
                                         360        333,600.00          1
                                       5.875          1,973.37         67
                                       5.625          1,973.37
    DENVER           CO   80206          2            05/21/03         00
    0400826327                           05           07/01/03          0
    0400826327                           O            06/01/33
    0

    8731499          E22/G01             F          322,600.00         ZZ
                                         360        322,600.00          1
                                       5.875          1,908.30         28
                                       5.625          1,908.30
    DALLAS           TX   75225          5            05/15/03         00
    0416727915                           05           07/01/03          0
    0416727915                           O            06/01/33
    0

    8731523          E22/G01             F          407,500.00         ZZ
                                         360        407,500.00          1
                                       6.000          2,443.17         56
                                       5.750          2,443.17
    SUNNYVALE        CA   94087          2            05/07/03         00
    0416803666                           05           07/01/03          0
    0416803666                           O            06/01/33
    0

    8731541          E22/G01             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.000          2,967.78         68
                                       5.750          2,967.78
    BODEGA BAY       CA   94923          2            05/12/03         00
    0416862324                           03           07/01/03          0
    0416862324                           O            06/01/33
    0

    8731613          E22/G01             F          121,125.00         ZZ
                                         360        121,125.00          1
                                       6.125            735.97         95
                                       5.875            735.97
    SILVERHILL       AL   36576          2            05/16/03         10
    0417162666                           05           07/01/03         30
    0417162666                           O            06/01/33
    0
1

    8731645          E22/G01             F          486,000.00         ZZ
                                         360        486,000.00          1
                                       5.875          2,874.87         70
                                       5.625          2,874.87
    ORINDA           CA   94563          2            05/14/03         00
    0417263415                           05           07/01/03          0
    0417263415                           O            06/01/33
    0

    8731691          E22/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       5.875          2,484.46         80
                                       5.625          2,484.46
    RIVERBANK        CA   95367          2            05/06/03         00
    0416686368                           05           07/01/03          0
    0416686368                           O            06/01/33
    0

    8731823          F34/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.250          2,370.51         51
                                       6.000          2,370.51
    VIENNA           VA   22182          2            05/12/03         00
    0435885405                           03           07/01/03          0
    13304028                             O            06/01/33
    0

    8731911          M27/G01             F          518,000.00         ZZ
                                         360        518,000.00          1
                                       5.875          3,064.17         64
                                       5.625          3,064.17
    RICHMOND         VA   23225          2            05/15/03         00
    0435911680                           05           07/01/03          0
    5000006668                           O            06/01/33
    0

    8731957          367/367             F          338,000.00         ZZ
                                         360        337,655.39          1
                                       5.875          1,999.40         56
                                       5.625          1,999.40
    SPRINGFIELD      VA   22150          2            04/23/03         00
    99201300                             03           06/01/03          0
    99201300                             O            05/01/33
    0

    8731991          K31/G01             F          419,200.00         ZZ
                                         360        419,200.00          1
1

                                       5.875          2,479.73         80
                                       5.625          2,479.73
    ATLANTA          GA   30319          1            05/16/03         00
    0435886130                           05           07/01/03          0
    3096050061                           O            06/01/33
    0

    8732041          X89/G01             F          501,500.00         ZZ
                                         360        501,500.00          1
                                       5.875          2,966.56         72
                                       5.625          2,966.56
    NEWTON           MA   02465          2            05/13/03         00
    0435883566                           03           07/01/03          0
    2004047                              O            06/01/33
    0

    8732057          367/367             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       5.875          2,011.23         72
                                       5.625          2,011.23
    POTOMAC          MD   20854          2            05/06/03         00
    99335540                             05           07/01/03          0
    99335540                             O            06/01/33
    0

    8732059          X89/G01             F          349,000.00         ZZ
                                         360        349,000.00          1
                                       5.875          2,064.47         80
                                       5.625          2,064.47
    FEDERAL WAY      WA   98023          1            05/08/03         00
    0435931639                           05           07/01/03          0
    2005691                              O            06/01/33
    0

    8732131          367/367             F          356,000.00         ZZ
                                         360        355,628.31          1
                                       5.750          2,077.52         80
                                       5.500          2,077.52
    PURCELLVILLE     VA   20132          1            04/29/03         00
    99285050                             05           06/01/03          0
    99285050                             O            05/01/33
    0

    8732133          G51/G01             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       5.875            621.12         45
                                       5.625            621.12
    FT. COLLINS      CO   80525          5            05/19/03         00
    0435886098                           05           07/01/03          0
1

    20005815                             O            06/01/33
    0

    8732335          367/367             F          432,834.81         ZZ
                                         344        431,371.54          1
                                       5.875          2,604.46         78
                                       5.625          2,604.46
    WASHINGTON       DC   20008          1            03/17/03         00
    99399340                             05           04/01/03          0
    99399340                             O            11/01/31
    0

    8732609          367/367             F          460,000.00         ZZ
                                         360        459,531.01          1
                                       5.875          2,721.07         70
                                       5.625          2,721.07
    BETHESDA         MD   20816          2            04/09/03         00
    99305180                             05           06/01/03          0
    99305180                             O            05/01/33
    0

    8733023          A06/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       5.875          2,508.13         53
                                       5.625          2,508.13
    SOUTH LYON       MI   48178          5            05/19/03         00
    0435887351                           05           07/01/03          0
    1                                    O            06/01/33
    0

    8733149          S43/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       5.875          2,224.18         73
                                       5.625          2,224.18
    ALBUQUERQUE      NM   87114          5            05/16/03         00
    0435896709                           05           07/01/03          0
    038828                               O            06/01/33
    0

    8736253          A39/G01             F          575,000.00         ZZ
                                         360        575,000.00          1
                                       6.000          3,447.42         68
                                       5.750          3,447.42
    STUDIO CITY      CA   91604          2            05/07/03         00
    0435900675                           05           07/01/03          0
    2300733                              O            06/01/33
    0

1

    8737061          X89/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       5.875          2,105.87         75
                                       5.625          2,105.87
    MUKILTEO         WA   98275          5            05/12/03         00
    0435889159                           05           07/01/03          0
    2005224                              O            06/01/33
    0

    8737615          X51/G01             F          620,000.00         ZZ
                                         360        620,000.00          1
                                       5.750          3,618.15         65
                                       5.500          3,618.15
    THOUSAND OAKS    CA   91360          5            05/14/03         00
    0435910815                           05           07/01/03          0
    0030501015                           O            06/01/33
    0

    8739799          E82/G01             F          348,800.00         ZZ
                                         360        348,800.00          1
                                       6.000          2,091.23         58
                                       5.750          2,091.23
    YORK             ME   03909          2            05/21/03         00
    0400825329                           05           07/01/03          0
    0400825329                           O            06/01/33
    0

    8739801          E22/G01             F          157,000.00         ZZ
                                         360        157,000.00          1
                                       5.625            903.78         67
                                       5.375            903.78
    LOVELAND         CO   80537          2            05/19/03         00
    0416545366                           05           07/01/03          0
    0416545366                           O            06/01/33
    0

    8739805          E82/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       5.875          1,892.92         68
                                       5.625          1,892.92
    CINCINNATI       OH   45248          2            05/22/03         00
    0400833273                           05           07/01/03          0
    0400833273                           O            06/01/33
    0

    8739831          E82/G01             F          328,100.00         ZZ
                                         360        328,100.00          1
                                       6.250          2,020.17         65
                                       6.000          2,020.17
1

    GLENELG          MD   21737          2            05/15/03         00
    0400802245                           05           07/01/03          0
    0400802245                           O            06/01/33
    0

    8739849          E82/G01             F          254,000.00         ZZ
                                         360        254,000.00          1
                                       6.000          1,522.86         36
                                       5.750          1,522.86
    STAFFORD         VA   22554          2            05/22/03         00
    0400829529                           03           07/01/03          0
    0400829529                           O            06/01/33
    0

    8739867          E82/G01             F          161,600.00         ZZ
                                         360        161,600.00          1
                                       5.875            955.93         54
                                       5.625            955.93
    WILMINGTON       DE   19810          2            05/19/03         00
    0400812749                           05           07/01/03          0
    0400812749                           O            06/01/33
    0

    8739919          E82/G01             F          472,600.00         ZZ
                                         360        472,600.00          1
                                       5.875          2,795.61         59
                                       5.625          2,795.61
    LOS ANGELES      CA   91403          2            05/19/03         00
    0400808663                           05           07/01/03          0
    0400808663                           O            06/01/33
    0

    8739923          E82/G01             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.000          1,846.62         79
                                       5.750          1,846.62
    WESTMINSTER      CO   80031          2            05/22/03         00
    0400829040                           03           07/01/03          0
    0400829040                           O            06/01/33
    0

    8740141          E22/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       5.875          5,915.38         66
                                       5.625          5,915.38
    EDEN PRAIRIE     MN   55347          1            05/23/03         00
    0417195542                           05           07/01/03          0
    0417195542                           O            06/01/33
    0
1

    8740215          E22/G01             F          423,000.00         ZZ
                                         360        423,000.00          1
                                       5.875          2,502.20         41
                                       5.625          2,502.20
    LONG BEACH       CA   90803          2            05/13/03         00
    0417048295                           05           07/01/03          0
    0417048295                           O            06/01/33
    0

    8740319          E22/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.250          2,382.83         63
                                       6.000          2,382.83
    MORGAN HILL      CA   95037          2            05/13/03         00
    0416824811                           05           07/01/03          0
    0416824811                           O            06/01/33
    0

    8740345          E22/G01             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       5.875          1,094.34         74
                                       5.625          1,094.34
    DENVER           CO   80219          2            05/19/03         00
    0416994085                           05           07/01/03          0
    0416994085                           O            06/01/33
    0

    8740497          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.125          3,341.86         68
                                       5.875          3,341.86
    IRVINE           CA   92604          2            05/14/03         00
    0417100732                           03           07/01/03          0
    0417100732                           O            06/01/33
    0

    8740855          696/G01             F          521,000.00         ZZ
                                         360        520,456.05          1
                                       5.750          3,040.41         78
                                       5.500          3,040.41
    VIENNA           VA   22182          2            05/05/03         00
    0435882964                           05           06/01/03          0
    32903198                             O            05/01/33
    0

    8740863          696/G01             F          544,000.00         ZZ
                                         360        544,000.00          1
1

                                       5.875          3,217.97         80
                                       5.625          3,217.97
    WASHINGTON       DC   20012          2            05/19/03         00
    0435882667                           05           07/01/03          0
    31203246                             O            06/01/33
    0

    8740885          X89/G01             F          318,500.00         ZZ
                                         360        318,500.00          1
                                       5.875          1,884.05         77
                                       5.625          1,884.05
    KENT             WA   98031          1            05/15/03         00
    0435890264                           05           07/01/03          0
    2006742                              O            06/01/33
    0

    8740971          X89/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       5.875          2,070.38         80
                                       5.625          2,070.38
    CHESHIRE         CT   06410          5            05/17/03         00
    0435884721                           03           07/01/03          0
    2005217                              O            06/01/33
    0

    8741059          T44/G01             F          100,100.00         ZZ
                                         360        100,100.00          1
                                       6.000            600.15         52
                                       5.750            600.15
    LOS BANOS        CA   93635          5            05/01/03         00
    0435892245                           05           07/01/03          0
    1070168                              O            06/01/33
    0

    8741061          B57/G01             F          289,000.00         T
                                         360        289,000.00          1
                                       5.875          1,709.54         75
                                       5.625          1,709.54
    GROVER BEACH     CA   93433          1            05/16/03         00
    0435899141                           05           07/01/03          0
    70000812                             O            06/01/33
    0

    8741239          Q30/G01             F          197,000.00         ZZ
                                         360        196,799.15          1
                                       5.875          1,165.33         62
                                       5.625          1,165.33
    TEWKSBURY        MA   01876          5            04/30/03         00
    0435902853                           05           06/01/03          0
1

    21022602                             O            05/01/33
    0

    8741495          253/253             F          476,720.00         ZZ
                                         360        476,720.00          1
                                       6.000          2,858.18         80
                                       5.750          2,858.18
    FRISCO           TX   75034          1            05/08/03         00
    469476                               05           07/01/03          0
    469476                               O            06/01/33
    0

    8741585          M27/G01             F          426,900.00         ZZ
                                         360        426,900.00          1
                                       5.875          2,525.27         39
                                       5.625          2,525.27
    MOREHEAD CITY    NC   28557          2            05/16/03         00
    0435923230                           05           07/01/03          0
    600929817                            O            06/01/33
    0

    8741669          X89/G01             F          434,000.00         ZZ
                                         360        434,000.00          1
                                       6.000          2,602.05         70
                                       5.750          2,602.05
    CARLSBAD         CA   92008          5            05/15/03         00
    0435895255                           05           07/01/03          0
    2005685                              O            06/01/33
    0

    8742507          E22/G01             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       5.875          2,401.64         60
                                       5.625          2,401.64
    CASTRO VALLEY    CA   94552          2            05/06/03         00
    0416633717                           03           07/01/03          0
    0416633717                           O            06/01/33
    0

    8742827          E22/G01             F          799,500.00         ZZ
                                         360        799,500.00          1
                                       5.750          4,665.66         65
                                       5.500          4,665.66
    SEATTLE          WA   98112          2            05/15/03         00
    0417095809                           05           07/01/03          0
    0417095809                           O            06/01/33
    0

1

    8743031          E22/G01             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       5.875          2,531.78         46
                                       5.625          2,531.78
    STONINGTON       CT   06378          2            05/21/03         00
    0416889442                           05           07/01/03          0
    0416889442                           O            06/01/33
    0

    8743069          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.750          2,334.29         62
                                       5.500          2,334.29
    LOS ALAMITOS     CA   90720          5            05/06/03         00
    0417001609                           05           07/01/03          0
    0417001609                           O            06/01/33
    0

    8743435          E22/G01             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       5.750          2,002.82         80
                                       5.500          2,002.82
    CARY             NC   27511          2            05/20/03         00
    0417308343                           03           07/01/03          0
    0417308343                           O            06/01/33
    0

    8743453          696/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       6.000          2,362.23         80
                                       5.750          2,362.23
    VIENNA           VA   22181          1            05/16/03         00
    0435881321                           09           07/01/03          0
    40103120                             O            06/01/33
    0

    8743455          696/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       5.875          2,839.38         80
                                       5.625          2,839.38
    ARLINGTON        VA   22205          2            05/14/03         00
    0435880869                           05           07/01/03          0
    30203102                             O            06/01/33
    0

    8744195          144/144             F          450,000.00         ZZ
                                         360        449,123.02          1
                                       6.125          2,734.25         60
                                       5.875          2,734.25
1

    NEW ROCHELLE     NY   10804          2            03/26/03         00
    03ROYCED                             05           05/01/03          0
    03ROYCED                             O            04/01/33
    0

    8744205          A39/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         62
                                       5.625          2,957.69
    TOLUCA LAKE      CA   91602          1            05/05/03         00
    0435919303                           05           07/01/03          0
    2300768                              O            06/01/33
    0

    8744251          A39/G01             F          802,000.00         ZZ
                                         360        802,000.00          1
                                       6.000          4,808.40         65
                                       5.750          4,808.40
    LA CANADA FLINT  CA   91011          2            05/10/03         00
    0435918958                           05           07/01/03          0
    2300876                              O            06/01/33
    0

    8744261          K15/G01             F          520,500.00         ZZ
                                         360        519,969.33          1
                                       5.875          3,078.95         50
                                       5.625          3,078.95
    ENCINITAS        CA   92024          5            04/25/03         00
    0435901889                           05           06/01/03          0
    038405509467                         O            05/01/33
    0

    8744981          998/998             F          347,000.00         ZZ
                                         360        346,670.75          1
                                       6.250          2,136.54         88
                                       6.000          2,136.54
    FRESNO           CA   93270          1            04/21/03         04
    5566180                              03           06/01/03         25
    5566180                              O            05/01/33
    0

    8744985          F89/G01             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       5.750          1,493.95         64
                                       5.500          1,493.95
    CANYON LAKE      CA   92587          5            05/14/03         00
    0435887864                           03           07/01/03          0
    11630667                             O            06/01/33
    0
1

    8745053          B39/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       5.750          2,801.15         67
                                       5.500          2,801.15
    MINNEAPOLIS      MN   55410          2            05/20/03         00
    0435926696                           05           07/01/03          0
    20031998F                            O            06/01/33
    0

    8745303          M18/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       5.750          3,063.76         70
                                       5.500          3,063.76
    GLENDALE         CA   91207          5            05/08/03         00
    0435913702                           05           07/01/03          0
    980102423                            O            06/01/33
    0

    8745315          X89/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       5.875          1,952.07         65
                                       5.625          1,952.07
    MARTINEZ         CA   94553          5            05/17/03         00
    0435932140                           03           07/01/03          0
    2006293                              O            06/01/33
    0

    8745341          T29/G01             F          209,000.00         ZZ
                                         360        209,000.00          1
                                       5.875          1,236.31         73
                                       5.625          1,236.31
    SCOTTSDALE       AZ   85258          2            05/12/03         00
    0435898622                           01           07/01/03          0
    1536896                              O            06/01/33
    0

    8745463          W68/G01             F          348,000.00         ZZ
                                         360        347,653.56          1
                                       6.000          2,086.44         80
                                       5.750          2,086.44
    CARLSBAD         CA   92009          2            04/23/03         00
    0435902739                           01           06/01/03          0
    3032562                              O            05/01/33
    0

    8745525          952/G01             F          509,000.00         ZZ
                                         360        509,000.00          1
1

                                       5.875          3,010.93         57
                                       5.625          3,010.93
    EAST MORICHES    NY   11940          2            05/22/03         00
    0435900709                           05           07/01/03          0
    03002858                             O            06/01/33
    0

    8745871          E22/G01             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       5.875          1,908.89         88
                                       5.625          1,908.89
    ROSEVILLE        CA   95678          2            05/21/03         01
    0417101599                           05           07/01/03         25
    0417101599                           O            06/01/33
    0

    8746089          E82/G01             F          183,000.00         ZZ
                                         360        183,000.00          1
                                       6.000          1,097.18         43
                                       5.750          1,097.18
    GRASS VALLEY     CA   95945          2            05/21/03         00
    0400819827                           05           07/01/03          0
    0400819827                           O            06/01/33
    0

    8746109          E82/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       5.875          1,833.77         68
                                       5.625          1,833.77
    HAWTHORNE        CA   90250          2            05/21/03         00
    0400830188                           05           07/01/03          0
    0400830188                           O            06/01/33
    0

    8746137          E82/G01             F          146,500.00         ZZ
                                         360        146,500.00          1
                                       5.875            866.60         39
                                       5.625            866.60
    EAST MATUNUCK    RI   02879          2            05/23/03         00
    0400843678                           05           07/01/03          0
    0400843678                           O            06/01/33
    0

    8746175          E82/G01             F          415,600.00         ZZ
                                         360        415,600.00          1
                                       5.875          2,458.43         53
                                       5.625          2,458.43
    PALM DESERT      CA   92211          2            05/20/03         00
    0400837621                           03           07/01/03          0
1

    0400837621                           O            06/01/33
    0

    8746177          E22/G01             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       6.000            791.41         79
                                       5.750            791.41
    WENATCHEE        WA   98801          2            05/20/03         00
    0416957959                           05           07/01/03          0
    0416957959                           O            06/01/33
    0

    8746207          E82/G01             F          175,400.00         ZZ
                                         360        175,400.00          1
                                       5.875          1,037.56         45
                                       5.625          1,037.56
    WOODBRIDGE       VA   22192          2            05/23/03         00
    0400824298                           03           07/01/03          0
    0400824298                           O            06/01/33
    0

    8746261          E82/G01             F          501,800.00         ZZ
                                         360        501,800.00          1
                                       6.000          3,008.54         65
                                       5.750          3,008.54
    MORAGA           CA   94556          2            05/20/03         00
    0400796884                           05           07/01/03          0
    0400796884                           O            06/01/33
    0

    8746271          E82/G01             F          305,500.00         ZZ
                                         360        305,500.00          1
                                       6.000          1,831.63         55
                                       5.750          1,831.63
    CHICAGO          IL   60640          5            05/23/03         00
    0400824991                           05           07/01/03          0
    0400824991                           O            06/01/33
    0

    8746291          E82/G01             F          306,650.00         ZZ
                                         360        306,650.00          1
                                       5.875          1,813.95         52
                                       5.625          1,813.95
    THE WOODLANDS    TX   77380          2            05/23/03         00
    0400830279                           03           07/01/03          0
    0400830279                           O            06/01/33
    0

1

    8746307          E82/G01             F          273,200.00         ZZ
                                         360        273,200.00          1
                                       5.875          1,616.08         52
                                       5.625          1,616.08
    SAN RAFAEL       CA   94903          2            05/22/03         00
    0400824280                           01           07/01/03          0
    0400824280                           O            06/01/33
    0

    8746315          E82/G01             F          511,450.00         ZZ
                                         360        511,450.00          1
                                       6.125          3,107.62         58
                                       5.875          3,107.62
    MISSION VIEJO    CA   92692          2            05/23/03         00
    0400826251                           03           07/01/03          0
    0400826251                           O            06/01/33
    0

    8746333          E82/G01             F          446,700.00         ZZ
                                         360        446,700.00          1
                                       5.875          2,642.40         67
                                       5.625          2,642.40
    BRAINTREE        MA   02184          2            05/21/03         00
    0400833257                           05           07/01/03          0
    0400833257                           O            06/01/33
    0

    8746341          E82/G01             F          548,700.00         ZZ
                                         360        548,700.00          1
                                       5.875          3,245.77         58
                                       5.625          3,245.77
    PASADENA         CA   91106          2            05/22/03         00
    0400829081                           05           07/01/03          0
    0400829081                           O            06/01/33
    0

    8746351          E82/G01             F          324,400.00         ZZ
                                         360        324,400.00          1
                                       5.750          1,893.11         59
                                       5.500          1,893.11
    FOLSOM           CA   95630          2            05/22/03         00
    0400836953                           05           07/01/03          0
    0400836953                           O            06/01/33
    0

    8746359          E82/G01             F          166,000.00         ZZ
                                         360        166,000.00          1
                                       5.875            981.95         75
                                       5.625            981.95
1

    MANASSAS         VA   20110          2            05/23/03         00
    0400837472                           05           07/01/03          0
    0400837472                           O            06/01/33
    0

    8746367          E82/G01             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       5.875          1,443.35         62
                                       5.625          1,443.35
    SAN JOSE         CA   95139          2            05/21/03         00
    0400830162                           09           07/01/03          0
    0400830162                           O            06/01/33
    0

    8746395          E82/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       5.875          2,034.89         79
                                       5.625          2,034.89
    RICHMOND         VA   23229          2            05/23/03         00
    0400836771                           05           07/01/03          0
    0400836771                           O            06/01/33
    0

    8746405          E82/G01             F          297,500.00         T
                                         360        297,500.00          1
                                       6.125          1,807.64         47
                                       5.875          1,807.64
    SOUTHERN SHORES  NC   27949          2            05/28/03         00
    0400811998                           05           07/01/03          0
    0400811998                           O            06/01/33
    0

    8746417          E82/G01             F          240,500.00         ZZ
                                         360        240,500.00          1
                                       5.875          1,422.65         74
                                       5.625          1,422.65
    BREA             CA   92821          2            05/21/03         00
    0400837753                           03           07/01/03          0
    0400837753                           O            06/01/33
    0

    8746477          E82/G01             F          313,600.00         ZZ
                                         360        313,600.00          1
                                       5.875          1,855.06         80
                                       5.625          1,855.06
    BERKELEY         CA   94709          2            05/19/03         00
    0400809430                           01           07/01/03          0
    0400809430                           O            06/01/33
    0
1

    8746493          E82/G01             F          209,000.00         ZZ
                                         360        209,000.00          1
                                       5.875          1,236.31         64
                                       5.625          1,236.31
    BIRMINGHAM       AL   35206          2            05/21/03         00
    0400837225                           05           07/01/03          0
    0400837225                           O            06/01/33
    0

    8746497          E82/G01             F          474,600.00         ZZ
                                         360        474,600.00          1
                                       6.125          2,883.72         80
                                       5.875          2,883.72
    SONOMA           CA   95476          2            05/22/03         00
    0400834891                           03           07/01/03          0
    0400834891                           O            06/01/33
    0

    8746521          E82/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       5.875          2,389.81         64
                                       5.625          2,389.81
    WYNNEWOOD        PA   19096          2            05/22/03         00
    0400811733                           05           07/01/03          0
    0400811733                           O            06/01/33
    0

    8746529          E82/G01             F          174,600.00         ZZ
                                         360        174,600.00          1
                                       5.875          1,032.82         59
                                       5.625          1,032.82
    AURORA           CO   80016          2            05/23/03         00
    0400822680                           03           07/01/03          0
    0400822680                           O            06/01/33
    0

    8746537          E82/G01             F          403,400.00         ZZ
                                         360        403,400.00          1
                                       5.875          2,386.26         80
                                       5.625          2,386.26
    PLACENTIA        CA   92870          2            05/21/03         00
    0400821443                           03           07/01/03          0
    0400821443                           O            06/01/33
    0

    8746549          E82/G01             F          241,900.00         ZZ
                                         360        241,900.00          1
1

                                       5.875          1,430.93         42
                                       5.625          1,430.93
    DANA POINT       CA   92629          5            05/22/03         00
    0400825501                           05           07/01/03          0
    0400825501                           O            06/01/33
    0

    8746985          964/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.125          3,341.86         38
                                       5.875          3,341.86
    LOS ALTOS HILLS  CA   94024          5            05/08/03         00
    0435915582                           05           07/01/03          0
    354889                               O            06/01/33
    0

    8747673          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.000          2,697.98         44
                                       5.750          2,697.98
    FREMONT          CA   94539          2            05/12/03         00
    0435896980                           05           07/01/03          0
    403858                               O            06/01/33
    0

    8747679          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.625          2,302.63         49
                                       5.375          2,302.63
    VILLA PARK       CA   92861          1            05/15/03         00
    0435926563                           05           07/01/03          0
    422217                               O            06/01/33
    0

    8747689          964/G01             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       5.750            887.03         79
                                       5.500            887.03
    SACRAMENTO       CA   95838          2            05/08/03         00
    0435909882                           05           07/01/03          0
    387158                               O            06/01/33
    0

    8747703          964/G01             F          999,900.00         ZZ
                                         360        999,900.00          1
                                       5.875          5,914.79         70
                                       5.625          5,914.79
    APTOS            CA   95003          2            05/21/03         00
    0435935762                           03           07/01/03          0
1

    398388                               O            06/01/33
    0

    8747711          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.000          2,098.43         65
                                       5.750          2,098.43
    SAN JOSE         CA   95130          5            05/06/03         00
    0435935705                           05           07/01/03          0
    399556                               O            06/01/33
    0

    8747723          964/G01             F          474,200.00         ZZ
                                         360        474,200.00          1
                                       5.875          2,805.07         59
                                       5.625          2,805.07
    PETALUMA         CA   94952          1            05/22/03         00
    0435935176                           05           07/01/03          0
    407883                               O            06/01/33
    0

    8747729          964/G01             F          477,000.00         ZZ
                                         360        477,000.00          1
                                       6.000          2,859.86         80
                                       5.750          2,859.86
    REDWOOD CITY     CA   94061          2            05/19/03         00
    0435913496                           05           07/01/03          0
    414944                               O            06/01/33
    0

    8747897          N47/G01             F          453,000.00         ZZ
                                         360        453,000.00          1
                                       5.875          2,679.67         70
                                       5.625          2,679.67
    SALINAS          CA   93908          2            05/16/03         00
    0435923248                           03           07/01/03          0
    20505756                             O            06/01/33
    0

    8747909          696/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       5.875          2,040.81         80
                                       5.625          2,040.81
    POTOMAC          MD   20854          2            05/19/03         00
    0435891221                           09           07/01/03          0
    31203257                             O            06/01/33
    0

1

    8748059          356/356             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.45         59
                                       5.875          2,430.45
    SAN RAFAEL       CA   94903          2            05/01/03         00
    29030640                             05           07/01/03          0
    29030640                             O            06/01/33
    0

    8748091          W68/G01             F          425,150.00         ZZ
                                         360        424,716.54          1
                                       5.875          2,514.92         80
                                       5.625          2,514.92
    HOUSTON          TX   77041          2            04/24/03         00
    0435922471                           05           06/01/03          0
    3042459                              O            05/01/33
    0

    8748181          356/356             F          361,400.00         ZZ
                                         360        361,400.00          1
                                       6.125          2,195.91         80
                                       5.875          2,195.91
    DISCOVERY BAY    CA   94514          2            05/05/03         00
    29000023                             05           07/01/03          0
    29000023                             O            06/01/33
    0

    8748291          A39/G01             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       5.875            922.80         50
                                       5.625            922.80
    VAN NUYS         CA   91405          2            05/13/03         00
    0435932660                           05           07/01/03          0
    2300834                              O            06/01/33
    0

    8748515          E22/G01             F          457,500.00         ZZ
                                         360        457,500.00          1
                                       5.875          2,706.29         61
                                       5.625          2,706.29
    REDWOOD CITY     CA   94065          1            05/20/03         00
    0416968758                           03           07/01/03          0
    0416968758                           O            06/01/33
    0

    8748531          E22/G01             F          522,000.00         ZZ
                                         360        522,000.00          1
                                       5.875          3,087.83         70
                                       5.625          3,087.83
1

    SAN JOSE         CA   95126          2            05/07/03         00
    0416981744                           05           07/01/03          0
    0416981744                           O            06/01/33
    0

    8748547          E22/G01             F          540,800.00         ZZ
                                         360        540,800.00          1
                                       5.875          3,199.04         80
                                       5.625          3,199.04
    REDWOOD CITY     CA   94062          1            05/21/03         00
    0416989143                           05           07/01/03          0
    0416989143                           O            06/01/33
    0

    8748589          E22/G01             F          471,200.00         ZZ
                                         360        471,200.00          1
                                       5.875          2,787.33         63
                                       5.625          2,787.33
    KIRKLAND         WA   98034          2            05/16/03         00
    0416892784                           05           07/01/03          0
    0416892784                           O            06/01/33
    0

    8748755          E22/G01             F          187,500.00         ZZ
                                         360        187,500.00          1
                                       6.000          1,124.16         46
                                       5.750          1,124.16
    SANTA CLARITA,   CA   91350          5            05/23/03         00
    0416958130                           03           07/01/03          0
    0416958130                           O            06/01/33
    0

    8749153          E22/G01             F          701,250.00         ZZ
                                         360        701,250.00          1
                                       5.750          4,092.30         75
                                       5.500          4,092.30
    LOS ANGELES      CA   90034          1            05/23/03         00
    0416865590                           05           07/01/03          0
    0416865590                           O            06/01/33
    0

    8749343          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         34
                                       5.625          2,957.69
    LOS GATOS        CA   95030          5            05/09/03         00
    0417025129                           05           07/01/03          0
    0417025129                           O            06/01/33
    0
1

    8749443          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       5.875          1,892.92         72
                                       5.625          1,892.92
    EL PASO          TX   79912          2            05/23/03         00
    0416653301                           05           07/01/03          0
    0416653301                           O            06/01/33
    0

    8749545          E22/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       5.875          2,602.77         46
                                       5.625          2,602.77
    RANCHO PALOS VE  CA   90275          2            05/19/03         00
    0417150455                           05           07/01/03          0
    0417150455                           O            06/01/33
    0

    8749939          F34/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       5.875          1,987.57         71
                                       5.625          1,987.57
    BEL AIR          MD   21015          2            05/20/03         00
    0435903323                           03           07/01/03          0
    45303012                             O            06/01/33
    0

    8752063          A06/G01             F          333,500.00         ZZ
                                         360        333,500.00          1
                                       5.875          1,972.78         76
                                       5.625          1,972.78
    WEST BLOOMFIELD  MI   48324          2            05/23/03         00
    0435920699                           05           07/01/03          0
    0020310196                           O            06/01/33
    0

    8752485          N47/G01             F          263,500.00         ZZ
                                         360        263,500.00          1
                                       6.125          1,601.05         56
                                       5.875          1,601.05
    SAN DIEGO        CA   92119          2            05/19/03         00
    0435922224                           05           07/01/03          0
    30503742                             O            06/01/33
    0

    8752897          964/G01             F          369,000.00         ZZ
                                         360        369,000.00          1
1

                                       6.000          2,212.34         69
                                       5.750          2,212.34
    FOOTHILL RANCH   CA   92610          5            05/15/03         00
    0435915491                           03           07/01/03          0
    371357                               O            06/01/33
    0

    8753111          E82/G01             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       6.000          1,843.62         74
                                       5.750          1,843.62
    OLNEY            MD   20832          2            05/27/03         00
    0400823902                           03           07/01/03          0
    0400823902                           O            06/01/33
    0

    8753119          E82/G01             F          522,650.00         ZZ
                                         360        522,650.00          1
                                       5.875          3,091.67         79
                                       5.625          3,091.67
    HAYWARD          CA   94544          2            05/22/03         00
    0400838983                           03           07/01/03          0
    0400838983                           O            06/01/33
    0

    8753137          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       5.875          3,253.46         58
                                       5.625          3,253.46
    HERMOSA BEACH    CA   90254          2            05/21/03         00
    0417153475                           05           07/01/03          0
    0417153475                           O            06/01/33
    0

    8753159          E22/G01             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       5.875          1,052.94         80
                                       5.625          1,052.94
    CARBONDALE       CO   81623          1            05/30/03         00
    0417165933                           05           07/01/03          0
    0417165933                           O            06/01/33
    0

    8753653          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       5.875          2,070.38         76
                                       5.625          2,070.38
    BETHESDA         MD   20817          2            05/23/03         00
    0417131687                           05           07/01/03          0
1

    0417131687                           O            06/01/33
    0

    8753735          E22/G01             F          139,000.00         ZZ
                                         360        139,000.00          1
                                       6.000            833.38         64
                                       5.750            833.38
    LONG BEACH       CA   90805          5            05/22/03         00
    0417206125                           05           07/01/03          0
    0417206125                           O            06/01/33
    0

    8754685          K15/G01             F           79,800.00         ZZ
                                         360         79,800.00          1
                                       5.875            472.05         49
                                       5.625            472.05
    FREDERICKSBURG   VA   22408          2            05/13/03         00
    0435911391                           05           07/01/03          0
    017505515367                         O            06/01/33
    0

    8754895          K15/G01             F          187,500.00         ZZ
                                         360        187,500.00          1
                                       5.875          1,109.13         60
                                       5.625          1,109.13
    HIGHLANDS RANCH  CO   80129          5            05/16/03         00
    0435921150                           05           07/01/03          0
    021805509685                         O            06/01/33
    0

    8755173          975/G01             F          377,000.00         ZZ
                                         360        377,000.00          1
                                       6.000          2,260.31         64
                                       5.750          2,260.31
    ARCADIA          CA   91006          2            05/19/03         00
    0435923990                           05           07/01/03          0
    2032070                              O            06/01/33
    0

    8755357          R65/G01             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       5.875          2,815.72         80
                                       5.625          2,815.72
    TENAFLY          NJ   07670          1            05/14/03         00
    0435910278                           05           07/01/03          0
    4203377460                           O            06/01/33
    0

1

    8755799          696/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       5.875          2,389.81         80
                                       5.625          2,389.81
    BETHESDA         MD   20816          1            05/15/03         00
    0435896899                           05           07/01/03          0
    31203249                             O            06/01/33
    0

    8756651          E22/G01             F          565,000.00         ZZ
                                         360        565,000.00          1
                                       5.875          3,342.19         65
                                       5.625          3,342.19
    SEATTLE          WA   98109          2            05/27/03         00
    0417174646                           05           07/01/03          0
    0417174646                           O            06/01/33
    0

    8756683          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         45
                                       5.625          2,661.92
    BERKELEY         CA   94705          2            05/16/03         00
    0416832384                           05           07/01/03          0
    0416832384                           O            06/01/33
    0

    8756935          E22/G01             F           85,350.00         ZZ
                                         360         85,350.00          1
                                       6.250            525.51         80
                                       6.000            525.51
    EDMOND           OK   73003          2            05/27/03         00
    0416930618                           05           07/01/03          0
    0416930618                           O            06/01/33
    0

    8757057          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         56
                                       5.625          2,957.69
    HESPERUS         CO   81326          2            05/28/03         00
    0417050481                           05           07/01/03          0
    0417050481                           O            06/01/33
    0

    8757175          E22/G01             F          467,000.00         ZZ
                                         360        467,000.00          1
                                       5.875          2,762.48         72
                                       5.625          2,762.48
1

    SNOHOMISH        WA   98296          2            05/23/03         00
    0417085578                           05           07/01/03          0
    0417085578                           O            06/01/33
    0

    8757375          E82/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.125          2,084.10         29
                                       5.875          2,084.10
    GREAT NECK       NY   11021          2            05/30/03         00
    0400790440                           05           07/01/03          0
    0400790440                           O            06/01/33
    0

    8757381          E82/G01             F          333,900.00         ZZ
                                         360        333,900.00          1
                                       6.000          2,001.90         73
                                       5.750          2,001.90
    ISSAQUAH         WA   98027          2            05/29/03         00
    0400830782                           05           07/01/03          0
    0400830782                           O            06/01/33
    0

    8757409          E82/G01             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       5.875          2,632.34         68
                                       5.625          2,632.34
    CAMARILLO        CA   93010          5            05/28/03         00
    0400814331                           03           07/01/03          0
    0400814331                           O            06/01/33
    0

    8758095          N47/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.15         77
                                       5.625          2,366.15
    MARTINEZ         CA   94553          2            05/22/03         00
    0435931548                           05           07/01/03          0
    20506201                             O            06/01/33
    0

    8758505          X89/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       5.875          2,809.80         66
                                       5.625          2,809.80
    BETHESDA         MD   20814          2            05/20/03         00
    0435932462                           05           07/01/03          0
    2005732                              O            06/01/33
    0
1

    8758693          975/G01             F          452,000.00         ZZ
                                         360        452,000.00          1
                                       5.875          2,673.75         80
                                       5.625          2,673.75
    WESTLAKE VILLAG  CA   91361          1            05/21/03         00
    0435924311                           03           07/01/03          0
    2032544                              O            06/01/33
    0

    8762113          E22/G01             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       5.750          1,021.25         70
                                       5.500          1,021.25
    SUN VALLEY       CA   91352          2            05/28/03         00
    0417158839                           05           07/01/03          0
    0417158839                           O            06/01/33
    0

    8762143          E22/G01             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       5.875            899.14         80
                                       5.625            899.14
    FRESNO           CA   93720          2            05/20/03         00
    0416923852                           05           07/01/03          0
    0416923852                           O            06/01/33
    0

    8762403          E82/G01             F          210,900.00         ZZ
                                         360        210,900.00          1
                                       6.250          1,298.55         54
                                       6.000          1,298.55
    BEND             OR   97702          2            05/30/03         00
    0400814455                           05           07/01/03          0
    0400814455                           O            06/01/33
    0

    8762407          E82/G01             F          295,800.00         ZZ
                                         360        295,800.00          1
                                       5.875          1,749.77         56
                                       5.625          1,749.77
    CALABASAS        CA   91302          2            05/29/03         00
    0400823548                           03           07/01/03          0
    0400823548                           O            06/01/33
    0

    8762493          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
1

                                       5.875          2,514.04         47
                                       5.625          2,514.04
    PIEDMONT         CA   94611          2            05/20/03         00
    0416502987                           05           07/01/03          0
    0416502987                           O            06/01/33
    0

    8763251          E82/G01             F          212,050.00         ZZ
                                         360        212,050.00          1
                                       6.000          1,271.35         75
                                       5.750          1,271.35
    OTIS ORCHARDS    WA   99027          2            05/22/03         00
    0400830311                           05           07/01/03          0
    0400830311                           O            06/01/33
    0

    8763869          253/253             F          419,000.00         ZZ
                                         360        419,000.00          1
                                       6.000          2,512.12         53
                                       5.750          2,512.12
    LAFAYETTE        CO   80026          2            05/19/03         00
    470644                               05           07/01/03          0
    470644                               O            06/01/33
    0

    8763931          116/116             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.000          2,877.84         80
                                       5.750          2,877.84
    THE WOODLANDS    TX   77381          4            05/14/03         00
    091021595                            03           07/01/03          0
    091021595                            O            06/01/33
    0

    8766231          E22/G01             F          383,200.00         ZZ
                                         360        383,200.00          1
                                       6.250          2,359.43         80
                                       6.000          2,359.43
    SAN RAMON        CA   94583          2            04/26/03         00
    0416890564                           05           07/01/03          0
    0416890564                           O            06/01/33
    0

    8766389          E22/G01             F           80,000.00         ZZ
                                         240         80,000.00          1
                                       5.875            567.39         72
                                       5.625            567.39
    NORTH LAS VEGAS  NV   89030          5            05/23/03         00
    0417106309                           05           07/01/03          0
1

    0417106309                           O            06/01/23
    0

    8767383          696/G01             F          456,500.00         ZZ
                                         360        456,500.00          1
                                       5.875          2,700.37         77
                                       5.625          2,700.37
    BETHESDA         MD   20814          2            05/16/03         00
    0435921531                           05           07/01/03          0
    21303095                             O            06/01/33
    0

    8767409          964/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.000          2,110.42         75
                                       5.750          2,110.42
    EL CERRITO       CA   94530          2            05/22/03         00
    0435930367                           05           07/01/03          0
    419101                               O            06/01/33
    0

    8769829          E82/G01             F          243,050.00         ZZ
                                         360        243,050.00          1
                                       6.000          1,457.21         43
                                       5.750          1,457.21
    CUPERTINO        CA   95014          2            05/23/03         00
    0400828919                           05           07/01/03          0
    0400828919                           O            06/01/33
    0

   TOTAL NUMBER OF LOANS   :        979

   TOTAL ORIGINAL BALANCE  :   411,484,687.52

   TOTAL PRINCIPAL BALANCE :   410,986,658.37

   TOTAL ORIGINAL P+I      :     2,451,923.43

   TOTAL CURRENT P+I       :     2,451,923.43

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                         EXHIBIT TWO
                                SCHEDULE OF DISCOUNT FRACTIONS
                                   (Available Upon Request)

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      8361518         $398,583.42           5.470%             0.5455%         $2,174.09
      8368342         $499,477.97           5.470%             0.5455%         $2,724.43
      8368380         $388,000.00           5.470%             0.5455%         $2,116.36
      8368600         $424,556.27           5.470%             0.5455%         $2,315.76
      8370240         $366,307.98           5.345%             2.8182%        $10,323.22
      8370242         $135,854.61           5.345%             2.8182%         $3,828.63
      8371878         $360,000.00           5.470%             0.5455%         $1,963.64
      8385031         $576,754.09           5.470%             0.5455%         $3,145.93
      8485111         $373,422.61           5.470%             0.5455%         $2,036.85
      8502181         $997,906.87           5.470%             0.5455%         $5,443.13
      8537011         $222,291.98           5.470%             0.5455%         $1,212.50
      8543773         $647,954.31           5.470%             0.5455%         $3,534.30
      8544189         $373,217.16           5.470%             0.5455%         $2,035.73
      8545659         $374,215.08           5.470%             0.5455%         $2,041.17
      8550733         $579,745.08           5.470%             0.5455%         $3,162.25
      8550881         $574,765.55           5.345%             2.8182%        $16,197.94
      8561493         $565,610.76           5.470%             0.5455%         $3,085.15
      8561983         $598,744.12           5.470%             0.5455%         $3,265.88
      8569125         $906,099.44           5.470%             0.5455%         $4,942.36
      8569419         $152,081.00           5.470%             0.5455%          $829.53
      8575047         $575,280.22           5.470%             0.5455%         $3,137.89
      8581177         $569,804.83           5.470%             0.5455%         $3,108.03
      8589981         $595,551.38           5.470%             0.5455%         $3,248.46
      8597421         $384,598.03           5.470%             0.5455%         $2,097.81
      8600255         $560,414.29           5.470%             0.5455%         $3,056.81
      8604435         $355,628.31           5.470%             0.5455%         $1,939.79
      8612909         $599,373.56           5.470%             0.5455%         $3,269.31
      8616275         $579,394.45           5.470%             0.5455%         $3,160.33
      8619869         $384,155.25           5.220%             5.0909%        $19,556.99
      8619875         $382,179.18           5.345%             2.8182%        $10,770.50
      8619881         $359,615.14           5.345%             2.8182%        $10,134.61
      8623301         $484,493.63           5.470%             0.5455%         $2,642.69
      8623901         $571,402.79           5.470%             0.5455%         $3,116.74
      8628649         $379,603.25           5.470%             0.5455%         $2,070.56
      8633749         $553,659.38           5.470%             0.5455%         $3,019.96
      8639919         $599,373.56           5.470%             0.5455%         $3,269.31
      8639939         $359,224.55           5.470%             0.5455%         $1,959.41
      8646105         $359,624.14           5.470%             0.5455%         $1,961.59
      8648443         $507,733.53           5.470%             0.5455%         $2,769.46
      8648703         $383,591.26           5.470%             0.5455%         $2,092.32
      8651933         $574,399.67           5.470%             0.5455%         $3,133.09
      8652605         $392,589.69           5.470%             0.5455%         $2,141.40
      8652653         $563,314.98           5.470%             0.5455%         $3,072.63
      8652693         $550,844.60           5.470%             0.5455%         $3,004.61
      8652783         $558,066.73           5.470%             0.5455%         $3,044.00
      8652787         $525,450.83           5.470%             0.5455%         $2,866.10
      8652805         $364,119.44           5.470%             0.5455%         $1,986.11
      8653011         $535,040.80           5.470%             0.5455%         $2,918.40
      8653033         $503,473.79           5.470%             0.5455%         $2,746.22
      8654213         $528,447.69           5.470%             0.5455%         $2,882.44
      8654239         $535,426.98           5.345%             2.8182%        $15,089.31
      8654245         $574,399.66           5.470%             0.5455%         $3,133.09
      8655491         $350,034.16           5.470%             0.5455%         $1,909.28

 Wednesday, June 25, 2003                                                       Page 1 of 3

      8658999         $319,665.90           5.470%             0.5455%         $1,743.63
      8660801         $346,662.69           5.470%             0.5455%         $1,890.89
      8664211         $393,588.64           5.470%             0.5455%         $2,146.85
      8666809         $194,796.41           5.470%             0.5455%         $1,062.53
      8668977         $599,373.56           5.470%             0.5455%         $3,269.31
      8669161         $529,446.64           5.470%             0.5455%         $2,887.89
      8669345         $355,619.41           5.345%             2.8182%        $10,022.00
      8669377         $998,955.94           5.470%             0.5455%         $5,448.85
      8672781         $384,598.03           5.470%             0.5455%         $2,097.81
      8672887         $356,127.79           5.470%             0.5455%         $1,942.52
      8673115         $152,000.00           5.470%             0.5455%          $829.09
      8674493         $331,653.37           5.470%             0.5455%         $1,809.02
      8675781         $375,548.49           5.220%             5.0909%        $19,118.83
      8676983         $434,300.00           5.470%             0.5455%         $2,368.91
      8678903         $644,326.59           5.470%             0.5455%         $3,514.51
      8679743         $356,627.27           5.470%             0.5455%         $1,945.24
      8679791         $519,391.67           5.470%             0.5455%         $2,833.05
      8679797         $359,624.14           5.470%             0.5455%         $1,961.59
      8680001         $426,106.24           5.470%             0.5455%         $2,324.22
      8680013         $401,380.49           5.470%             0.5455%         $2,189.35
      8680055         $343,590.89           5.470%             0.5455%         $1,874.13
      8680107         $424,556.28           5.470%             0.5455%         $2,315.76
      8680121         $459,519.73           5.470%             0.5455%         $2,506.47
      8680163         $648,639.47           5.470%             0.5455%         $3,538.03
      8680955         $784,679.89           5.470%             0.5455%         $4,280.07
      8683031         $749,216.95           5.470%             0.5455%         $4,086.64
      8684017         $548,721.50           5.345%             2.8182%        $15,463.97
      8684741         $460,000.00           5.470%             0.5455%         $2,509.09
      8685945         $207,000.00           5.470%             0.5455%         $1,129.09
      8686255         $334,650.24           5.470%             0.5455%         $1,825.36
      8686949         $337,000.00           5.470%             0.5455%         $1,838.18
      8686955         $370,000.00           5.470%             0.5455%         $2,018.18
      8687227         $477,500.00           5.470%             0.5455%         $2,604.55
      8687775         $385,596.99           5.470%             0.5455%         $2,103.26
      8687919         $232,738.92           5.095%             7.3636%        $17,138.05
      8688637         $158,146.68           5.470%             0.5455%          $862.62
      8694807         $574,399.67           5.470%             0.5455%         $3,133.09
      8695419         $479,300.00           5.470%             0.5455%         $2,614.36
      8697991         $54,500.00            5.470%             0.5455%          $297.27
      8698981         $557,717.10           5.470%             0.5455%         $3,042.09
      8698999         $492,884.87           5.470%             0.5455%         $2,688.46
      8699011         $539,394.90           5.095%             7.3636%        $39,719.08
      8699031         $499,477.97           5.470%             0.5455%         $2,724.43
      8699077         $559,415.32           5.470%             0.5455%         $3,051.36
      8699183         $403,578.20           5.470%             0.5455%         $2,201.34
      8699777         $202,782.98           5.345%             2.8182%         $5,714.79
      8700255         $115,878.88           5.470%             0.5455%          $632.07
      8701579         $563,660.89           5.470%             0.5455%         $3,074.51
      8702273         $538,333.00           5.470%             0.5455%         $2,936.36
      8702459         $176,000.00           5.470%             0.5455%          $960.00
      8704565         $337,000.00           5.095%             7.3636%        $24,815.45
      8705209         $154,838.17           5.470%             0.5455%          $844.57
      8707771         $268,000.00           5.470%             0.5455%         $1,461.82
      8708907         $54,000.00            5.095%             7.3636%         $3,976.36
      8712091         $480,000.00           5.345%             2.8182%        $13,527.27
      8713941         $504,000.00           5.470%             0.5455%         $2,749.09
      8715661         $330,000.00           5.470%             0.5455%         $1,800.00

 Wednesday, June 25, 2003                                                       Page 2 of 3
     8718545         $800,000.00           5.345%             2.8182%        $22,545.45
      8718633         $351,632.49           5.470%             0.5455%         $1,918.00
      8723945         $439,500.00           5.470%             0.5455%         $2,397.27
      8724045         $564,000.00           5.470%             0.5455%         $3,076.36
      8730083         $390,000.00           5.470%             0.5455%         $2,127.27
      8730335         $478,000.00           5.470%             0.5455%         $2,607.27
      8730345         $134,400.00           5.345%             2.8182%         $3,787.64
      8731103         $489,600.00           5.470%             0.5455%         $2,670.55
      8732131         $355,628.31           5.470%             0.5455%         $1,939.79
      8737615         $620,000.00           5.470%             0.5455%         $3,381.82
      8739801         $157,000.00           5.345%             2.8182%         $4,424.55
      8740855         $520,456.05           5.470%             0.5455%         $2,838.85
      8742827         $799,500.00           5.470%             0.5455%         $4,360.91
      8743069         $400,000.00           5.470%             0.5455%         $2,181.82
      8743435         $343,200.00           5.470%             0.5455%         $1,872.00
      8744985         $256,000.00           5.470%             0.5455%         $1,396.36
      8745053         $480,000.00           5.470%             0.5455%         $2,618.18
      8745303         $525,000.00           5.470%             0.5455%         $2,863.64
      8746351         $324,400.00           5.470%             0.5455%         $1,769.45
      8747679         $400,000.00           5.345%             2.8182%        $11,272.73
      8747689         $152,000.00           5.470%             0.5455%          $829.09
      8749153         $701,250.00           5.470%             0.5455%         $3,825.00
      8762113         $175,000.00           5.470%             0.5455%          $954.55

 Wednesday, June 25, 2003                                                       Page 3 of 3

</TABLE>

<PAGE>

                                        EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
        Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
        Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the Insured  Payment  for such  Distribution  Date,  and the
        respective  portions thereof allocable to principal and interest for the
        Insured Certificates;

               (vii) the amount of any  Certificate  Insurance  Payment  made on
        such Distribution Date, the amount of any reimbursement  payment made to
        the Certificate  Insurer on such  Distribution  Date pursuant to Section
        4.02(a)(xvi)  and the  amount of  Cumulative  Insurance  Payments  after
        giving  effect to any such  Certificate  Insurance  Payment  or any such
        reimbursement payment to the Certificate Insurer;

               (viii) the aggregate  Certificate Principal Balance of each Class
        of  Certificates  and  the  Senior  Percentage  and the  amount  of each
        component,  after  giving  effect  to the  amounts  distributed  on such
        Distribution Date,  separately  identifying any reduction thereof due to
        Realized  Losses  other  than  pursuant  to an  actual  distribution  of
        principal;

               (ix) the related  Subordinate  Principal  Distribution Amount and
        Prepayment Distribution Percentage, if applicable;

               (X) on the basis of the most recent  reports  furnished  to it by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

               (xi) the number,  aggregate  principal  balance and book value of
        any REO Properties;

                                             -1-

<PAGE>

               (xii)  the  aggregate  Accrued  Certificate   Interest  remaining
        unpaid,  if any, for each Class of Certificates,  after giving effect to
        the distribution made on such Distribution Date;

               (xiii)  the  Special  Hazard   Amount,   Fraud  Loss  Amount  and
        Bankruptcy  Amount as of the close of business on such Distribution Date
        and a description of any change in the calculation of such amounts;

               (xiv) the weighted average Pool Strip Rate for such  Distribution
        Date,  the  Pass-  Through  Rate with  respect  to the  Adjustable  Rate
        Certificates and the Class A-V  Certificates and each Subclass,  if any,
        thereof;

               (xv) the  Notional  Amount with respect to each class of Interest
        Only Certificates and each Subclass;

               (xvi) the occurrence of the Credit Support Depletion Date;

               (xvii) the related  Senior  Accelerated  Distribution  Percentage
        applicable to such distribution;

               (xviii)the related Senior Percentage for such Distribution Date;

               (xvii)  the  aggregate   amount  of  Realized   Losses  for  such
        Distribution Date;

               (xix)  the  aggregate  amount  of any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xx) the  weighted  average  remaining  term to  maturity  of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date; and

               (xxi) the weighted  average  Mortgage Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                             -2-

<PAGE>

                                         EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                           DATED AS OF APRIL 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2003

                       Mortgage Pass-Through Certificates

                                 Series 2003-S9

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-3-
        Section 1.02  Use of Words and Phrases............................................-11-

                                   ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans.
                      (See Section 2.01 of the Standard Terms)............................-12-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)....-12-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company.............................................................-12-
        Section 2.04  Representations and Warranties of the Mortgage Loan Seller..........-14-
        Section 2.05  Execution and Authentication of Certificates........................-15-

                                         ARTICLE III

                          ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)......-17-
        Section 4.02  Distributions.......................................................-17-
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies; Exchange
                      Act Reporting.  (See Section 4.03 of the Standard Terms)............-24-
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer. (See Section 4.04 of the Standard Terms)...........-24-
        Section 4.05  Allocation of Realized Losses.......................................-25-
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms).................................-26-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms).....................................................-26-
        Section 4.08  Surety Bond.  (See Section 4.08 of the Standard Terms)..............-26-

<PAGE>

                                          ARTICLE V

                                THE CERTIFICATES

                                   ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER

                                         ARTICLE VII

                                           DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                         TERMINATION
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation
                      of All Mortgage Loans...............................................-31-
        Section 9.02  Additional Termination Requirements.................................-35-
        Section 9.03  Termination of Multiple REMICs
                      (See Section 9.03 of the Standard Terms)............................-35-

                                          ARTICLE X

                                REMIC PROVISIONS
        Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms).....-36-
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification. (See
                      Section 10.02 of the Standard Terms)................................-36-
        Section 10.03 Designation of REMIC(s).............................................-36-
        Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.........-36-
        Section 10.05 Compliance with Withholding Requirements............................-37-

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)................-38-
        Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of the Standard
                      Terms)..............................................................-38-
        Section 11.03 Limitation on Rights of Certificateholders. (See Section 11.03 of the
                      Standard Terms).....................................................-38-
        Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)...........-38-
        Section 11.05 Notices.............................................................-38-

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer...................-39-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)-39-
        Section 11.08 Supplemental Provisions for Resecuritization. (See Section 11.08 of the
                      Standard Terms).....................................................-39-
        Section 11.09 Allocation of Voting Rights.........................................-39-

                                         ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE  INSURER Section
        12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                      Certificateholders..................................................-58-
        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account...-58-
        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation..........-59-
        Section 12.04.Notices and Information to the Certificate Insurer..................-60-
        Section 12.05.Trustee to Hold Certificate Policy..................................-60-
        Section 12.06.Ratings.............................................................-60-
        Section 12.07.Third Party Beneficiaries...........................................-60-

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of March 1, 2003

</TABLE>

<PAGE>

        This is a Series  Supplement,  dated as of April 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of Trust  Fund,  and  subject to this  Agreement,  as a real  estate
mortgage investment conduit (the "REMIC") for federal income tax purposes.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

                                             -1-

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<TABLE>
<CAPTION>

                              AGGREGATE
                               INITIAL
                             CERTIFICATE
              PASS-THROUGH    PRINCIPAL                                 MATURITY       MOODY'S/      MINIMUM
DESIGNATION       RATE         BALANCE             FEATURES1              DATE           S&P      DENOMINATIONS2

<S>     <C>      <C>      <C>                                                  <C> <C>                   <C>
Class A-1        6.50%    $262,487,000              Senior               March 25, 2032    Aaa/AAA       $25,000
                                               Senior/Principal
Class A-P        0.00%    $  2,552,004                Only              March 25, 2032    Aaa/AAA       $25,000
                                             Senior/Interest Only/
Class A-V    Variable Rate$          0          Variable Strip          March 25, 2032    Aaa/AAA         20%
Class R          6.50%             100          Senior/Residual         March 25, 2032    Aaa/AAA         20%
Class M-1        6.50%    $  4,082,000             Mezzanine            March 25, 2032     NA/AA        $25,000
Class M-2        6.50%    $  1,088,000             Mezzanine            March 25, 2032      NA/A        $250,000
Class M-3        6.50%    $    816,000             Mezzanine            March 25, 2032     NA/BBB       $250,000
Class B-1        6.50%    $    408,000            Subordinate           March 25, 2032     NA/BB        $250,000
Class B-2        6.50%    $    273,000            Subordinate           March 25, 2032      NA/B        $250,000
Class B-3        6.50%    $    408,271            Subordinate           March 25, 2032     NA/NA        $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $272,114,375.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

--------

1    The Class A  Certificates  and  Class M  Certificates  shall be  Book-Entry
     Certificates.  The Class R and Class B  Certificates  shall be delivered to
     the holders thereof in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate  of any of the  Class A-P and  Class B  Certificates  that
     contains  an uneven  multiple of $1,000  shall be issued in a  denomination
     equal to the sum of the related  minimum  denomination  set forth above and
     such uneven multiple for such Class or the sum of such  denomination and an
     integral  multiple  of  $1,000.  The  Class R  Certificates  and  Class A-V
     Certificates shall be issuable in minimum  denominations of not less than a
     20% Percentage Interest;  provided,  however,  that one Class R Certificate
     will be issuable to Residential Funding as "tax matters person" pursuant to
     Section  10.01(c)  and  (e)  in  a  minimum  denomination   representing  a
     Percentage Interest of not less than 0.01%.

                                             -2-

<PAGE>

                                         DEFINITIONS

        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio at origination which
               exceeds 75% and (ii) $100,000; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than Additional  Collateral  Loans, if any) which had an original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage
               Loans as of the Relevant  Anniversary less 1.25% per annum, (y) a
               number equal to the weighted average  remaining term to maturity,
               in months,  of all  Non-Primary  Residence Loans remaining in the
               Mortgage  Pool as of the Relevant  Anniversary,  and (z) one plus
               the  quotient of the number of all Non- Primary  Residence  Loans
               remaining  in the  Mortgage  Pool  divided by the total number of
               Outstanding  Mortgage  Loans  in  the  Mortgage  Pool  as of  the
               Relevant Anniversary, and (ii) $50,000,

               over

               (2) the aggregate amount of Bankruptcy Losses allocated solely to
        one or more specific  Classes of Certificates in accordance with Section
        4.05 since the Relevant Anniversary.

                                             -3-

<PAGE>

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2003-S9"  and  which  must  be an  Eligible
Account.

        Class A  Certificate:  Any one of the Class A-1,  Class A-P or Class A-V
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A.

        Class R Certificate: Any one of the Class R Certificates executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit D and evidencing an interest designated
as a "residual interest" in the REMIC for purposes of the REMIC Provisions.

        Closing Date: April 30, 2003.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2003-S9.

        Cut-off Date: April 1, 2003.

     Determination  Date:  With  respect to any  Distribution  Date,  the second
Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate: 6.50% per annum.

     Due Period:  With respect to each  Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E) of this Series Supplement)

                                             -4-

<PAGE>

and (iv) the aggregate  amount of Accrued  Certificate  Interest on the Class M,
Class B-1 and Class B-2 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to:(X) prior to the third  anniversary of the Cut-off Date
an  amount  equal to  2.50% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination,  (Y) from the third to the fifth anniversary of the Cut-off Date,
an  amount  equal to  1.75% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination  and (Z) from the second to the fifth  anniversary  of the Cut-off
Date,  an amount  equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 1.00% of the  aggregate
principal balance of all of the Mortgage Loans as of the most recent anniversary
of  the  Cut-off  Date  minus  (2)  the  aggregate   amounts  allocated  through
subordination  with respect to Fraud Losses since the most recent anniversary of
the  Cut-off  Date up to that  date of  determination.  On and  after  the fifth
anniversary  of the Cut-off Date,  the Fraud Loss Amount shall be zero and Fraud
Losses shall not be allocated through subordination.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

        Initial Notional  Amount:  With respect to any Class A-V Certificates or
Subclass thereof issued pursuant to Section 5.01(c),  the aggregate Cut-off Date
Principal  Balance of the Non-  Discount  Mortgage  Loans  corresponding  to the
Uncertificated REMIC Regular Interests  represented by such Class or Subclass on
such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

        Class M-1: 1.50%                    Class B-1: 0.15%
        Class M-2: 0.40%                    Class B-2: 0.10%
        Class M-3: 0.30%                    Class B-3: 0.15%

     Interest  Accrual  Period:   With  respect  to  any  Certificates  and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

                                             -5-

<PAGE>

        Maturity  Date:  With respect to each Class of  Certificates,  March 25,
2032, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

        Mortgage Loan Purchase Agreement:  The Mortgage Loan Purchase Agreement,
dated the  Closing  Date,  between  the  Mortgage  Loan  Seller and the  Company
relating to the transfer and assignment of the Mortgage Loans.

       Mortgage Loan Schedule:  The list or lists of the Mortgage Loans attached
hereto as  Exhibit  One,  which  list or lists  shall  set  forth the  following
information as to each Mortgage Loan:

       (a)    the Mortgage Loan identifying number ("RFC LOAN #");
       (b)    the maturity of the Mortgage Note ("MATURITY DATE");
       (c)    the Mortgage Rate ("ORIG RATE");
       (d)    the Subservicer pass-through rate ("CURR NET");
       (e)    the Net Mortgage Rate ("NET MTG RT");
       (f)    the Pool Strip Rate ("STRIP");

     (g)  the  initial  scheduled  monthly  payment of  principal,  if any,  and
          interest ("ORIGINAL P & I");

       (h)    the Cut-off Date  Principal  Balance  ("PRINCIPAL  BAL");  (i) the
              Loan-to-Value Ratio at origination ("LTV");
       (j)    the rate at which the Subservicing Fee accrues ("SUBSERV FEE") and
              at which the Servicing Fee accrues ("MSTR SERV FEE");
       (k)    a code "T," "BT" or "CT" under the column "LN FEATURE," indicating
              that  the  Mortgage  Loan  is  secured  by a  second  or  vacation
              residence; and
       (l)    a code "N" under  the  column  "OCCP  CODE,"  indicating  that the
              Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

       Mortgage Loan Seller: Bank of America, National Association.

       Notional Amount:  As of any Distribution  Date, with respect to any Class
A-V  Certificates or Subclass  thereof issued pursuant to Section  5.01(c),  the
aggregate   Stated  Principal   Balance  of  the  Non-Discount   Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
Class or Subclass as of the day  immediately  preceding such  Distribution  Date
(or, with respect to the initial  Distribution Date, at the close of business on
the Cut-off Date).

       Pass-Through  Rate: With respect to the Class A Certificates  (other than
the  Class  A-V   Certificates  and  Principal  Only   Certificates),   Class  M
Certificates, Class B Certificates and Class R Certificates and any Distribution
Date, the per annum rates set forth in the Preliminary  Statement  hereto.  With
respect to the Class A-V Certificates  (other than any Subclass thereof) and any
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage, of the Pool Strip Rates of all Non-Discount Mortgage Loans as of the
Due Date in the  related Due  Period,  weighted  on the basis of the  respective
Stated Principal Balances of such Non-Discount Mortgage Loans as

                                             -6-

<PAGE>

of the day immediately preceding such Distribution Date (or, with respect to the
initial Distribution Date, at the close of business on the Due Date in the month
preceding the month of such  Distribution  Date).  With respect to the Class A-V
Certificates and the initial  Distribution  Date, the Pass-Through Rate is equal
to 0.2476% per annum. With respect to any Subclass of Class A-V Certificates and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of  the  Pool  Strip  Rates  of  all  Non-Discount  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
Subclass as of the Due Date in the related Due Period,  weighted on the basis of
the respective Stated Principal Balances of such Non- Discount Mortgage Loans as
of the day immediately  preceding such Distribution Date (or with respect to the
initial Distribution Date, at the close of business on the Due Date in the month
preceding the month of such Distribution  Date). The Principal Only Certificates
have no Pass- Through Rate and are not entitled to Accrued Certificate Interest.

       Pool Strip Rate: With respect to each  Non-Discount  Mortgage Loan, a per
annum rate equal to the excess of (a) the Net Mortgage Rate of such Non-Discount
Mortgage Loan over (b) 6.50% per annum.

       Prepayment  Assumption:  With respect to each Class of Certificates,  the
prepayment  assumption to be used for  determining the accrual of original issue
discount and premium and market discount on such Certificates for federal income
tax purposes, which assumes a constant prepayment rate of 50% per annum.

       Prepayment Distribution Percentage: With respect to any Distribution Date
and each Class of Subordinate  Certificates,  under the applicable circumstances
set forth below, the respective percentages set forth below:

              (i) For any Distribution  Date prior to the  Distribution  Date in
       May  2008  (unless  the  Certificate  Principal  Balances  of the  Senior
       Certificates (other than the Class A-P Certificates) have been reduced to
       zero), 0%.

              (ii) For any Distribution Date for which clause (i) above does not
       apply, and on which any Class of Subordinate  Certificates is outstanding
       with a Certificate Principal Balance greater than zero:

                     (a) in the case of the  Class of  Subordinate  Certificates
              then outstanding with the Highest Priority and each other Class of
              Subordinate   Certificates   for  which  the  related   Prepayment
              Distribution Trigger has been satisfied, a fraction,  expressed as
              a percentage,  the numerator of which is the Certificate Principal
              Balance  of such  Class  immediately  prior  to such  date and the
              denominator  of  which  is the  sum of the  Certificate  Principal
              Balances  immediately  prior  to such  date of (1)  the  Class  of
              Subordinate   Certificates   then  outstanding  with  the  Highest
              Priority and (2) all other Classes of Subordinate Certificates for
              which the respective  Prepayment  Distribution  Triggers have been
              satisfied; and

                     (b)  in  the  case  of  each  other  Class  of  Subordinate
              Certificates for which the Prepayment  Distribution  Triggers have
              not been satisfied, 0%; and

                                             -7-

<PAGE>

              (iii)  Notwithstanding  the foregoing,  if the  application of the
       foregoing  percentages  on any  Distribution  Date as provided in Section
       4.02 of this Series Supplement  (determined without regard to the proviso
       to the definition of "Subordinate  Principal  Distribution Amount") would
       result in a distribution  in respect of principal of any Class or Classes
       of  Subordinate  Certificates  in an amount  greater  than the  remaining
       Certificate  Principal  Balance  thereof  (any such  class,  a  "Maturing
       Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of  each
       Maturing  Class  shall  be  reduced  to a level  that,  when  applied  as
       described above,  would exactly reduce the Certificate  Principal Balance
       of such Class to zero; (b) the Prepayment Distribution Percentage of each
       other Class of Subordinate  Certificates (any such Class, a "Non-Maturing
       Class")  shall be  recalculated  in  accordance  with the  provisions  in
       paragraph (ii) above,  as if the  Certificate  Principal  Balance of each
       Maturing Class had been reduced to zero (such percentage as recalculated,
       the "Recalculated Percentage"); (c) the total amount of the reductions in
       the Prepayment Distribution  Percentages of the Maturing Class or Classes
       pursuant  to  clause  (a) of this  sentence,  expressed  as an  aggregate
       percentage,   shall  be  allocated  among  the  Non-Maturing  Classes  in
       proportion to their respective  Recalculated  Percentages (the portion of
       such  aggregate  reduction so allocated to any  Non-Maturing  Class,  the
       "Adjustment Percentage"); and (d) for purposes of such Distribution Date,
       the Prepayment  Distribution  Percentage of each Non-Maturing Class shall
       be  equal  to the  sum  of (1)  the  Prepayment  Distribution  Percentage
       thereof,  calculated in accordance  with the provisions in paragraph (ii)
       above as if the Certificate  Principal Balance of each Maturing Class had
       not been reduced to zero, plus (2) the related Adjustment Percentage.

       Principal Only Certificates:  Any one of the Class A-P Certificates.

       Record  Date:  With respect to each  Distribution  Date and each Class of
Certificates,  the close of business on the last  business day of the month next
preceding the month in which the related Distribution Date occurs.

       Relief Act:  The  Soldiers'  and Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

       Relief Act Shortfalls: Shortfalls in interest payable by a Mortgagor that
is not collectable from the Mortgagor pursuant to the Relief Act.

       Scheduled Final Distribution Date: March 25, 2032.

       Senior  Certificate:  Any one of the  Class  A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

       Senior Percentage:  As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage Loans

                                             -8-

<PAGE>

(or related REO Properties)  (other than the related  Discount  Fraction of each
Discount Mortgage Loan) immediately prior to such Distribution Date.

       Senior Principal  Distribution  Amount: As to any Distribution  Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i) and Section  4.02(a)(ii)(X) of this Series Supplement,  or, after the
Credit  Support  Depletion  Date,  the amount  required to be distributed to the
Class  A-P  Certificateholders  pursuant  to  Section  4.02(c)  of  this  Series
Supplement  and (b) the sum of the  amounts  required to be  distributed  to the
Senior   Certificateholders  on  such  Distribution  Date  pursuant  to  Section
4.02(a)(ii)(Y) of this Series Supplement.

       Special Hazard Amount:  As of any  Distribution  Date, an amount equal to
$2,721,144  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans,  expressed  as a  percentage,  and the  denominator  of which is equal to
38.56% (which  percentage is equal to the percentage of Mortgage Loans initially
secured by Mortgaged Properties located in the State of California) and (ii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution  Date) of the largest Mortgage Loan secured by a Mortgaged Property
located in the State of California.

       The Special Hazard Amount may be further  reduced by the Master  Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

     Subordinate Principal Distribution Amount: With respect to any Distribution
Date and each Class of Subordinate Certificates,  (a) the sum of (i) the product
of (x) the related Subordinate Class

                                             -9-

<PAGE>

Percentage  for such Class and (y) the aggregate of the amounts  calculated  for
such   Distribution   Date   under   clauses   (1),   (2)  and  (3)  of  Section
4.02(a)(ii)(Y)(A) of this Series Supplement (without giving effect to the Senior
Percentage)  to the extent not  payable  to the Senior  Certificates;  (ii) such
Class's pro rata share, based on the Certificate Principal Balance of each Class
of  Subordinate  Certificates  then  outstanding,  of the principal  collections
described in Section  4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without
giving effect to the Senior Accelerated  Distribution  Percentage) to the extent
such collections are not otherwise distributed to the Senior Certificates; (iii)
the product of (x) the related  Prepayment  Distribution  Percentage and (y) the
aggregate  of  all  Principal  Prepayments  in  Full  received  in  the  related
Prepayment  Period and  Curtailments  received in the preceding  calendar  month
(other than the related Discount Fraction of such Principal  Prepayments in Full
and  Curtailments  with respect to a Discount  Mortgage  Loan) to the extent not
payable  to the  Senior  Certificates;  (iv)  if  such  Class  is the  Class  of
Subordinate  Certificates  with the  Highest  Priority,  any Excess  Subordinate
Principal Amount for such  Distribution  Date; and (v) any amounts  described in
clauses (i), (ii) and (iii) as determined  for any previous  Distribution  Date,
that remain  undistributed  to the extent that such amounts are not attributable
to  Realized  Losses  which  have  been  allocated  to a  Class  of  Subordinate
Certificates  minus (b) the sum of (i) with respect to the Class of  Subordinate
Certificates with the Lowest Priority,  any Excess Subordinate  Principal Amount
for such Distribution Date; and (ii) the Capitalization Reimbursement Amount for
such Distribution  Date, other than the related Discount Fraction of any portion
of that amount related to each Discount Mortgage Loan, multiplied by a fraction,
the numerator of which is the Subordinate Principal Distribution Amount for such
Class of Subordinate Certificates, without giving effect to this clause (b)(ii),
and the  denominator of which is the sum of the principal  distribution  amounts
for all Classes of Certificates  other than the Class A-P Certificates,  without
giving effect to any reductions for the Capitalization Reimbursement Amount.

       Uncertificated Accrued Interest:  With respect to each Distribution Date,
as to each  Uncertificated  REMIC  Regular  Interest,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition  thereof on each such  uncertificated  interest,  if the
Pass-Through  Rate on such  uncertificated  interest  were equal to the  related
Uncertificated  Pass-Through Rate and the notional amount of such uncertificated
interest  were equal to the  related  Uncertificated  Notional  Amount,  and any
reduction  in the  amount of Accrued  Certificate  Interest  resulting  from the
allocation of Prepayment Interest  Shortfalls,  Realized Losses or other amounts
to the Class A-V  Certificateholders  pursuant to Section  4.05 hereof  shall be
allocated to the  Uncertificated  REMIC Regular Interests pro rata in accordance
with the amount of interest accrued with respect to each related  Uncertificated
Notional Amount and such Distribution Date.

       Uncertificated Notional Amount: With respect to each Uncertificated REMIC
Regular  Interest,  the Stated  Principal  Balance of the  related  Non-Discount
Mortgage Loan.

       Uncertificated  Pass-Through  Rate:  With respect to each  Uncertificated
REMIC Regular Interest,  the related  Uncertificated REMIC Regular Interest Pool
Strip Rate.

       Uncertificated  REMIC Regular  Interest Pool Strip Rate:  With respect to
each Uncertificated REMIC Regular Interest,  the Pool Strip Rate for the related
Mortgage Loan.

                                            -10-

<PAGE>

       Uncertificated  REMIC Regular Interest  Distribution Amount: With respect
to any Distribution Date, the sum of the amounts deemed to be distributed on the
Uncertificated  REMIC Regular  Interest for such  Distribution  Date pursuant to
Section 10.04(a).

       Uncertificated  REMIC Regular Interests:  The 441 uncertificated  partial
undivided  beneficial  ownership interests in the Trust Fund, each relating to a
Non-Discount  Mortgage Loan,  each having no principal  balance and each bearing
interest at the respective  Uncertificated  Pass-Through  Rate on the respective
Uncertificated Notional Amount.

       Section 1.02  Use of Words and Phrases.

       "Herein," "hereby," "hereunder," "hereof," "hereinbefore,"  "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

                                            -11-

<PAGE>

                                         ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

     Section  2.01  Conveyance  of  Mortgage  Loans.  (See  Section  2.01 of the
          Standard Terms)

     Section 2.02  Acceptance  by Trustee.  (See  Section  2.02 of the  Standard
          Terms)

     Section  2.03  Representations,  Warranties  and  Covenants  of the  Master
          Servicer and the Company.

              (a) For  representations,  warranties  and covenants of the Master
       Servicer, see Section 2.03(a) of the Standard Terms.

              (b) The Company hereby  represents and warrants to the Trustee for
       the benefit of  Certificateholders  that as of the  Closing  Date (or, if
       otherwise specified below, as of the date so specified):

                     (i) No  Mortgage  Loan is 30 or  more  days  Delinquent  in
              payment of  principal  and  interest as of the Cut-off Date and no
              Mortgage  Loan  has  been  so  Delinquent  more  than  once in the
              12-month period prior to the Cut-off Date;

                     (ii) The  information  set forth in Exhibit One hereto with
              respect to each Mortgage Loan or the Mortgage  Loans,  as the case
              may be, is true and correct in all  material  respects at the date
              or dates respecting which such information is furnished;

                     (iii) The Mortgage Loans are  fully-amortizing,  fixed-rate
              mortgage loans with level Monthly  Payments due, with respect to a
              majority of the Mortgage Loans, on the first day of each month and
              terms to maturity at origination or  modification of not more than
              30 years;

                     (iv) To the best of the Company's knowledge,  if a Mortgage
              Loan is secured by a Mortgaged Property with a Loan-to-Value Ratio
              at origination in excess of 80%, such Mortgage Loan is the subject
              of a Primary  Insurance  Policy that insures that (a) at least 30%
              of  the  Stated   Principal   Balance  of  the  Mortgage  Loan  at
              origination  if the  Loan-to-Value  Ratio is  between  95.00%  and
              90.01%,  (b) at least  25% of such  balance  if the  Loan-to-Value
              Ratio is between  90.00% and 85.01%,  and (c) at least 12% of such
              balance if the  Loan-to-Value  Ratio is between 85.00% and 80.01%.
              To  the  best  of  the  Company's  knowledge,  each  such  Primary
              Insurance  Policy is in full force and  effect and the  Trustee is
              entitled to the benefits thereunder;

                     (v) The  issuers  of the  Primary  Insurance  Policies  are
              insurance  companies whose  claims-paying  abilities are currently
              acceptable to each Rating Agency;

                                            -12-

<PAGE>

                     (vi) No more than 1.0% of the  Mortgage  Loans by aggregate
              Cut-off Date Principal Balance are secured by Mortgaged Properties
              located  in any one zip code area in  California  and no more than
              0.9% of the Mortgage  Loans by aggregate  Cut- Off Date  Principal
              Balance are secured by Mortgaged Properties located in any one zip
              code area outside California;

                     (vii) The  improvements  upon the Mortgaged  Properties are
              insured  against loss by fire and other hazards as required by the
              Program  Guide,  including  flood  insurance if required under the
              National  Flood  Insurance Act of 1968,  as amended.  The Mortgage
              requires the Mortgagor to maintain such casualty  insurance at the
              Mortgagor's  expense,  and on the  Mortgagor's  failure  to do so,
              authorizes  the holder of the Mortgage to obtain and maintain such
              insurance  at the  Mortgagor's  expense and to seek  reimbursement
              therefor from the Mortgagor;

                     (viii)  Immediately prior to the assignment of the Mortgage
              Loans to the  Trustee,  the Company had good title to, and was the
              sole owner of,  each  Mortgage  Loan free and clear of any pledge,
              lien,  encumbrance  or  security  interest  (other  than rights to
              servicing and related  compensation)  and such assignment  validly
              transfers  ownership of the Mortgage Loans to the Trustee free and
              clear of any pledge, lien, encumbrance or security interest;

                     (ix) No more than 13.64% of the Mortgage Loans by aggregate
              Cut-off Date Principal Balance were  underwritten  under a reduced
              loan documentation program;

                     (x) Each Mortgagor represented in its loan application with
              respect to the related  Mortgage Loan that the Mortgaged  Property
              would be  owner-occupied  and  therefore  would not be an investor
              property as of the date of  origination  of such Mortgage Loan. No
              Mortgagor is a corporation or a partnership;

                     (xi) None of the Mortgage Loans is a Buydown Mortgage Loan;

                     (xii) Each Mortgage Loan  constitutes a qualified  mortgage
              under Section  860G(a)(3)(A) of the Code and Treasury  Regulations
              Section 1.860G-2(a)(1);

                     (xiii) A policy of title  insurance was effective as of the
              closing of each Mortgage Loan and is valid and binding and remains
              in full force and  effect,  unless the  Mortgaged  Properties  are
              located  in the State of Iowa and an  attorney's  certificate  has
              been provided as described in the Program Guide;

                     (xiv) None of the Mortgage Loans are Cooperative Loans;

                     (xv) With respect to each Mortgage Loan originated  under a
              "streamlined"  Mortgage  Loan  program  (through  which  no new or
              updated  appraisals  of  Mortgaged   Properties  are  obtained  in
              connection with the refinancing  thereof),  the related Seller has
              represented  that  either (a) the value of the  related  Mortgaged
              Property as of the

                                            -13-

<PAGE>

              date the  Mortgage  Loan  was  originated  was not  less  than the
              appraised value of such property at the time of origination of the
              refinanced  Mortgage Loan or (b) the Loan-  to-Value  Ratio of the
              Mortgage Loan as of the date of  origination  of the Mortgage Loan
              generally meets the Company's underwriting guidelines;

                     (xvi)  Interest on each  Mortgage Loan is calculated on the
              basis of a 360-day year consisting of twelve 30-day months;

                     (xvii) None of the Mortgage  Loans  contains in the related
              Mortgage File a Destroyed Mortgage Note; and

                     (xviii)None  of the Mortgage  Loans are Pledged Asset Loans
              or Additional Collateral Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

       Upon discovery by any of the Company, the Master Servicer, the Trustee or
any Custodian of a breach of any of the representations and warranties set forth
in this Section 2.03(b) that  materially and adversely  affects the interests of
the  Certificateholders  in any Mortgage Loan, the party discovering such breach
shall give prompt written  notice to the other parties (any  Custodian  being so
obligated under a Custodial Agreement);  provided, however, that in the event of
a breach of the representation  and warranty set forth in Section  2.03(b)(xii),
the party  discovering  such breach  shall give such notice  within five days of
discovery.  Within 90 days of its  discovery or its receipt of notice of breach,
the Company  shall either (i) cure such breach in all material  respects or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner  set  forth  in  Section  2.02.  It is  understood  and  agreed  that the
obligation of the Company to cure such breach or to so purchase for any Mortgage
Loan as to which such a breach has occurred and is continuing  shall  constitute
the sole remedy  respecting such breach available to the  Certificateholders  or
the Trustee on behalf of the Certificateholders.  Notwithstanding the foregoing,
the  Company  shall not be required to cure  breaches or purchase  for  Mortgage
Loans as provided in this  Section  2.03(b) if the  substance of the breach of a
representation  set forth above also constitutes fraud in the origination of the
Mortgage Loan.

       Section 2.04  Representations and Warranties of the Mortgage Loan Seller.

       The Company,  as assignee of the Mortgage  Loan Seller under the Mortgage
Loan  Purchase  Agreement,  hereby  assigns to the  Trustee  for the  benefit of
Certificateholders  all of its  right,  title and  interest  in  respect  of the
Mortgage  Loan Purchase  Agreement  and each  Seller's  Agreement (to the extent
assigned  to the Company  pursuant  to the  Mortgage  Loan  Purchase  Agreement)
applicable to a Mortgage Loan.  Insofar as the Mortgage Loan Purchase  Agreement
or  the  Company's   rights  under  such  Seller's   Agreement   relate  to  the
representations  and warranties  made by the Mortgage Loan Seller or the related
Seller in respect of such Mortgage Loan and any remedies provided thereunder for
any  breach  of such  representations  and  warranties,  such  right,  title and
interest  may be enforced by the  Mortgage  Loan Seller on behalf of the Trustee
and the  Certificateholders.  Upon the  discovery  by the  Company,  the  Master
Servicer, the Trustee or any Custodian of a breach of any

                                            -14-

<PAGE>

of the  representations  and warranties  made in a Seller's  Agreement that have
been assigned to the Trustee pursuant to this Section 2.04 or of a breach of any
of the  representations  and  warranties  made  in the  Mortgage  Loan  Purchase
Agreement (which, for purposes hereof, will be deemed to include any other cause
giving  rise  to a  repurchase  obligation  under  the  Mortgage  Loan  Purchase
Agreement)  in  respect of any  Mortgage  Loan which  materially  and  adversely
affects the interests of the Certificateholders in such Mortgage Loan, the party
discovering  such breach shall give prompt  written  notice to the other parties
(any  Custodian  being so  obligated  under a Custodial  Agreement).  The Master
Servicer shall  promptly  notify the related Seller or the Mortgage Loan Seller,
as the case may be, of such breach and request  that such Seller or the Mortgage
Loan  Seller,  as the case may be,  either (i) cure such breach in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02.  The Master  Servicer  shall
amend or cause to be amended the  Mortgage  Loan  Schedule,  and, if the Deleted
Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount  Fractions,
for the benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the Master  Servicer  shall deliver the amended  Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
amended Schedule of Discount Fractions, to the Trustee.

       It is  understood  and agreed  that the  obligation  of the Seller or the
Mortgage  Loan Seller,  as the case may be, to cure such breach or purchase such
Mortgage  Loan as to which such a breach has  occurred and is  continuing  shall
constitute   the  sole  remedy   respecting   such  breach   available   to  the
Certificateholders or the Trustee on behalf of Certificateholders. In connection
with the purchase of any such  Mortgage  Loan by the Mortgage  Loan Seller,  the
Trustee  shall assign to the Mortgage  Loan Seller all of the  Trustee's  right,
title and interest in respect of the Seller's  Agreement  and the Mortgage  Loan
Purchase Agreement applicable to such Mortgage Loan.

       Section 2.05  Execution and Authentication of Certificates.

       The Trustee  acknowledges  the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.

                                            -15-

<PAGE>

                                         ARTICLE III

                                ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
                           (SEE ARTICLE III OF THE STANDARD TERMS)

                                            -16-

<PAGE>

                                         ARTICLE IV

                               PAYMENTS TO CERTIFICATEHOLDERS

   Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)

       Section 4.02  Distributions.

              (a) On each Distribution Date (x) the Master Servicer on behalf of
       the  Trustee or (y) the Paying  Agent  appointed  by the  Trustee,  shall
       distribute to the Master Servicer, in the case of a distribution pursuant
       to Section  4.02(a)(iii)  below, the amount required to be distributed to
       the Master  Servicer or a Sub-Servicer  pursuant to Section  4.02(a)(iii)
       below,  and to each  Certificateholder  of record  on the next  preceding
       Record Date (other than as provided in Section 9.01  respecting the final
       distribution),  either  (1)  in  immediately  available  funds  (by  wire
       transfer or otherwise) to the account of such Certificateholder at a bank
       or  other  entity  having  appropriate   facilities  therefor,   if  such
       Certificateholder  has so  notified  the  Master  Servicer  or the Paying
       Agent,  as the case may be, or (2) if such  Certificateholder  has not so
       notified the Master  Servicer or the Paying Agent by the Record Date,  by
       check  mailed to such  Certificateholder  at the  address of such  Holder
       appearing in the Certificate  Register,  such  Certificateholder's  share
       (which share (A) with respect to each Class of  Certificates  (other than
       any  Subclass  of the  Class  A-V  Certificates),  shall  be based on the
       aggregate of the Percentage Interests  represented by Certificates of the
       applicable  Class held by such Holder or (B) with respect to any Subclass
       of the  Class A-V  Certificates,  shall be equal to the  amount  (if any)
       distributed  pursuant  to Section  4.02(a)(i)  below to each  Holder of a
       Subclass  thereof) of the following  amounts,  in the following  order of
       priority  (subject to the provisions of Section 4.02(b)  below),  in each
       case to the extent of the Available Distribution Amount:

                     (i) to the Senior  Certificates  (other than the  Principal
              Only   Certificates)   on  a  pro  rata  basis  based  on  Accrued
              Certificate  Interest payable on such Certificates with respect to
              such  Distribution  Date,  Accrued  Certificate  Interest  on such
              Classes of Certificates  (or  Subclasses,  if any, with respect to
              the Class A-V Certificates)  for such Distribution  Date, plus any
              Accrued  Certificate  Interest  thereon  remaining unpaid from any
              previous   Distribution  Date  except  as  provided  in  the  last
              paragraph   of  this  Section   4.02(a)   (the  "Senior   Interest
              Distribution Amount"); and

                     (ii) (X) to the  Class  A-P  Certificates,  the  Class  A-P
              Principal  Distribution  Amount (as defined in Section  4.02(b)(i)
              herein); and

                            (Y) to the Senior Certificates (other than the Class
              A-P  Certificates),  in the  priorities  and  amounts set forth in
              Section  4.02(b)(ii)  through  Section  4.02(e),  the  sum  of the
              following (applied to reduce the Certificate Principal Balances of
              such Senior Certificates, as applicable):

                            (A) the Senior Percentage for such Distribution Date
                     times the sum of the following:

                                            -17-

<PAGE>

                                    (1) the  principal  portion of each  Monthly
                            Payment  due during the  related  Due Period on each
                            Outstanding  Mortgage  Loan  (other than the related
                            Discount  Fraction of the principal  portion of such
                            payment with respect to a Discount  Mortgage  Loan),
                            whether or not  received  on or prior to the related
                            Determination  Date, minus the principal  portion of
                            any Debt Service  Reduction  (other than the related
                            Discount  Fraction of the principal  portion of such
                            Debt  Service   Reductions   with  respect  to  each
                            Discount  Mortgage  Loan) which  together with other
                            Bankruptcy Losses exceeds the Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                            Mortgage  Loan  repurchased   during  the  preceding
                            calendar   month   (or   deemed   to  have  been  so
                            repurchased  in accordance  with Section  3.07(b) of
                            the Standard  Terms) pursuant to Sections 2.02, 2.04
                            or 4.07 of the  Standard  Terms and Section  2.03 of
                            the  Standard  Terms  and  this  Series  Supplement,
                            during the preceding  calendar month (other than the
                            related  Discount  Fraction of such Stated Principal
                            Balance or shortfall  with respect to each  Discount
                            Mortgage Loan); and

                                    (3)  the  principal  portion  of  all  other
                            unscheduled   collections   (other  than   Principal
                            Prepayments  in Full and  Curtailments  and  amounts
                            received in connection  with a Cash  Liquidation  or
                            REO  Disposition  of a Mortgage  Loan  described  in
                            Section 4.02(a)(ii)(Y)(B) of this Series Supplement,
                            including  without  limitation  Insurance  Proceeds,
                            Liquidation  Proceeds  and REO  Proceeds)  including
                            Subsequent  Recoveries received during the preceding
                            calendar  month (or deemed to have been so  received
                            in accordance  with Section  3.07(b) of the Standard
                            Terms) to the extent applied by the Master  Servicer
                            as recoveries  of principal of the related  Mortgage
                            Loan pursuant to Section 3.14 of the Standard  Terms
                            (other  than the  related  Discount  Fraction of the
                            principal  portion of such unscheduled  collections,
                            with respect to each Discount Mortgage Loan);

                            (B) with respect to each  Mortgage  Loan for which a
                     Cash  Liquidation or a REO Disposition  occurred during the
                     preceding  calendar  month (or was deemed to have  occurred
                     during such period in  accordance  with Section  3.07(b) of
                     the  Standard  Terms)  and did  not  result  in any  Excess
                     Special   Hazard  Losses,   Excess  Fraud  Losses,   Excess
                     Bankruptcy Losses or Extraordinary  Losses, an amount equal
                     to the  lesser  of  (a)  the  Senior  Percentage  for  such
                     Distribution  Date  times the Stated  Principal  Balance of
                     such  Mortgage  Loan  (other  than  the  related   Discount
                     Fraction of such Stated Principal Balance,  with respect to
                     each Discount Mortgage Loan) and (b) the Senior Accelerated
                     Distribution Percentage for such Distribution Date times

                                            -18-

<PAGE>

                     the  related  unscheduled  collections  (including  without
                     limitation Insurance Proceeds, Liquidation Proceeds and REO
                     Proceeds) to the extent  applied by the Master  Servicer as
                     recoveries  of  principal  of  the  related  Mortgage  Loan
                     pursuant  to Section  3.14 of the  Standard  Terms (in each
                     case other than the portion of such unscheduled collections
                     with  respect  to a  Discount  Mortgage  Loan  included  in
                     Section 4.02(b)(i)(C) of this Series Supplement);

                            (C) the Senior Accelerated  Distribution  Percentage
                     for such  Distribution  Date  times  the  aggregate  of all
                     Principal  Prepayments  in  Full  received  in the  related
                     Prepayment   Period  and   Curtailments   received  in  the
                     preceding  calendar month (other than the related  Discount
                     Fraction  of  such   Principal   Prepayments  in  Full  and
                     Curtailments, with respect to each Discount Mortgage Loan);

                            (D) any Excess Subordinate Principal Amount for such
                     Distribution Date;

                            (E) any amounts  described  in  subsection  (ii)(Y),
                     clauses  (A),  (B)  and  (C) of this  Section  4.02(a),  as
                     determined for any previous Distribution Date, which remain
                     unpaid after application of amounts previously  distributed
                     pursuant to this clause (E) to the extent that such amounts
                     are not  attributable  to Realized  Losses  which have been
                     allocated to the Subordinate Certificates; minus

                            (F) the Capitalization Reimbursement Amount for such
                     Distribution Date, other than the related Discount Fraction
                     of any  portion of that  amount  related  to each  Discount
                     Mortgage Loan,  multiplied by a fraction,  the numerator of
                     which is the Senior Principal  Distribution Amount, without
                     giving  effect to this clause (F), and the  denominator  of
                     which is the sum of the principal  distribution amounts for
                     all  Classes  of  Certificates  other  than the  Class  A-P
                     Certificates,  without  giving effect to any reductions for
                     the Capitalization Reimbursement Amount;

                     (iii)  if  the  Certificate   Principal   Balances  of  the
              Subordinate  Certificates  have not been  reduced to zero,  to the
              Master Servicer or a Sub-Servicer, by remitting for deposit to the
              Custodial  Account,  to the extent of and in reimbursement for any
              Advances or Sub-Servicer  Advances previously made with respect to
              any Mortgage  Loan or REO Property  which remain  unreimbursed  in
              whole or in part following the Cash Liquidation or REO Disposition
              of such  Mortgage  Loan or REO  Property,  minus any such Advances
              that were made  with  respect  to  delinquencies  that  ultimately
              constituted  Excess Special  Hazard  Losses,  Excess Fraud Losses,
              Excess Bankruptcy Losses or Extraordinary Losses;

                     (iv) to the  Holders  of the  Class M-1  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued Certificate Interest

                                            -19-

<PAGE>

               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided below;

                     (v) to the Holders of the Class M-1 Certificates, an amount
              equal to (x) the  Subordinate  Principal  Distribution  Amount for
              such Class of Certificates for such  Distribution  Date, minus (y)
              the  amount  of any  Class  A-P  Collection  Shortfalls  for  such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of Sections 4.02(a)(vii),  (ix), (xi), (xiii), (xiv)
              and (xv) of this  Series  Supplement  are  insufficient  therefor,
              applied in reduction of the Certificate  Principal  Balance of the
              Class M-1 Certificates;

                     (vi) to the  Holders  of the  Class M-2  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (vii) to the  Holders  of the  Class M-2  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates for such  Distribution  Date, minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of Sections  4.02(a)(ix),  (xi),  (xiii),  (xiv) and
              (xv) of this Series Supplement are insufficient therefor,  applied
              in reduction of the Certificate Principal Balance of the Class M-2
              Certificates;

                     (viii) to the  Holders of the Class M-3  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (ix) to the  Holders  of the  Class  M-3  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of Sections  4.02(a)(xi),  (xiii), (xiv) and (xv) of
              this  Series  Supplement  are  insufficient  therefor,  applied in
              reduction of the  Certificate  Principal  Balance of the Class M-3
              Certificates;

                     (x) to the  Holders  of the  Class  B-1  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (xi) to the  Holders  of the  Class  B-1  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution Dates, to the

                                            -20-

<PAGE>

              extent the  amounts  available  pursuant to clause (x) of Sections
              4.02(a)(xiii),  (xiv)  and  (xv) of  this  Series  Supplement  are
              insufficient  therefor,  applied in reduction  of the  Certificate
              Principal Balance of the Class B-1 Certificates;

                     (xii) to the  Holders  of the Class B-2  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (xiii) to the  Holders  of the Class B-2  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of  Sections  4.02(a)(xiv)  and (xv) of this  Series
              Supplement are insufficient therefor,  applied in reduction of the
              Certificate Principal Balance of the Class B-2 Certificates;

                     (xiv) to the  Holders  of the  Class B-3  Certificates,  an
              amount equal to (x) the Accrued  Certificate  Interest thereon for
              such  Distribution  Date,  plus any Accrued  Certificate  Interest
              thereon  remaining  unpaid from any  previous  Distribution  Date,
              except as  provided  below,  minus (y) the amount of any Class A-P
              Collection  Shortfalls  for such  Distribution  Date or  remaining
              unpaid  for all  previous  Distribution  Dates,  to the extent the
              amounts  available  pursuant to clause (x) of Section 4.02(a) (xv)
              of this Series Supplement are insufficient therefor;

                     (xv) to the  Holders  of the  Class  B-3  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution   Dates  applied  in  reduction  of  the  Certificate
              Principal Balance of the Class B-3 Certificates;

                     (xvi) to the Senior Certificates, in the priority set forth
              in Section 4.02(b) of this Series Supplement, the portion, if any,
              of the Available Distribution Amount remaining after the foregoing
              distributions,   applied  to  reduce  the  Certificate   Principal
              Balances  of such Senior  Certificates,  but in no event more than
              the aggregate of the outstanding Certificate Principal Balances of
              each such Class of Senior  Certificates,  and thereafter,  to each
              Class of Subordinate  Certificates then outstanding beginning with
              such Class with the Highest Priority, any portion of the Available
              Distribution  Amount remaining after the Senior  Certificates have
              been retired,  applied to reduce the Certificate Principal Balance
              of each such Class of  Subordinate  Certificates,  but in no event
              more than the outstanding  Certificate  Principal  Balance of each
              such Class of Subordinate Certificates; and

                     (xvii) to the Class R Certificates, the balance, if any, of
              the Available Distribution Amount.

                                            -21-

<PAGE>

       Notwithstanding the foregoing,  on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

              (b) Distributions of principal on the Senior  Certificates on each
       Distribution  Date occurring  prior to the Credit Support  Depletion Date
       will be made as follows:

                     (i) to the Class A-P  Certificates,  until the  Certificate
              Principal  Balance  thereof  is reduced  to zero,  an amount  (the
              "Class A-P Principal  Distribution Amount") equal to the aggregate
              of:

                            (A) the related  Discount  Fraction of the principal
                     portion of each Monthly  Payment on each Discount  Mortgage
                     Loan due  during the  related  Due  Period,  whether or not
                     received  on or prior to the  related  Determination  Date,
                     minus the Discount Fraction of the principal portion of any
                     related Debt Service  Reduction  which  together with other
                     Bankruptcy Losses exceeds the Bankruptcy Amount;

                            (B) the related  Discount  Fraction of the principal
                     portion of all  unscheduled  collections  on each  Discount
                     Mortgage Loan received during the preceding  calendar month
                     or, in the case of Principal  Prepayments  in Full,  during
                     the related  Prepayment Period (other than amounts received
                     in connection with a Cash Liquidation or REO Disposition of
                     a Discount  Mortgage  Loan  described in clause (C) below),
                     including  Principal  Prepayments  in  Full,  Curtailments,
                     Subsequent  Recoveries and  repurchases  (including  deemed
                     repurchases under Section 3.07(b) of the Standard Terms) of
                     Discount Mortgage Loans;

                            (C) in connection  with the Cash  Liquidation or REO
                     Disposition of a Discount Mortgage Loan that did not result
                     in any Excess Special  Hazard Losses,  Excess Fraud Losses,
                     Excess Bankruptcy Losses or Extraordinary Losses, an amount
                     equal to the lesser of (1) the applicable Discount Fraction
                     of the Stated Principal  Balance of such Discount  Mortgage
                     Loan immediately  prior to such  Distribution  Date and (2)
                     the aggregate  amount of the  collections  on such Discount
                     Mortgage  Loan  to the  extent  applied  as  recoveries  of
                     principal;

                                            -22-

<PAGE>

                            (D)  any  amounts  allocable  to  principal  for any
                     previous  Distribution Date (calculated pursuant to clauses
                     (A) through (C) above) that remain undistributed; and

                            (E)  the   amount  of  any   Class  A-P   Collection
                     Shortfalls for such Distribution Date and the amount of any
                     Class A-P Collection  Shortfalls  remaining  unpaid for all
                     previous  Distribution Dates, but only to the extent of the
                     Eligible Funds for such Distribution Date; minus

                            (F) the related Discount  Fraction of the portion of
                     the   Capitalization    Reimbursement   Amount   for   such
                     Distribution   Date,  if  any,  related  to  each  Discount
                     Mortgage Loan; and

                     (ii) the  Senior  Principal  Distribution  Amount  shall be
              distributed  to the Class R  Certificates,  until the  Certificate
              Principal Balance thereof has been reduced to zero; and

                     (iii) the  balance  of the  Senior  Principal  Distribution
              Amount remaining after the  distribution  described in clause (ii)
              above shall be  distributed to the Class A-1  Certificates,  until
              the  Certificate  Principal  Balance  thereof has been  reduced to
              zero.

              (c) On or after the  occurrence  of the Credit  Support  Depletion
       Date, all priorities  relating to  distributions  as described in Section
       4.02(b) of this  Series  Supplement  in respect  of  principal  among the
       Senior  Certificates  (other  than the  Class A-P  Certificates)  will be
       disregarded,  and (i) an amount  equal to the  Discount  Fraction  of the
       principal  portion of  scheduled  and  unscheduled  payments  received or
       advanced in respect of the Discount Mortgage Loans will be distributed to
       the Class A-P Certificates, (ii) the Senior Principal Distribution Amount
       will be distributed to the remaining Senior  Certificates (other than the
       Class A-P  Certificates)  pro rata in  accordance  with their  respective
       outstanding Certificate Principal Balances and (iii) the amount set forth
       in Section 4.02(a)(i) herein will be distributed as set forth therein.

              (d) After the reduction of the Certificate  Principal  Balances of
       the Senior  Certificates  (other than the Class A-P Certificates) to zero
       but prior to the Credit Support  Depletion Date, the Senior  Certificates
       (other  than the Class A-P  Certificates)  will be entitled to no further
       distributions of principal thereon and the Available  Distribution Amount
       will be paid solely to the holders of the Class A-P  Certificates,  Class
       A-V Certificates,  Class M Certificates and Class B Certificates, in each
       case as described herein.

              (e) In addition to the  foregoing  distributions,  with respect to
       any Subsequent  Recoveries,  the Master Servicer shall deposit such funds
       into the Custodial  Account pursuant to Section  3.07(b)(iii).  If, after
       taking into account such Subsequent Recoveries,  the amount of a Realized
       Loss is reduced, the amount of such Subsequent Recoveries will be applied
       to increase the Certificate Principal Balance of the Class of Subordinate
       Certificates  with the Highest Priority to which Realized  Losses,  other
       than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special Hazard
       Losses and Extraordinary Losses, have been allocated,

                                            -23-

<PAGE>

       but not by more than the amount of Realized Losses  previously  allocated
       to that Class of Certificates pursuant to Section 4.05. The amount of any
       remaining   Subsequent   Recoveries  will  be  applied  to  increase  the
       Certificate  Principal Balance of the Class of Certificates with the next
       Lower  Priority,  up to the  amount of such  Realized  Losses  previously
       allocated to that Class of  Certificates  pursuant to Section  4.05.  Any
       remaining  Subsequent  Recoveries will in turn be applied to increase the
       Certificate  Principal Balance of the Class of Certificates with the next
       Lower  Priority  up to the  amount  of such  Realized  Losses  previously
       allocated to that Class of Certificates  pursuant to Section 4.05, and so
       on. Holders of such  Certificates  will not be entitled to any payment in
       respect of Accrued  Certificate  Interest on the amount of such increases
       for any Interest Accrual Period preceding the Distribution  Date on which
       such  increase  occurs.  Any  such  increases  shall  be  applied  to the
       Certificate  Principal  Balance  of each  Certificate  of such  Class  in
       accordance with its respective Percentage Interest.

              (f) Each  distribution  with respect to a  Book-Entry  Certificate
       shall be paid to the Depository,  as Holder  thereof,  and the Depository
       shall be solely responsible for crediting the amount of such distribution
       to the accounts of its  Depository  Participants  in accordance  with its
       normal procedures.  Each Depository  Participant shall be responsible for
       disbursing such distribution to the Certificate Owners that it represents
       and to each indirect  participating  brokerage firm (a "brokerage  firm")
       for which it acts as agent.  Each brokerage firm shall be responsible for
       disbursing  funds to the Certificate  Owners that it represents.  None of
       the  Trustee,  the  Certificate  Registrar,  the  Company  or the  Master
       Servicer shall have any responsibility therefor.

              (g) Except as otherwise  provided in Section  9.01,  if the Master
       Servicer  anticipates that a final distribution with respect to any Class
       of Certificates  will be made on the next  Distribution  Date, the Master
       Servicer shall, no later than the Determination Date in the month of such
       final  distribution,  notify the Trustee and the Trustee shall,  no later
       than two (2) Business Days after such  Determination  Date,  mail on such
       date to each Holder of such Class of  Certificates a notice to the effect
       that:  (i) the  Trustee  anticipates  that the  final  distribution  with
       respect to such Class of Certificates  will be made on such  Distribution
       Date but only upon presentation and surrender of such Certificates at the
       office of the  Trustee or as  otherwise  specified  therein,  and (ii) no
       interest shall accrue on such  Certificates from and after the end of the
       related  Interest  Accrual Period.  In the event that  Certificateholders
       required to surrender their  Certificates  pursuant to Section 9.01(c) do
       not surrender  their  Certificates  for final  cancellation,  the Trustee
       shall cause funds  distributable  with respect to such Certificates to be
       withdrawn from the Certificate  Account and credited to a separate escrow
       account for the benefit of such Certificateholders as provided in Section
       9.01(d).

     Section  4.03  Statements  to  Certificateholders;   Statements  to  Rating
          Agencies;  Exchange Act  Reporting.  (See Section 4.03 of the Standard
          Terms)

     Section 4.04  Distribution  of  Reports  to the  Trustee  and the  Company;
          Advances by the Master  Servicer.  (See  Section  4.04 of the Standard
          Terms)

                                            -24-

<PAGE>

       Section 4.05  Allocation of Realized Losses.

       Prior to each Distribution  Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-V  Certificates  and
Class A-P  Certificates) in the case of the principal  portion of such loss on a
pro rata basis and among all of the Senior  Certificates  (other  than the Class
A-P Certificates) in the case of the interest portion of such loss on a pro rata
basis, as described below. Any Excess Special Hazard Losses,  Excess  Bankruptcy
Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount Mortgage Loans
will be  allocated  among  the  Senior  Certificates  (other  than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The principal  portion of such Realized Losses on the Discount  Mortgage
Loans will be allocated to the Class A-P  Certificates in an amount equal to the
Discount  Fraction  thereof and the  remainder  of such  Realized  Losses on the
Discount  Mortgage  Loans and the entire amount of such Realized  Losses on Non-
Discount Mortgage Loans will be allocated among the Senior  Certificates  (other
than the Class A-P  Certificates)  and Subordinate  Certificates,  on a pro rata
basis, as described below.

       As used herein,  an  allocation  of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  Any allocation of the principal  portion of Realized  Losses (other than
Debt Service

                                            -25-

<PAGE>

Reductions) to the Subordinate  Certificates  then  outstanding  with the Lowest
Priority shall be made by operation of the definition of "Certificate  Principal
Balance" and by operation of the provisions of Section  4.02(a).  Allocations of
the interest portions of Realized Losses (other than any interest rate reduction
resulting  from a Servicing  Modification)  shall be made in  proportion  to the
amount of Accrued  Certificate  Interest and by operation of the  definition  of
"Accrued  Certificate  Interest"  and by operation of the  provisions of Section
4.02(a).  Allocations of the interest  portion of a Realized Loss resulting from
an interest rate reduction in connection with a Servicing  Modification shall be
made by operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  Reductions shall be made by operation of the
provisions  of  Section  4.02(a).  All  Realized  Losses  and all  other  losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued  pursuant  to Section  5.01(c),  such  Realized  Losses and other  losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

     Section 4.06 Reports of Foreclosures and Abandonment of Mortgaged Property.
          (See Section 4.06 of the Standard Terms)

     Section 4.07 Optional  Purchase of Defaulted  Mortgage Loans.  (See Section
          4.07 of the Standard Terms)

     Section 4.08 Surety Bond. (See Section 4.08 of the Standard Terms)

                                            -26-

<PAGE>

                                          ARTICLE V

                                      THE CERTIFICATES
                            (SEE ARTICLE V OF THE STANDARD TERMS)

                                            -27-

<PAGE>

                                         ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
                           (SEE ARTICLE VI OF THE STANDARD TERMS)

                                            -28-

<PAGE>

                                         ARTICLE VII

                                           DEFAULT
                           (SEE ARTICLE VII OF THE STANDARD TERMS)

                                            -29-

<PAGE>

                                        ARTICLE VIII

                                   CONCERNING THE TRUSTEE
                          (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                            -30-

<PAGE>

                                         ARTICLE IX

                                         TERMINATION
                           (SEE ARTICLE IX OF THE STANDARD TERMS)

Section       9.01 Optional Purchase by the Master Servicer of All Certificates;
              Termination Upon Purchase by the Master Servicer or Liquidation of
              All Mortgage Loans.

              (a)  Subject to  Section  9.02,  the  respective  obligations  and
       responsibilities  of the  Company,  the Master  Servicer  and the Trustee
       created hereby in respect of the Certificates  (other than the obligation
       of the Trustee to make certain payments after the Final Distribution Date
       to  Certificateholders  and the obligation of the Company to send certain
       notices as  hereinafter  set forth) shall  terminate upon the last action
       required  to be taken  by the  Trustee  on the  Final  Distribution  Date
       pursuant to this Article IX following the earlier of:

                     (i) the later of the final payment or other liquidation (or
              any  Advance  with  respect  thereto)  of the last  Mortgage  Loan
              remaining  in the Trust Fund or the  disposition  of all  property
              acquired upon  foreclosure  or deed in lieu of  foreclosure of any
              Mortgage Loan, or

                     (ii) the  purchase by the Master  Servicer of all  Mortgage
              Loans and all property  acquired in respect of any  Mortgage  Loan
              remaining in the Trust Fund at a price equal to 100% of the unpaid
              principal  balance  of each  Mortgage  Loan or,  if less than such
              unpaid  principal  balance,  the fair market  value of the related
              underlying property of such Mortgage Loan with respect to Mortgage
              Loans as to which  title has been  acquired  if such  fair  market
              value is less  than  such  unpaid  principal  balance  (net of any
              unreimbursed  Advances  attributable  to  principal) on the day of
              repurchase plus accrued  interest thereon at the Net Mortgage Rate
              (or  Modified  Net  Mortgage  Rate  in the  case  of any  Modified
              Mortgage Loan) to, but not  including,  the first day of the month
              in which such repurchase price is distributed,  provided, however,
              that in no event shall the trust created  hereby  continue  beyond
              the  expiration of 21 years from the death of the last survivor of
              the  descendants of Joseph P. Kennedy,  the late ambassador of the
              United States to the Court of St. James, living on the date hereof
              and provided further that the purchase price set forth above shall
              be  increased  as  is  necessary,  as  determined  by  the  Master
              Servicer,  to avoid  disqualification  of any portion of any REMIC
              formed under the Series Supplement as a REMIC.

       The right of the Master  Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than one percent
(1%) of the Cut-off Date Principal  Balance of the Mortgage Loans. If such right
is exercised by the Master Servicer, the Master Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the

                                            -31-

<PAGE>

certification  required by Section 3.15 and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer
the Mortgage Files pertaining to the Mortgage Loans being purchased.

       In addition to the foregoing,  on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date,  is less than one  percent  (1%) of the  Cut-off  Date
Principal  Balance of the Mortgage Loans,  Master Servicer shall have the right,
at its option,  to purchase the  Certificates  in whole,  but not in part,  at a
price  equal  to  the  outstanding   Certificate   Principal   Balance  of  such
Certificates  plus  the sum of  Accrued  Certificate  Interest  thereon  for the
related  Interest Accrual Period and any previously  unpaid Accrued  Certificate
Interest.   If  the  Master  Servicer  exercises  this  right  to  purchase  the
outstanding  Certificates,  the Master  Servicer  will  promptly  terminate  the
respective  obligations  and  responsibilities  created hereby in respect of the
Certificates pursuant to this Article IX.

              (b) The Master  Servicer  shall give the  Trustee not less than 60
       days' prior notice of the Distribution  Date on which the Master Servicer
       anticipates   that   the   final    distribution    will   be   made   to
       Certificateholders  (whether  as a result of the  exercise  by the Master
       Servicer  of its  right to  purchase  the  assets  of the  Trust  Fund or
       otherwise)  or  on  which  the  Master  Servicer   anticipates  that  the
       Certificates will be purchased (as a result of the exercise by the Master
       Servicer  to  purchase  the  outstanding  Certificates).  Notice  of  any
       termination,  specifying the anticipated  Final  Distribution Date (which
       shall be a date that would  otherwise be a Distribution  Date) upon which
       the  Certificateholders  may surrender their  Certificates to the Trustee
       (if  so  required  by  the  terms   hereof)  for  payment  of  the  final
       distribution   and   cancellation  or  notice  of  any  purchase  of  the
       outstanding Certificates, specifying the Distribution Date upon which the
       Holders may  surrender  their  Certificates  to the Trustee for  payment,
       shall be given  promptly by the Master  Servicer (if it is exercising its
       right to  purchase  the  assets  of the  Trust  Fund or to  purchase  the
       outstanding  Certificates),  or by the  Trustee  (in any  other  case) by
       letter to the Certificateholders mailed not earlier than the 15th day and
       not later than the 25th day of the month next preceding the month of such
       final distribution specifying:

                     (i) the  anticipated  Final  Distribution  Date upon  which
              final payment of the  Certificates  is anticipated to be made upon
              presentation and surrender of Certificates at the office or agency
              of the Trustee therein  designated where required pursuant to this
              Agreement  or, in the case of the purchase by the Master  Servicer
              of the outstanding  Certificates,  the Distribution  Date on which
              such purchase is to be made,

                     (ii) the amount of any such final  payment,  or in the case
              of the  purchase of the  outstanding  Certificates,  the  purchase
              price, in either case, if known, and

                     (iii) that the Record  Date  otherwise  applicable  to such
              Distribution Date is not applicable,  or in the case of the Senior
              Certificates,  or in  the  case  of all  of  the  Certificates  in
              connection  with the exercise by the Master  Servicer of its right
              to purchase the Certificates, that payment will be made only upon

                                            -32-

<PAGE>

               presentation  and surrender of the  Certificates at the office or
               agency of the Trustee therein specified.

       If the Master Servicer is obligated to give notice to  Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

              (c) In the case of the Senior Certificates,  upon presentation and
       surrender of the Certificates by the  Certificateholders  thereof, and in
       the case of the Class M and Class B Certificates,  upon  presentation and
       surrender  of the  Certificates  by  the  Certificateholders  thereof  in
       connection  with the  exercise  by the  Master  Servicer  of its right to
       purchase the  Certificates  and  otherwise,  in  accordance  with Section
       4.01(a), the Trustee shall distribute to the  Certificateholders  (i) the
       amount  otherwise  distributable  on such  Distribution  Date,  if not in
       connection with the Master  Servicer's  election to repurchase the assets
       of the Trust Fund or the outstanding Certificates,  or (ii) if the Master
       Servicer  elected  to so  repurchase  the assets of the Trust Fund or the
       outstanding  Certificates,  an amount  determined  as  follows:  (A) with
       respect to each Certificate the outstanding Certificate Principal Balance
       thereof,  plus  Accrued  Certificate  Interest  for the related  Interest
       Accrual  Period thereon and any  previously  unpaid  Accrued  Certificate
       Interest,  subject to the priority set forth in Section 4.02(a),  and (B)
       with  respect  to the Class R  Certificates,  any  excess of the  amounts
       available for  distribution  (including the repurchase price specified in
       clause (ii) of  subsection  (a) of this  Section)  over the total  amount
       distributed under the immediately preceding clause (A).  Nothwithstanding
       the  reduction  of the  Certificate  Principal  Balance  of any  Class of
       Subordinate   Certificates  to  zero,  such  Class  will  be  outstanding
       hereunder  until  the  termination  of  the  respective  obligations  and
       responsibilities  of the  Company,  the Master  Servicer  and the Trustee
       hereunder in accordance with Article IX.

              (d)  If  any   Certificateholders   shall  not   surrender   their
       Certificates  for final payment and  cancellation  on or before the Final
       Distribution Date (if so required by the terms hereof), the Trustee shall
       on such date cause all funds in the  Certificate  Account not distributed
       in final distribution to Certificateholders to be withdrawn therefrom and
       credited to the remaining  Certificateholders by depositing such funds in
       a separate escrow account for the benefit of such Certificateholders, and
       the Master Servicer (if it exercised

                                            -33-

<PAGE>

       its right to purchase the assets of the Trust  Fund),  or the Trustee (in
       any other  case)  shall  give a second  written  notice to the  remaining
       Certificateholders  to surrender their  Certificates for cancellation and
       receive the final distribution with respect thereto. If within six months
       after the second notice any Certificate  shall not have been  surrendered
       for cancellation, the Trustee shall take appropriate steps as directed by
       the  Master   Servicer  to  contact  the   remaining   Certificateholders
       concerning  surrender  of their  Certificates.  The costs and expenses of
       maintaining the escrow account and of contacting Certificateholders shall
       be paid out of the assets which remain in the escrow  account.  If within
       nine months after the second notice any Certificates  shall not have been
       surrendered  for  cancellation,  the  Trustee  shall  pay to  the  Master
       Servicer all amounts  distributable to the holders thereof and the Master
       Servicer  shall  thereafter  hold such amounts until  distributed to such
       Holders. No interest shall accrue or be payable to any  Certificateholder
       on any amount held in the escrow  account or by the Master  Servicer as a
       result   of   such   Certificateholder's   failure   to   surrender   its
       Certificate(s)  for final payment thereof in accordance with this Section
       9.01.

              (e) If any  Certificateholders do not surrender their Certificates
       on or before the Distribution Date on which a purchase of the outstanding
       Certificates  is to be made,  the  Trustee  shall on such date  cause all
       funds in the Certificate Account deposited therein by the Master Servicer
       pursuant to Section 9.01(b) to be withdrawn  therefrom and deposited in a
       separate escrow account for the benefit of such  Certificateholders,  and
       the  Master   Servicer  shall  give  a  second  written  notice  to  such
       Certificateholders  to surrender  their  Certificates  for payment of the
       purchase price therefor. If within six months after the second notice any
       Certificate shall not have been surrendered for cancellation, the Trustee
       shall  take  appropriate  steps as  directed  by the Master  Servicer  to
       contact the Holders of such  Certificates  concerning  surrender of their
       Certificates.  The costs and expenses of  maintaining  the escrow account
       and of  contacting  Certificateholders  shall be paid  out of the  assets
       which  remain in the escrow  account.  If within  nine  months  after the
       second  notice  any  Certificates  shall  not have been  surrendered  for
       cancellation  in accordance with this Section 9.01, the Trustee shall pay
       to the Master Servicer all amounts  distributable  to the Holders thereof
       and  the  Master  Servicer  shall  thereafter  hold  such  amounts  until
       distributed  to such Holders.  No interest  shall accrue or be payable to
       any  Certificateholder on any amount held in the escrow account or by the
       Master  Servicer  as a  result  of such  Certificateholder's  failure  to
       surrender its  Certificate(s) for payment in accordance with this Section
       9.01. Any Certificate that is not surrendered on the Distribution Date on
       which a purchase  pursuant to this Section 9.01 occurs as provided  above
       will be deemed to have been purchased and the Holder as of such date will
       have no rights with respect  thereto except to receive the purchase price
       therefor minus any costs and expenses associated with such escrow account
       and notices allocated thereto. Any Certificates so purchased or deemed to
       have been purchased on such  Distribution  Date shall remain  outstanding
       hereunder  until  the  Master  Servicer  has  terminated  the  respective
       obligations  and  responsibilities  created  hereby  in  respect  of  the
       Certificates  pursuant to this Article IX. The Master  Servicer  shall be
       for all purposes the Holder thereof as of such date.

                                            -34-

<PAGE>

     Section 9.02 Additional  Termination  Requirements (See Section 9.02 of the
          Standard Terms).

     Section 9.03  Termination  of  Multiple  REMICs  (See  Section  9.03 of the
          Standard Terms).

                                            -35-

<PAGE>

                                          ARTICLE X

                                      REMIC PROVISIONS

  Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)

     Section  10.02   Master   Servicer;   REMIC   Administrator   and   Trustee
          Indemnification. (See Section 10.02 of the Standard Terms)

       Section 10.03 Designation of REMIC(s).

       The  REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement, as a REMIC for federal income tax purposes.

       The Class A-1,  Class A-P,  Class M-1,  Class M-2,  Class M-3, Class B-1,
Class B-2 and  Class B-3  Certificates  and the  rights in and to which  will be
represented by the Class A-V  Certificates,  will be "regular  interests" in the
REMIC,  and the  Class  R  Certificates  will be the  sole  class  of  "residual
interests"  therein  for  purposes  of the REMIC  Provisions  (as defined in the
Standard  Terms) under federal income tax law. On and after the date of issuance
of any  Subclass of Class A-V  Certificates  pursuant to Section  5.01(c) of the
Standard  Terms,  any such Subclass  will  represent  the  Uncertificated  REMIC
Regular  Interest or Interests  specified by the initial Holder of the Class A-V
Certificates pursuant to said Section.

      Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.

       (a) On each  Distribution  Date the Trustee shall be deemed to distribute
to  itself,  as  the  holder  of the  Uncertificated  REMIC  Regular  Interests,
Uncertificated  Accrued Interest on the  Uncertificated  REMIC Regular Interests
for such  Distribution  Date, plus any  Uncertificated  Accrued Interest thereon
remaining unpaid from any previous Distribution Date.

       (b) In  determining  from time to time the  Uncertificated  REMIC Regular
Interest  Distribution  Amounts,  Realized  Losses  allocated  to the  Class A-V
Certificates  under  Section 4.05 shall be deemed  allocated  to  Uncertificated
REMIC Regular Interests on a pro rata basis based on the Uncertificated  Accrued
Interest for the related Distribution Date.

       (c) On each Distribution  Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
REMIC Regular Interest  Distribution Amounts deemed to have been received by the
Trustee  from the Trust  Fund  under  this  Section  10.04.  The  amount  deemed
distributable  hereunder with respect to the Class A-V Certificates  shall equal
100% of the amounts  payable with respect to the  Uncertificated  REMIC  Regular
Interests.

       (d) Notwithstanding the deemed  distributions on the Uncertificated REMIC
Regular Interests  described in this Section 10.04,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

                                            -36-

<PAGE>

       Section 10.05 Compliance with Withholding Requirements.

       Notwithstanding any other provision of this Agreement, the Trustee or any
Paying  Agent,  as  applicable,   shall  comply  with  all  federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                            -37-

<PAGE>

                                         ARTICLE XI

                                  MISCELLANEOUS PROVISIONS

       Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)

     Section 11.02 Recordation of Agreement. Counterparts. (See Section 11.02 of
          the Standard Terms)

     Section 11.03  Limitation  on Rights of  Certificateholders.  (See  Section
          11.03 of the Standard Terms)

       Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)

       Section       11.05 Notices.  All demands and notices  hereunder shall be
                     in  writing  and shall be deemed to have been duly given if
                     personally  delivered  at or  mailed  by  registered  mail,
                     postage  prepaid  (except for notices to the Trustee  which
                     shall  be  deemed  to  have  been  duly   given  only  when
                     received),  to the  appropriate  address for each recipient
                     listed in the table  below or,  in each  case,  such  other
                     address as may  hereafter  be  furnished  in writing to the
                     Master   Servicer,   the  Trustee  and  the   Company,   as
                     applicable:

           Recipient                                        Address
                         8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota 55437,
Company                          Attention: President
                        2255 N. Ontario Street, Suite 400
                         Burbank, California 91504-2130,
Master Servicer                  Attention: Managing Director/Master Servicing
Trustee                          Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 c/o DTC Transfer Services 55 Water Street,  1st
                                 Floor-Jeanette Park Entrance New York, New York
                                 10041,  for the purposes of Section 8.12 of the
                                 Standard Terms 55 Water Street
Standard and Poor's              New York, New York 10041
Moody's                          99 Church Street
                                 New York, New York 10007

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

                                            -38-

<PAGE>

       Section 11.06 Required Notices to Rating Agency and Subservicer.

       The Company,  the Master  Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

              (a) a material change or amendment to this Agreement,

              (b) the occurrence of an Event of Default,

              (c) the termination or appointment of a successor  Master Servicer
       or Trustee or a change in the majority ownership of the Trustee,

              (d) the filing of any claim  under the Master  Servicer's  blanket
       fidelity bond and the errors and omissions  insurance  policy required by
       Section 3.12 or the  cancellation  or  modification of coverage under any
       such instrument,

              (e) the statement  required to be delivered to the Holders of each
       Class of Certificates pursuant to Section 4.03,

              (f) the statements  required to be delivered  pursuant to Sections
       3.18 and 3.19,

              (g) a change  in the  location  of the  Custodial  Account  or the
       Certificate Account,

              (h) the  occurrence  of any  monthly  cash flow  shortfall  to the
       Holders of any Class of  Certificates  resulting  from the failure by the
       Master Servicer to make an Advance pursuant to Section 4.04,

              (i) the occurrence of the Final Distribution Date, and

              (j) the repurchase of any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

     Section  11.07  Severability  of  Provisions.  (See  Section  11.07  of the
          Standard Terms)

     Section 11.08 Supplemental  Provisions for  Resecuritization.  (See Section
          11.08 of the Standard Terms)

       Section 11.09 Allocation of Voting Rights.

                                            -39-

<PAGE>

       98.0%  of  all  Voting  Rights  shall  be  allocated   among  Holders  of
Certificates,  other than the Class A-V Certificates and Residual  Certificates,
in  proportion  to the  outstanding  Certificate  Principal  Balances  of  their
respective Certificates,  1.0% of all Voting Rights shall be allocated among the
Holders  of the Class A-V  Certificates  in  accordance  with  their  respective
Percentage Interests; and 1.0% of all Voting Rights shall be allocated among the
Holders  of the  Class R  Certificates,  in  accordance  with  their  respective
Percentage Interests.

                                            -40-

<PAGE>

       IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee have
caused their names to be signed hereto by their  respective  officers  thereunto
duly  authorized  and their  respective  seals,  duly  attested,  to be hereunto
affixed, all as of the day and year first above written.

[Seal]                                                 RESIDENTIAL       FUNDING
                                                       MORTGAGE   SECURITIES  I,
                                                       INC.

Attest: /s/ Lisa Lundsten                       By:/s/ Julie Malanoski
       Name:  Lisa Lundsten                             Name: Julie Malanoski
       Title:   Vice President                          Title:   Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest: /s/ Karen Fox                           By:/s/ Lisa Lundsten
        Name:  Karen Fox                                Name: Lisa Lundsten
        Title: Director                                 Title: Managing Director

                                                BANK ONE, NATIONAL ASSOCIATION
[Seal] as Trustee

Attest: /s/                                     By:    /s/ Keith R. Richardson
        Name:                                          Name: Keith R. Richardson
        Title:                                         Title:   Vice President

[Seal]
                                                By:         /s/
                                                        Name:
Attest: /s/                                             Title:
        Name:
        Title:

                                      -41-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 30th day of April,  2003 before me, a notary public in and
for said State,  personally  appeared Julie Malanoski,  known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    _________________

[Notarial Seal]

                                      -42-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 30th day of April,  2003 before me, a notary public in and
for said State, personally appeared Lisa Lundsten,  known to me to be a Managing
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    __________________

[Notarial Seal]

                                      -43-

<PAGE>

STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 30th day of April,  2003 before me, a notary public in and
for said State,  personally  appeared Keith R.  Richardson,  known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    ___________________

[Notarial Seal]

                                      -44-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 08.31.37           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S9                                  CUTOFF : 04/01/03
  POOL       : 0004679
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ------------------------------------------------------------------------

      4397406                              .2500
      293,851.60                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      5039437                              .2500
      308,870.14                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5237834                              .2500
      356,999.36                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5241436                              .2500
      346,023.64                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5338517                              .2500
      280,971.26                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5407402                              .2500
      550,443.14                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      5581822                              .7500
      393,846.52                          .0800
            7.6250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      5581825                              .5000
      499,560.39                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5581835                              .5000
      329,741.08                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5581845                              .6250
      403,732.60                          .0800
            7.3750                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      5609085                              .2500
      297,991.31                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      5704592                              .2500
      584,566.29                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      5846942                              .2500
      359,755.20                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6004270                              .2500
      346,195.16                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      6075444                              .5000
      390,042.51                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6119586                              .2500
      352,756.09                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6236916                              .2500
      737,556.07                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6237174                              .2500
      590,533.98                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      6237194                              .2500
      580,503.53                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6278460                              .2500
      435,770.95                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      6290932                              .2500
      369,651.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6305220                              .2500
      301,905.01                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      6319808                              .2500
      482,326.04                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6361830                              .2500
      393,837.42                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6370820                              .2500
      499,595.64                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6419840                              .2500
      325,180.52                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6427866                              .2500
      371,563.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            6.0450                         .0000

      6433152                              .2500
      492,697.85                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6436742                              .2500
      348,419.27                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6460816                              .2500
      226,659.98                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      6468264                              .2500
      384,197.55                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6481950                              .2500
      144,887.25                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6496960                              .2500
      326,285.88                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      6500830                              .3750
      423,568.88                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      6508204                              .5000
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            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8002480                              .2500
      341,192.27                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8002508                              .2500
      472,978.83                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8003068                              .2500
      392,808.50                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8003076                              .2500
      345,947.61                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8003084                              .2500
      354,348.31                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8003584                              .2500
      326,066.01                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8003602                              .2500
      399,458.88                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8003604                              .2500
      484,419.97                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      8003610                              .2500
      641,530.82                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7950                         .0000

      8003614                              .2500
      308,698.38                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.9200                         .0000

      8003624                              .2500
      395,368.54                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8003626                              .2500
      474,702.12                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8003628                              .2500
      436,759.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000
1

      8003634                              .2500
      416,901.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8003636                              .2500
      518,597.24                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8003644                              .2500
      462,477.32                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8003646                              .2500
      566,522.11                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8003650                              .2500
      464,686.59                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8003652                              .2500
      372,172.37                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8008588                              .2500
      421,042.17                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8009232                              .2500
      393,862.18                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1

      8016288                              .2500
      424,594.93                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8020540                              .2500
      629,147.45                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8022776                              .2500
      611,882.62                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8024796                              .2500
      146,326.78                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8025824                              .2500
      394,394.58                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8026402                              .2500
      204,769.66                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8026566                              .2500
      395,585.19                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8026572                              .2500
      117,580.75                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      8030252                              .5000
      390,994.78                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030262                              .2500
      349,524.04                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8030266                              .2500
      356,354.86                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8030278                              .5000
      440,286.33                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030280                              .2500
      346,770.87                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030284                              .2500
      275,502.98                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030286                              .3750
      407,957.28                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030290                              .3750
      353,540.34                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      8030300                              .5000
      642,251.22                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030304                              .5000
      419,320.20                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030306                              .3750
      642,063.54                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030314                              .2500
      432,585.27                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8030318                              .3750
      390,534.50                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030322                              .2500
      321,825.45                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8030326                              .2500
      359,448.31                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030330                              .5000
      684,721.96                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8030334                              .5000
      400,171.88                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030336                              .3750
      308,585.34                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030338                              .3750
      538,838.80                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030342                              .5000
      557,276.42                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8030352                              .5000
      405,258.98                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041400                              .3750
      503,772.91                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041402                              .2500
      522,434.48                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041404                              .3750
      370,421.34                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      8041410                              .5000
      495,607.48                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8041412                              .3750
      481,053.82                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041418                              .2500
      493,747.75                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041426                              .3750
      402,230.38                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041438                              .5000
      407,947.12                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041454                              .3750
      329,235.35                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041468                              .5000
      334,738.60                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8041478                              .2500
      355,226.47                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000
1

      8041480                              .5000
      405,969.24                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8042674                              .2500
      331,955.89                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8042678                              .2500
      557,692.80                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8043212                              .2500
      367,001.94                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8047730                              .2500
      182,958.14                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8047740                              .2500
      362,839.19                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8047742                              .2500
      227,336.92                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8047774                              .2500
      311,478.63                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      8049136                              .2500
      151,381.93                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8049150                              .2500
      292,886.95                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8049160                              .2500
      324,291.91                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8049172                              .2500
      365,347.30                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8050192                              .2500
      691,895.07                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8052618                              .2500
      454,798.36                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8070462                              .2500
      361,862.37                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8070468                              .2500
      223,905.81                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
1

      8073634                              .2500
      370,079.90                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8073640                              .2500
      312,529.14                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8073642                              .2500
      395,455.62                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8073650                              .2500
      444,304.78                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      8073652                              .2500
      331,591.71                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8085742                              .2500
      417,067.08                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200

      8091106                              .2500
      542,988.25                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8093822                              .5000
      404,980.24                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1

      8093828                              .3750
      345,548.84                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093844                              .5000
      642,825.87                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093854                              .2500
      419,090.71                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093872                              .5000
      361,161.16                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8093882                              .3750
      541,739.86                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093892                              .3750
      468,516.05                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8093906                              .3750
      427,511.71                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8111934                              .2500
      562,026.28                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1

      8121366                              .2500
      349,802.53                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2950                         .0000

      8125256                              .2500
      394,622.55                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000

      8138822                              .2500
      331,584.44                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8143982                              .2500
      335,752.95                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8171422                              .2500
      202,083.09                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8171478                              .2500
      431,446.03                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8173930                              .2500
      338,328.65                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450

      8174242                              .2500
      381,047.97                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1

      8174340                              .2500
      327,819.15                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8174412                              .2500
      364,180.62                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700

      8174512                              .2500
      329,906.60                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8177404                              .2500
      573,750.81                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950

      8236660                              .2500
      394,959.14                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450

      8236930                              .2500
      542,379.90                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8246846                              .2500
      330,780.05                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            6.1700                         .0000

      8246876                              .2500
      405,252.74                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000
1

      8246884                              .2500
      394,908.86                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.9200                         .0000

      8260716                              .3750
      392,627.35                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

      8260722                              .5000
      440,822.58                          .0800
            7.2500                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700

      8260736                              .5000
      593,352.87                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.4200                         .0000

  TOTAL NUMBER OF LOANS:      666
  TOTAL BALANCE........:        272,114,376.47

  RUN ON     : 04/24/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 08.31.37            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S9        FIXED SUMMARY REPORT      CUTOFF : 04/01/03
  POOL       : 0004679
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  -----------------------------------------------------------------------------
  CURR NOTE RATE                        6.9596            6.0000      8.2500
  RFC NET RATE                          6.6780            5.7500      8.0000
  NET MTG RATE(INVSTR RATE)             6.5980            5.6700      7.9200
  POST STRIP RATE                       6.4390            5.6700      6.5000
  SUB SERV FEE                           .2816             .2500       .8750
  MSTR SERV FEE                          .0800             .0800        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1589             .0000      1.4200

  TOTAL NUMBER OF LOANS:   666
  TOTAL BALANCE........:     272,114,376.47

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 04/24/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 08.31.37          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S9                                  CUTOFF : 04/01/03
  POOL       : 0004679
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    4397406          225/G01             F          300,000.00         ZZ
                                         360        293,851.60          1
                                       7.375          2,072.03         58
                                       7.125          2,072.03
    GREENVILLE       SC   29615          1            02/15/01         00
    0432631497                           03           04/01/01          0
    6523306                              O            03/01/31
    0

    5039437          994/X14             F          314,000.00         ZZ
                                         360        308,870.14          1
                                       7.250          2,142.04         80
                                       7.000          2,142.04
    FLUSHING         NY   11358          1            08/29/01         00
    8022072725                           05           10/01/01          0
    1000269129                           O            09/01/31
    0

    5237834          E22/G01             F          363,000.00         ZZ
                                         360        356,999.36          1
                                       7.250          2,476.30         79
                                       7.000          2,476.30
    NEW FAIRFIELD    CT   06812          2            07/26/01         00
    0412748501                           05           09/01/01          0
    0412748501                           O            08/01/31
    0

    5241436          253/253             F          350,000.00         ZZ
                                         360        346,023.64          1
                                       7.250          2,387.62         54
                                       7.000          2,387.62
    SANTA FE         NM   87545          4            01/18/02         00
    972961                               05           03/01/02          0
1

    972961                               O            02/01/32
    0

    5338517          G75/G75             F          285,950.00         ZZ
                                         360        280,971.26          1
                                       7.250          1,950.69         80
                                       7.000          1,950.69
    FRANKLIN         TN   37064          2            06/25/01         00
    0004361072                           05           08/01/01          0
    04361072                             O            07/01/31
    0

    5407402          E22/G01             F          576,000.00         ZZ
                                         360        550,443.14          1
                                       7.250          3,929.34         80
                                       7.000          3,929.34
    GREENWICH        CT   06876          1            08/22/01         00
    0412838203                           05           10/01/01          0
    0412838203                           O            09/01/31
    0

    5581822          405/405             F          400,000.00         ZZ
                                         360        393,846.52          1
                                       7.625          2,831.18         72
                                       6.875          2,831.18
    AUSTIN           TX   78730          2            07/18/01         00
    0012351755                           03           09/01/01          0
    0012351755                           O            08/01/31
    0

    5581825          405/405             F          512,000.00         ZZ
                                         360        499,560.39          1
                                       7.250          3,492.74         80
                                       6.750          3,492.74
    MESA             AZ   85207          2            07/25/01         00
    0012361457                           03           09/01/01          0
    0012361457                           O            08/01/31
    0

    5581835          405/405             F          337,500.00         ZZ
                                         360        329,741.08          1
                                       7.250          2,302.35         75
                                       6.750          2,302.35
    CORAL GABLES     FL   33134          5            08/14/01         00
    0017540550                           05           10/01/01          0
    0017540550                           O            09/01/31
    0

1

    5581845          405/405             F          410,000.00         ZZ
                                         360        403,732.60          1
                                       7.375          2,831.77         72
                                       6.750          2,831.77
    KATONAH          NY   10536          1            08/24/01         00
    0017610155                           05           10/01/01          0
    0017610155                           O            09/01/31
    0

    5609085          025/025             F          303,000.00         ZZ
                                         360        297,991.31          1
                                       7.250          2,066.99         64
                                       7.000          2,066.99
    ELGIN            SC   29045          2            07/30/01         00
    0139437123                           05           09/01/01          0
    0139437123                           O            08/01/31
    0

    5704592          E22/G01             F          594,000.00         ZZ
                                         360        584,566.29          1
                                       6.875          3,902.16         18
                                       6.625          3,902.16
    SEATTLE          WA   98112          2            09/21/01         00
    0413032962                           05           11/01/01          0
    0413032962                           O            10/01/31
    0

    5846942          B57/G01             F          365,000.00         ZZ
                                         360        359,755.20          1
                                       6.875          2,397.79         72
                                       6.625          2,397.79
    SOUTH PASADENA   CA   91030          5            11/07/01         00
    0433695863                           05           01/01/02          0
    2114825                              O            12/01/31
    0

    6004270          D11/G01             F          350,910.00         ZZ
                                         360        346,195.16          1
                                       6.750          2,276.00         69
                                       6.500          2,276.00
    SAN DIEGO        CA   92130          2            12/07/01         00
    0433710217                           03           02/01/02          0
    1082007265                           O            01/01/32
    0

    6075444          405/405             F          400,000.00         ZZ
                                         360        390,042.51          1
                                       7.250          2,728.71         80
                                       6.750          2,728.71
1

    HUNTINGTON       NY   11743          5            09/04/01         00
    0017675497                           05           10/01/01          0
    0017675497                           O            09/01/31
    0

    6119586          E45/G01             F          360,000.00         ZZ
                                         360        352,756.09          1
                                       6.875          2,364.94         90
                                       6.625          2,364.94
    FRANKLIN         GA   30217          2            11/05/01         11
    0433662541                           05           01/01/02         25
    176295                               O            12/01/31
    0

    6236916          E22/G01             F          750,000.00         ZZ
                                         360        737,556.07          1
                                       6.875          4,926.97         54
                                       6.625          4,926.97
    MEDINA           WA   98039          5            10/15/01         00
    0413075961                           05           12/01/01          0
    0413075961                           O            11/01/31
    0

    6237174          E22/G01             F          599,500.00         ZZ
                                         360        590,533.98          1
                                       6.875          3,938.29         72
                                       6.625          3,938.29
    BELLVUE          CO   80512          2            10/24/01         00
    0413196437                           03           12/01/01          0
    0413196437                           O            11/01/31
    0

    6237194          E22/G01             F          595,000.00         ZZ
                                         360        580,503.53          1
                                       6.750          3,859.16         70
                                       6.500          3,859.16
    PROVO            UT   84604          2            10/24/01         00
    0413205329                           05           12/01/01          0
    0413205329                           O            11/01/31
    0

    6278460          F25/G01             F          441,000.00         ZZ
                                         360        435,770.95          1
                                       6.625          2,823.77         70
                                       6.375          2,823.77
    CHAPPAQUA        NY   10514          5            02/01/02         00
    0433661725                           05           04/01/02          0
    1                                    O            03/01/32
    0
1

    6290932          E22/G01             F          375,400.00         ZZ
                                         360        369,651.00          1
                                       6.750          2,434.84         80
                                       6.500          2,434.84
    CHESHIRE         CT   06410          1            11/02/01         00
    0413205311                           05           12/01/01          0
    0413205311                           O            11/01/31
    0

    6305220          F25/G01             F          306,100.00         ZZ
                                         360        301,905.01          1
                                       7.000          2,036.49         52
                                       6.750          2,036.49
    ARDSLEY          NY   10502          2            11/09/01         00
    0433407541                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6319808          E22/G01             F          490,000.00         ZZ
                                         360        482,326.04          1
                                       6.750          3,178.13         77
                                       6.500          3,178.13
    FLOWER MOUND     TX   75022          4            11/01/01         00
    0413216086                           03           12/01/01          0
    0413216086                           O            11/01/31
    0

    6361830          L46/L46             F          402,000.00         ZZ
                                         360        393,837.42          1
                                       6.750          2,607.36         66
                                       6.500          2,607.36
    LEWISVILLE       TX   75056          2            12/13/01         00
    0000951848                           05           02/01/02          0
    0000951848                           O            01/01/32
    0

    6370820          A35/G01             F          507,000.00         ZZ
                                         360        499,595.64          1
                                       7.000          3,373.08         29
                                       6.750          3,373.08
    HUNTINGTON       NY   11743          2            10/18/01         00
    0433377934                           05           12/01/01          0
    HV11999                              O            11/01/31
    0

    6419840          X17/G01             F          330,000.00         ZZ
                                         360        325,180.52          1
1

                                       7.000          2,195.50         56
                                       6.750          2,195.50
    NORWOOD          NJ   07648          1            10/30/01         00
    0433386075                           05           12/01/01          0
    010461                               O            11/01/31
    0

    6427866          731/G01             F          377,000.00         ZZ
                                         360        371,563.00          1
                                       6.375          2,351.99         58
                                       6.125          2,351.99
    CARLSBAD         CA   92009          5            12/07/01         00
    0433679990                           03           02/01/02          0
    200118                               O            01/01/32
    0

    6433152          E22/G01             F          500,000.00         ZZ
                                         360        492,697.85          1
                                       7.000          3,326.51         57
                                       6.750          3,326.51
    BOULDER          CO   80302          5            11/02/01         00
    0413147786                           05           12/01/01          0
    0413147786                           O            11/01/31
    0

    6436742          313/G01             F          353,500.00         ZZ
                                         360        348,419.27          1
                                       6.750          2,292.80         70
                                       6.500          2,292.80
    SAN LUIS OBISPO  CA   93401          1            11/29/01         00
    0433648896                           03           01/01/02          0
    8496291                              O            12/01/31
    0

    6460816          E22/G01             F          230,500.00         ZZ
                                         360        226,659.98          1
                                       6.875          1,514.22         95
                                       6.625          1,514.22
    THORNTON         CO   80229          2            11/05/01         01
    0413154204                           03           01/01/02         30
    0413154204                           O            12/01/31
    0

    6468264          313/G01             F          389,800.00         ZZ
                                         360        384,197.55          1
                                       6.750          2,528.24         66
                                       6.500          2,528.24
    DALLAS           TX   75214          2            11/20/01         00
    0433648979                           05           01/01/02          0
1

    0008492415                           O            12/01/31
    0

    6481950          964/G01             F          147,000.00         ZZ
                                         360        144,887.25          1
                                       6.750            953.44         80
                                       6.500            953.44
    MONROVIA         CA   91016          2            11/25/01         00
    0433718491                           05           01/01/02          0
    168520                               O            12/01/31
    0

    6496960          757/G01             F          330,520.00         ZZ
                                         360        326,285.88          1
                                       7.000          2,198.96         80
                                       6.750          2,198.96
    CUMBERLAND       RI   02864          2            12/21/01         00
    0433630878                           05           02/01/02          0
    2TOMASMICH                           O            01/01/32
    0

    6500830          405/405             F          430,000.00         ZZ
                                         360        423,568.88          1
                                       6.875          2,824.80         71
                                       6.500          2,824.80
    SANTA MONICA     CA   90403          2            10/17/01         00
    0017825878                           04           12/01/01          0
    17825878                             O            11/01/31
    0

    6508204          405/405             F          565,000.00         ZZ
                                         360        552,372.64          1
                                       7.500          3,950.56         79
                                       7.000          3,950.56
    PHOENIX          AZ   85044          2            09/24/01         00
    0012464178                           05           11/01/01          0
    12464178                             O            10/01/31
    0

    6508224          405/405             F          372,000.00         ZZ
                                         360        363,146.24          1
                                       7.375          2,569.32         80
                                       6.625          2,569.32
    LITTLETON        CO   80130          2            10/16/01         00
    0017775362                           03           12/01/01          0
    17775362                             O            11/01/31
    0

1

    6517380          994/X14             F          400,000.00         ZZ
                                         360        387,601.59          1
                                       7.250          2,728.71         68
                                       7.000          2,728.71
    FAIRFIELD        NJ   07004          1            09/25/01         00
    8022322781                           05           11/01/01          0
    1999992679                           O            10/01/31
    0

    6561334          313/G01             F          319,920.00         ZZ
                                         360        314,995.93          1
                                       6.500          2,022.11         80
                                       6.250          2,022.11
    SNELLVILLE       GA   30078          1            11/30/01         00
    0433649266                           05           01/01/02          0
    8494338                              O            12/01/31
    0

    6566752          550/550             F          830,000.00         ZZ
                                         360        818,295.08          1
                                       6.850          5,438.66         62
                                       6.600          5,438.66
    LOS ANGELES      CA   90049          2            11/01/01         00
    120550178000000                      05           01/01/02          0
    12055017                             O            12/01/31
    0

    6586964          E22/G01             F          399,999.00         ZZ
                                         360        394,517.16          1
                                       7.000          2,661.20         75
                                       6.750          2,661.20
    MERCER ISLAND    WA   98040          5            11/06/01         00
    0413215997                           05           01/01/02          0
    0413215997                           O            12/01/31
    0

    6587340          U80/U80             F          356,600.00         ZZ
                                         360        351,594.99          1
                                       6.875          2,342.61         60
                                       6.625          2,342.61
    CHARLESTON       SC   29401          5            11/26/01         00
    0010004148                           05           01/01/02          0
    10004148                             O            12/01/31
    0

    6634870          313/G01             F          309,800.00         ZZ
                                         360        305,531.34          1
                                       6.875          2,035.17         66
                                       6.625          2,035.17
1

    FRANKLIN         MA   02038          2            12/17/01         00
    0433651536                           05           02/01/02          0
    8486698                              O            01/01/32
    0

    6640516          E82/G01             F          344,000.00         ZZ
                                         360        337,815.69          1
                                       6.750          2,231.18         70
                                       6.500          2,231.18
    NICEVILLE        FL   32578          2            11/19/01         00
    0400537239                           05           01/01/02          0
    1978400                              O            12/01/31
    0

    6643354          758/G01             F          400,000.00         ZZ
                                         360        394,647.75          1
                                       7.125          2,694.87         51
                                       6.875          2,694.87
    HOUSTON          TX   77082          1            11/27/01         00
    0433525466                           05           01/01/02          0
    101396                               O            12/01/31
    0

    6651898          E76/G01             F          318,835.00         ZZ
                                         360        313,043.34          1
                                       7.250          2,175.02         80
                                       7.000          2,175.02
    IRVING           TX   75062          1            12/07/01         00
    0433522125                           03           02/01/02          0
    10008891                             O            01/01/32
    0

    6657076          B57/G01             F          336,000.00         ZZ
                                         360        332,089.68          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
    LOS ANGELES      CA   91364          2            01/23/02         00
    0433667151                           05           03/01/02          0
    2119155                              O            02/01/32
    0

    6661150          E22/G01             F          455,000.00         ZZ
                                         360        448,180.22          1
                                       6.750          2,951.12         53
                                       6.500          2,951.12
    DENVER           CO   80220          2            11/16/01         00
    0413219452                           05           01/01/02          0
    0413219452                           O            12/01/31
    0
1

    6665460          R84/G01             F          346,300.00         ZZ
                                         360        341,439.52          1
                                       6.875          2,274.95         55
                                       6.625          2,274.95
    HOUSTON          TX   77005          2            11/29/01         00
    0433457520                           05           01/01/02          0
    0513856                              O            12/01/31
    0

    6666526          313/G01             F          306,400.00         ZZ
                                         360        301,471.26          1
                                       6.750          1,987.31         80
                                       6.500          1,987.31
    VIRGINIA BEACH   VA   23452          2            12/05/01         00
    0433650496                           05           02/01/02          0
    8390163                              O            01/01/32
    0

    6689384          313/G01             F          375,000.00         ZZ
                                         360        370,601.28          1
                                       7.250          2,558.17         72
                                       7.000          2,558.17
    VENTURA          CA   93001          1            01/02/02         00
    0433670080                           05           03/01/02          0
    0008505182                           O            02/01/32
    0

    6700600          994/X14             F          315,200.00         ZZ
                                         360        310,811.66          1
                                       7.250          2,150.22         80
                                       7.000          2,150.22
    RUTHERFORD       NJ   07070          1            10/24/01         00
    8011690842                           05           12/01/01          0
    81006267                             O            11/01/31
    0

    6707164          E22/G01             F          419,500.00         ZZ
                                         360        413,470.77          1
                                       6.750          2,720.87         80
                                       6.500          2,720.87
    NETHER PROVIDEN  PA   19063          2            11/21/01         00
    0412961005                           05           01/01/02          0
    0412961005                           O            12/01/31
    0

    6708386          994/X14             F          312,000.00         ZZ
                                         360        307,656.23          1
1

                                       7.250          2,128.39         76
                                       7.000          2,128.39
    LEONIA           NJ   07605          2            10/24/01         00
    8022107232                           05           12/01/01          0
    1000279381                           O            11/01/31
    0

    6731248          E82/G01             F          273,500.00         ZZ
                                         360        269,661.37          1
                                       6.875          1,796.70         47
                                       6.625          1,796.70
    POTOMAC          MD   20854          2            11/16/01         00
    0400519831                           05           01/01/02          0
    1588857                              O            12/01/31
    0

    6732558          E22/G01             F          643,900.00         ZZ
                                         360        634,645.66          1
                                       6.750          4,176.32         65
                                       6.500          4,176.32
    MERRITT ISLAND   FL   32952          2            11/09/01         00
    0413149923                           05           01/01/02          0
    0413149923                           O            12/01/31
    0

    6732668          E22/G01             F          397,100.00         ZZ
                                         360        391,392.80          1
                                       6.750          2,575.58         75
                                       6.500          2,575.58
    GOLDEN           CO   80401          1            11/27/01         00
    0413283433                           03           01/01/02          0
    0413283433                           O            12/01/31
    0

    6741976          994/X14             F          333,000.00         ZZ
                                         360        328,019.80          1
                                       6.875          2,187.57         50
                                       6.625          2,187.57
    ATLANTA          GA   30327          2            10/18/01         00
    8020678697                           05           12/01/01          0
    403668157                            O            11/01/31
    0

    6743668          L46/L46             F          480,050.00         ZZ
                                         360        473,600.06          1
                                       6.750          3,113.60         46
                                       6.500          3,113.60
    DALLAS           TX   75229          2            12/11/01         00
    0000950709                           05           02/01/02          0
1

    0000950709                           O            01/01/32
    0

    6749048          116/116             F          750,000.00         ZZ
                                         360        738,782.79          1
                                       6.875          4,926.97         60
                                       6.625          4,926.97
    MONTGOMERY       TX   77356          2            10/31/01         00
    091068869                            03           12/01/01          0
    091068869                            O            11/01/31
    0

    6759406          964/G01             F          289,000.00         ZZ
                                         360        285,117.04          1
                                       6.750          1,874.45         71
                                       6.500          1,874.45
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    0433653318                           03           02/01/02          0
    168686                               O            01/01/32
    0

    6762590          696/G01             F          465,100.00         ZZ
                                         360        458,415.40          1
                                       6.750          3,016.63         80
                                       6.500          3,016.63
    HAYMARKET        VA   20169          1            11/29/01         00
    0433692316                           03           01/01/02          0
    24501135                             O            12/01/31
    0

    6770100          E22/G01             F          610,000.00         ZZ
                                         360        597,809.73          1
                                       6.625          3,905.90         46
                                       6.375          3,905.90
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    0413129743                           05           01/01/02          0
    0413129743                           O            12/01/31
    0

    6793812          E82/G01             F          313,000.00         ZZ
                                         360        308,606.91          1
                                       6.875          2,056.19         62
                                       6.625          2,056.19
    CORONA           CA   91720          2            11/27/01         00
    0400531398                           05           01/01/02          0
    0400531398                           O            12/01/31
    0

1

    6812440          U05/G01             F          847,500.00         ZZ
                                         360        836,078.99          1
                                       6.875          5,567.47         78
                                       6.625          5,567.47
    HIGHLAND PARK    TX   75205          2            12/10/01         00
    0433501939                           05           02/01/02          0
    3186769                              O            01/01/32
    0

    6814290          H93/G01             F          325,000.00         ZZ
                                         360        320,690.57          1
                                       7.250          2,217.07         77
                                       7.000          2,217.07
    ENID             OK   73703          2            12/21/01         00
    0433604279                           05           02/01/02          0
    2001001864                           O            01/01/32
    0

    6816190          Q97/G01             F          397,000.00         ZZ
                                         360        391,646.62          1
                                       6.750          2,574.93         77
                                       6.500          2,574.93
    ROSWELL          GA   30075          2            01/22/02         00
    0433700614                           05           03/01/02          0
    16100452                             O            02/01/32
    0

    6817354          K89/G01             F          478,000.00         ZZ
                                         360        413,579.84          1
                                       7.375          3,301.43         71
                                       7.125          3,301.43
    MIAMI            FL   33184          2            12/17/01         00
    0433646031                           05           02/01/02          0
    200111163                            O            01/01/32
    0

    6819844          116/116             F          650,000.00         ZZ
                                         360        642,063.76          1
                                       7.250          4,434.15         78
                                       7.000          4,434.15
    HOUSTON          TX   77005          1            12/14/01         00
    091021091                            05           02/01/02          0
    091021091                            O            01/01/32
    0

    6826308          313/G01             F          643,000.00         ZZ
                                         360        633,726.63          1
                                       6.375          4,011.49         54
                                       6.125          4,011.49
1

    MCLEAN           VA   22102          5            12/12/01         00
    0433647484                           05           02/01/02          0
    0008501033                           O            01/01/32
    0

    6828138          L46/L46             F          373,200.00         ZZ
                                         360        368,063.31          1
                                       6.750          2,420.57         65
                                       6.500          2,420.57
    ALLEN            TX   75013          2            12/13/01         00
    0000952820                           03           02/01/02          0
    0000952820                           O            01/01/32
    0

    6831156          964/G01             F          412,000.00         ZZ
                                         360        401,716.24          1
                                       6.875          2,706.55         60
                                       6.625          2,706.55
    PETALUMA         CA   94952          2            02/08/02         00
    0433734530                           05           04/01/02          0
    173835                               O            03/01/32
    0

    6836408          E22/G01             F          400,000.00         ZZ
                                         360        394,654.26          1
                                       7.000          2,661.21         70
                                       6.750          2,661.21
    EL PASO          TX   79932          5            12/05/01         00
    0413279530                           05           02/01/02          0
    0413279530                           O            01/01/32
    0

    6836882          E82/G01             F          333,500.00         ZZ
                                         360        328,101.41          1
                                       6.625          2,135.44         79
                                       6.375          2,135.44
    MILPITAS         CA   95035          2            12/03/01         00
    0400542031                           05           01/01/02          0
    0400542031                           O            12/01/31
    0

    6848342          994/X14             F          383,000.00         ZZ
                                         360        377,751.04          1
                                       7.000          2,548.11         73
                                       6.750          2,548.11
    SEDONA           AZ   86336          2            11/01/01         00
    8021206001                           05           01/01/02          0
    0404346339                           O            12/01/31
    0
1

    6848400          994/X14             F          320,000.00         ZZ
                                         360        315,544.92          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
    ELMHURST         IL   60126          2            10/24/01         00
    8016347430                           05           12/01/01          0
    3918884041                           O            11/01/31
    0

    6860284          L60/F27             F          320,000.00         ZZ
                                         359        315,235.94          1
                                       7.250          2,184.67         80
                                       7.000          2,184.67
     LEXINGTON       SC   29072          1            09/28/01         00
    6610415383                           05           11/01/01          0
    6610415383                           O            09/01/31
    0

    6860296          L60/F27             F          328,000.00         ZZ
                                         360        319,956.28          1
                                       7.125          2,209.80         78
                                       6.875          2,209.80
    MANASSAS         VA   20112          2            10/12/01         00
    6920172049                           05           12/01/01          0
    6920172049                           O            11/01/31
    0

    6860298          L60/F27             F          328,700.00         ZZ
                                         348        323,732.58          1
                                       7.250          2,264.23         74
                                       7.000          2,264.23
    MORGANTON        NC   28655          2            10/08/01         00
    6610852171                           03           12/01/01          0
    6610852171                           O            11/01/30
    0

    6862022          964/G01             F          375,000.00         ZZ
                                         360        368,973.05          1
                                       6.875          2,463.48         61
                                       6.625          2,463.48
    BELMONT          CA   94002          5            01/28/02         00
    0433758216                           05           03/01/02          0
    400176148                            O            02/01/32
    0

    6870226          E84/G01             F          374,000.00         ZZ
                                         360        369,208.99          1
1

                                       7.000          2,488.23         75
                                       6.750          2,488.23
    VACAVILLE        CA   95688          5            12/20/01         00
    0433714029                           05           02/01/02          0
    69410107                             O            01/01/32
    0

    6872702          550/550             F          399,960.00         ZZ
                                         360        394,046.26          1
                                       6.600          2,554.38         80
                                       6.350          2,554.38
    ROSEVILLE        CA   95747          1            11/26/01         00
    1205517470                           05           01/01/02          0
    120551747                            O            12/01/31
    0

    6947134          E22/G01             F          340,000.00         ZZ
                                         360        335,431.88          1
                                       6.750          2,205.23         71
                                       6.500          2,205.23
    BOCA RATON       FL   33433          5            12/07/01         00
    0413322363                           03           02/01/02          0
    0413322363                           O            01/01/32
    0

    6947248          E22/G01             F          624,000.00         ZZ
                                         360        615,616.07          1
                                       6.750          4,047.25         80
                                       6.500          4,047.25
    ARLINGTON        TX   76016          1            12/03/01         00
    0413371782                           03           02/01/02          0
    0413371782                           O            01/01/32
    0

    6949590          313/G01             F          370,350.00         ZZ
                                         360        364,712.68          1
                                       7.250          2,526.44         58
                                       7.000          2,526.44
    BELMONT          MA   02478          2            11/02/01         00
    0433484136                           05           12/01/01          0
    8375438                              O            11/01/31
    0

    6954974          964/G01             F          700,000.00         ZZ
                                         360        691,655.18          1
                                       7.000          4,657.12         50
                                       6.750          4,657.12
    SAN ANSELMO      CA   94960          2            01/30/02         00
    0433706504                           05           03/01/02          0
1

    177886                               O            02/01/32
    0

    6959284          163/G01             F          357,000.00         ZZ
                                         360        352,316.11          1
                                       6.875          2,345.24         55
                                       6.625          2,345.24
    SUMMIT           NJ   07901          2            12/20/01         00
    0433575917                           05           02/01/02          0
    1000368434                           O            01/01/32
    0

    6965324          575/G01             F          167,800.00         ZZ
                                         360        165,650.38          1
                                       7.000          1,116.38         73
                                       6.750          1,116.38
    WILLIAMSBURG     VA   23188          2            12/21/01         00
    0433681905                           05           02/01/02          0
    0012101432                           O            01/01/32
    0

    6990480          E22/G01             F          443,200.00         ZZ
                                         360        437,245.18          1
                                       6.750          2,874.59         80
                                       6.500          2,874.59
    TAMPA            FL   33629          1            12/14/01         00
    0413310269                           05           02/01/02          0
    0413310269                           O            01/01/32
    0

    6990632          E22/G01             F          428,000.00         ZZ
                                         360        422,384.55          1
                                       6.875          2,811.66         80
                                       6.625          2,811.66
    SAMMAMISH        WA   98075          1            12/07/01         00
    0413365578                           05           02/01/02          0
    0413365578                           O            01/01/32
    0

    7000296          313/G01             F          399,000.00         ZZ
                                         360        393,639.06          1
                                       6.750          2,587.91         60
                                       6.500          2,587.91
    PALATINE         IL   60067          5            12/21/01         00
    0433648714                           05           02/01/02          0
    8461188                              O            01/01/32
    0

1

    7002094          L46/L46             F          392,600.00         ZZ
                                         360        387,570.61          1
                                       7.000          2,611.98         80
                                       6.750          2,611.98
    FRISCO           TX   75034          2            12/26/01         00
    0000954628                           05           02/01/02          0
    0000954628                           O            01/01/32
    0

    7012942          A35/G01             F          355,000.00         ZZ
                                         360        350,768.07          1
                                       7.000          2,361.82         90
                                       6.750          2,361.82
    WEST ISLIP       NY   11795          1            01/22/02         10
    0433708518                           05           03/01/02         25
    620434635                            O            02/01/32
    0

    7035710          H06/G01             F          481,100.00         ZZ
                                         360        473,656.35          1
                                       6.375          3,001.44         47
                                       6.125          3,001.44
    ROCHESTER        MN   55902          5            12/26/01         00
    0433693694                           05           02/01/02          0
    0300088077                           O            01/01/32
    0

    7035942          994/X14             F          361,000.00         ZZ
                                         360        355,852.03          1
                                       7.125          2,432.13         63
                                       6.875          2,432.13
    WOODSBURGH       NY   11598          2            10/24/01         00
    8022104817                           05           12/01/01          0
    1000278569                           O            11/01/31
    0

    7035946          994/X14             F          314,100.00         ZZ
                                         360        309,795.43          1
                                       7.000          2,089.71         90
                                       6.750          2,089.71
    VILLANOVA        PA   19085          1            11/15/01         10
    8016388285                           05           01/01/02         25
    218953341                            O            12/01/31
    0

    7037430          964/G01             F          195,700.00         ZZ
                                         360        192,142.71          4
                                       7.250          1,335.02         84
                                       7.000          1,335.02
1

    SPANAWAY         WA   98387          2            01/17/02         11
    0433655420                           05           03/01/02         12
    179391                               O            02/01/32
    0

    7054980          550/550             F          660,000.00         ZZ
                                         360        646,346.10          1
                                       6.850          4,324.72         51
                                       6.600          4,324.72
    SAN FRANCISCO    CA   94118          2            04/06/01         00
    120514208000000                      01           06/01/01          0
    120514208                            O            05/01/31
    0

    7063000          163/G01             F          332,000.00         ZZ
                                         360        326,955.47          1
                                       7.750          2,378.49         80
                                       7.500          2,378.49
    MASSAPEQUA       NY   11758          1            01/31/02         00
    0433705365                           05           03/01/02          0
    1000347990                           O            02/01/32
    0

    7074446          N74/G01             F          133,000.00         ZZ
                                         360        131,376.01          1
                                       6.875            873.72         61
                                       6.625            873.72
    HELOTES          TX   78023          2            12/28/01         00
    0433598851                           05           03/01/02          0
    0029684010                           O            02/01/32
    0

    7086360          E22/G01             F          920,500.00         ZZ
                                         360        909,529.45          1
                                       7.375          6,357.66         52
                                       7.125          6,357.66
    COLORADO SPRING  CO   80906          2            12/17/01         00
    0413083999                           05           02/01/02          0
    0413083999                           O            01/01/32
    0

    7086636          E22/G01             F          522,000.00         ZZ
                                         360        515,626.66          1
                                       7.250          3,560.96         80
                                       7.000          3,560.96
    SOUTHLAKE        TX   76092          1            12/20/01         00
    0413456617                           03           02/01/02          0
    0413456617                           O            01/01/32
    0
1

    7109132          E82/G01             F          365,200.00         ZZ
                                         360        360,632.48          1
                                       7.125          2,460.42         79
                                       6.875          2,460.42
    VIENNA           VA   22180          2            12/18/01         00
    0400501078                           05           02/01/02          0
    1706895                              O            01/01/32
    0

    7113096          405/405             F          375,000.00         ZZ
                                         360        369,391.45          1
                                       6.875          2,463.49         59
                                       6.375          2,463.49
    LEWISVILLE       TX   75056          1            10/22/01         00
    0012461745                           03           12/01/01          0
    0012461745                           O            11/01/31
    0

    7113394          405/405             F          332,000.00         ZZ
                                         360        318,987.05          1
                                       6.875          2,181.01         54
                                       6.375          2,181.01
    LAS VEGAS        NV   89135          2            11/14/01         00
    0019953009                           03           01/01/02          0
    0019953009                           O            12/01/31
    0

    7114152          F36/G01             F          360,000.00         ZZ
                                         360        356,007.95          1
                                       7.375          2,486.43         60
                                       7.125          2,486.43
    LAKEWOOD         WA   98498          2            01/02/02         00
    0433674744                           05           03/01/02          0
    06504174                             O            02/01/32
    0

    7120168          E45/G01             F          401,500.00         ZZ
                                         360        396,827.29          1
                                       7.125          2,704.98         66
                                       6.875          2,704.98
    HUDSON           WI   54016          2            01/02/02         00
    0433661642                           05           03/01/02          0
    177628                               O            02/01/32
    0

    7125734          E22/G01             F          540,000.00         ZZ
                                         360        533,082.46          1
1

                                       7.000          3,592.63         80
                                       6.750          3,592.63
    NEWTOWN          PA   18940          2            12/20/01         00
    0413169228                           05           02/01/02          0
    0413169228                           O            01/01/32
    0

    7136176          E22/G01             F           32,000.00         ZZ
                                         360         31,135.05          1
                                       8.125            237.60         69
                                       7.875            237.60
    WEST VALLEY CIT  UT   84119          1            12/20/01         00
    0413377920                           01           02/01/02          0
    0413377920                           O            01/01/32
    0

    7139306          E22/G01             F          800,000.00         ZZ
                                         360        788,993.54          1
                                       6.625          5,122.49         60
                                       6.375          5,122.49
    SEATTLE          WA   98105          2            12/14/01         00
    0412985988                           05           02/01/02          0
    0412985988                           O            01/01/32
    0

    7139548          E22/G01             F          368,000.00         ZZ
                                         360        363,055.63          1
                                       6.750          2,386.84         80
                                       6.500          2,386.84
    BOCA RATON       FL   33433          1            12/28/01         00
    0413458217                           03           02/01/02          0
    0413458217                           O            01/01/32
    0

    7139942          E82/G01             F          326,500.00         ZZ
                                         360        322,317.46          1
                                       7.000          2,172.21         53
                                       6.750          2,172.21
    GRANBURY         TX   76049          2            12/20/01         00
    0400536645                           05           02/01/02          0
    1634426                              O            01/01/32
    0

    7145264          736/G01             F          325,000.00         ZZ
                                         360        320,438.51          1
                                       6.875          2,135.02         46
                                       6.625          2,135.02
    REDWOOD CITY     CA   94061          2            11/19/01         00
    0433528718                           05           01/01/02          0
1

    0104887583                           O            12/01/31
    0

    7145270          736/G01             F          510,000.00         ZZ
                                         360        503,010.43          1
                                       7.000          3,393.05         51
                                       6.750          3,393.05
    SANTA ROSA       CA   95404          5            11/28/01         00
    0433516317                           05           01/01/02          0
    0105024079                           O            12/01/31
    0

    7152200          E45/G01             F          580,000.00         ZZ
                                         360        572,918.52          1
                                       7.250          3,956.62         80
                                       7.000          3,956.62
    FAIRFAX          VA   22030          1            01/04/02         00
    0433660487                           05           02/01/02          0
    199872                               O            01/01/32
    0

    7169836          286/286             F          368,000.00         ZZ
                                         360        362,238.55          1
                                       7.250          2,510.41         65
                                       7.000          2,510.41
    NORTH WOODMERE   NY   11581          1            08/29/01         00
    0557007                              05           10/01/01          0
    557007                               O            09/01/31
    0

    7169948          286/286             F          289,000.00         ZZ
                                         360        284,943.88          1
                                       6.875          1,898.52         76
                                       6.625          1,898.52
    ATLANTA          GA   30331          2            11/07/01         00
    9682509                              03           01/01/02          0
    9682509                              O            12/01/31
    0

    7171550          405/405             F          456,850.00         ZZ
                                         360        447,890.18          1
                                       6.875          3,001.18         75
                                       6.250          3,001.18
    DULUTH           GA   30097          2            12/18/01         00
    0017950478                           03           02/01/02          0
    0017950478                           O            01/01/32
    0

1

    7171582          405/405             F          448,000.00         ZZ
                                         360        442,122.28          1
                                       6.875          2,943.04         80
                                       6.250          2,943.04
    JOPLIN           MO   64804          1            12/18/01         00
    0018021048                           05           02/01/02          0
    0018021048                           O            01/01/32
    0

    7171634          405/405             F          306,000.00         ZZ
                                         300        299,346.50          1
                                       6.875          2,138.41         77
                                       6.250          2,138.41
    ALTADENA         CA   91001          2            12/11/01         00
    0019987031                           05           02/01/02          0
    0019987031                           O            01/01/27
    0

    7180106          736/G01             F          102,400.00         ZZ
                                         360        101,062.29          1
                                       7.250            698.55         80
                                       7.000            698.55
    LAND O LAKES     FL   34639          1            11/28/01         00
    0433519451                           03           01/01/02          0
    104976337                            O            12/01/31
    0

    7180134          736/G01             F          387,000.00         ZZ
                                         360        377,307.05          1
                                       6.250          2,382.83         58
                                       6.000          2,382.83
    SAN JOSE         CA   95124          5            11/15/01         00
    0433577673                           05           01/01/02          0
    0104886189                           O            12/01/31
    0

    7180148          736/G01             F          400,000.00         ZZ
                                         360        394,385.84          1
                                       6.875          2,627.72         54
                                       6.625          2,627.72
    MALIBU           CA   90265          2            11/28/01         00
    0433531407                           03           01/01/02          0
    0104933999                           O            12/01/31
    0

    7212956          736/G01             F          320,000.00         T
                                         360        315,508.59          1
                                       6.875          2,102.18         72
                                       6.625          2,102.18
1

    DANA POINT       CA   92628          1            11/28/01         00
    0433577640                           01           01/01/02          0
    104885520                            O            12/01/31
    0

    7226624          E82/G01             F          920,000.00         ZZ
                                         360        908,767.30          1
                                       7.250          6,276.02         62
                                       7.000          6,276.02
    LOS ANGELES      CA   90049          5            12/28/01         00
    0400541439                           05           02/01/02          0
    0400541439                           O            01/01/32
    0

    7236096          736/G01             F          252,500.00         ZZ
                                         360        249,201.43          1
                                       7.250          1,722.50         78
                                       7.000          1,722.50
    LAS VEGAS        NV   89121          2            11/19/01         00
    0433519774                           05           01/01/02          0
    104816376                            O            12/01/31
    0

    7242890          964/G01             F          331,000.00         ZZ
                                         360        326,515.36          1
                                       7.250          2,258.00         80
                                       7.000          2,258.00
    SAN FRANCISCO    CA   94112          5            02/06/02         00
    0433719481                           05           04/01/02          0
    182031                               O            03/01/32
    0

    7247074          E45/G01             F          650,000.00         ZZ
                                         360        642,792.09          1
                                       7.375          4,489.39         75
                                       7.125          4,489.39
    FT LAUDERDALE    FL   33308          1            12/11/01         00
    0433655446                           05           03/01/02          0
    202202                               O            02/01/32
    0

    7251950          L46/L46             F          361,850.00         ZZ
                                         360        357,325.12          1
                                       6.750          2,346.96         77
                                       6.500          2,346.96
    PLANO            TX   75093          2            01/21/02         00
    0000952960                           05           03/01/02          0
    0000952960                           O            02/01/32
    0
1

    7257836          168/168             F          348,000.00         ZZ
                                         360        342,193.93          1
                                       7.250          2,373.97         80
                                       7.000          2,373.97
    MARLBORO         NJ   07746          1            11/28/01         00
    0637771                              05           01/01/02          0
    0069377715                           O            12/01/31
    0

    7266582          E82/G01             F          288,400.00         ZZ
                                         360        280,818.87          1
                                       6.875          1,894.58         58
                                       6.625          1,894.58
    INCLINE VILLAGE  NV   89451          2            01/04/02         00
    0400534038                           05           03/01/02          0
    1639633                              O            02/01/32
    0

    7267104          J54/G01             F          342,000.00         ZZ
                                         360        281,046.13          1
                                       6.375          2,133.64         64
                                       6.125          2,133.64
    HAYMARKET        VA   20169          2            12/04/01         00
    0433633120                           05           02/01/02          0
    892459                               O            01/01/32
    0

    7272296          E85/G01             F          560,000.00         ZZ
                                         360        552,829.20          1
                                       6.625          3,585.74         41
                                       6.375          3,585.74
    SAN RAFAEL       CA   94901          2            01/16/02         00
    0433696473                           05           03/01/02          0
    9612142                              O            02/01/32
    0

    7276252          994/X14             F          500,000.00         ZZ
                                         360        492,982.45          1
                                       6.875          3,284.64         27
                                       6.625          3,284.64
    MANHASSET        NY   11030          1            11/07/01         00
    8016252101                           05           01/01/02          0
    218714768                            O            12/01/31
    0

    7276358          994/X14             F          406,700.00         ZZ
                                         360        401,386.91          1
1

                                       7.250          2,774.42         54
                                       7.000          2,774.42
    ARMONK           NY   10504          2            11/26/01         00
    8022080389                           05           01/01/02          0
    1000272096                           O            12/01/31
    0

    7276364          994/X14             F          372,000.00         ZZ
                                         360        366,778.82          1
                                       6.875          2,443.78         83
                                       6.625          2,443.78
    CLOVIS           CA   93611          2            11/21/01         11
    8016335419                           05           01/01/02         12
    218860983                            O            12/01/31
    0

    7291464          R65/G01             F          410,000.00         ZZ
                                         360        404,907.88          1
                                       6.875          2,693.41         55
                                       6.625          2,693.41
    MEDFIELD         MA   02052          5            01/17/02         00
    0433656444                           05           03/01/02          0
    011073                               O            02/01/32
    0

    7296850          D03/D03             F          340,000.00         ZZ
                                         360        336,043.09          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    SAN JOSE         CA   95112          1            01/24/02         00
    1020001535                           05           03/01/02          0
    1020001535                           O            02/01/32
    0

    7309388          830/G01             F          313,500.00         ZZ
                                         360        310,023.54          1
                                       7.375          2,165.27         70
                                       7.125          2,165.27
    LAS VEGAS        NV   89118          2            01/16/02         00
    0433672573                           05           03/01/02          0
    1934739                              O            02/01/32
    0

    7316912          E23/G01             F          375,000.00         ZZ
                                         360        370,635.76          1
                                       7.125          2,526.44         70
                                       6.875          2,526.44
    RANCHO SANTA MA  CA   92688          2            01/15/02         00
    0433615002                           03           03/01/02          0
1

    51011016                             O            02/01/32
    0

    7318426          994/X14             F          290,000.00         ZZ
                                         360        286,626.55          1
                                       7.500          2,027.72         90
                                       7.250          2,027.72
    BRONX            NY   10470          2            12/03/01         10
    8021353571                           05           02/01/02         25
    404567260                            O            01/01/32
    0

    7318482          994/X14             F          400,000.00         ZZ
                                         360        394,572.84          1
                                       7.125          2,694.87         77
                                       6.875          2,694.87
    BURLINGTON       VT   05401          2            11/30/01         00
    8016426564                           05           01/01/02          0
    219022419                            O            12/01/31
    0

    7326604          944/G01             F          358,000.00         ZZ
                                         360        351,934.07          1
                                       7.125          2,411.92         74
                                       6.875          2,411.92
    SCOTTSDALE       AZ   85254          2            01/30/02         00
    0433675162                           02           03/01/02          0
    W01104951                            O            02/01/32
    0

    7345650          M24/G01             F          490,000.00         ZZ
                                         360        484,017.17          1
                                       6.875          3,218.95         77
                                       6.625          3,218.95
    CORONA DEL MAR   CA   92625          2            01/15/02         00
    0433675105                           01           03/01/02          0
    2010786238                           O            02/01/32
    0

    7347418          A46/G01             F          343,200.00         ZZ
                                         360        339,009.59          1
                                       6.875          2,254.58         80
                                       6.625          2,254.58
    HOUSTON          TX   77042          1            01/24/02         00
    0433657384                           05           03/01/02          0
    0131236                              O            02/01/32
    0

1

    7349062          700/G01             F          237,600.00         ZZ
                                         360        235,028.53          1
                                       7.500          1,661.33         80
                                       7.250          1,661.33
    VENTURA          CA   93001          2            01/30/02         00
    0433669264                           05           03/01/02          0
    0000173309                           O            02/01/32
    0

    7355442          E22/G01             F          620,000.00         ZZ
                                         360        495,801.68          1
                                       7.125          4,177.05         45
                                       6.875          4,177.05
    LIGHTHOUSE POIN  FL   33064          1            01/11/02         00
    0413514894                           05           03/01/02          0
    0413514894                           O            02/01/32
    0

    7359580          R65/G01             F          321,000.00         ZZ
                                         360        315,712.92          1
                                       6.875          2,108.74         80
                                       6.625          2,108.74
    KENSINGTON       MD   20895          2            01/23/02         00
    0433676038                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7365220          665/G01             F          462,000.00         ZZ
                                         360        456,751.37          1
                                       7.250          3,151.65         52
                                       7.000          3,151.65
    SANTA ROSA       CA   95404          2            01/17/02         00
    0433671989                           05           03/01/02          0
    89200077                             O            02/01/32
    0

    7377984          E82/G01             F          420,600.00         ZZ
                                         360        415,935.93          1
                                       7.375          2,904.98         87
                                       7.125          2,904.98
    CLAYTON          CA   94517          2            01/08/02         25
    0400557591                           05           03/01/02         25
    3827577                              O            02/01/32
    0

    7378678          076/076             F          424,000.00         ZZ
                                         360        417,953.71          1
                                       7.125          2,856.57         80
                                       6.875          2,856.57
1

    ORMOND BEACH     FL   32174          1            10/18/01         00
    12002547                             05           12/01/01          0
    2002547                              O            11/01/31
    0

    7378942          286/286             F          301,500.00         ZZ
                                         360        297,268.21          1
                                       6.875          1,980.65         78
                                       6.625          1,980.65
    TUCSON           AZ   85749          2            11/15/01         00
    0690550                              03           01/01/02          0
    690550                               O            12/01/31
    0

    7378982          286/286             F          288,000.00         ZZ
                                         360        284,237.70          1
                                       7.250          1,964.67         68
                                       7.000          1,964.67
    PATTERSON        NY   12563          2            11/14/01         00
    0666357                              05           01/01/02          0
    666357                               O            12/01/31
    0

    7379000          286/286             F          308,000.00         ZZ
                                         360        301,749.48          1
                                       6.875          2,023.35         66
                                       6.625          2,023.35
    NEWARK           DE   19711          2            11/15/01         00
    0693279                              05           01/01/02          0
    693279                               O            12/01/31
    0

    7379102          286/286             F          324,000.00         ZZ
                                         360        319,452.58          1
                                       6.875          2,128.45         58
                                       6.625          2,128.45
    PLYMOUTH         MI   48170          2            11/13/01         00
    0649581                              01           01/01/02          0
    649581                               O            12/01/31
    0

    7381124          313/G01             F          502,000.00         ZZ
                                         360        496,951.55          1
                                       7.875          3,639.85         77
                                       7.625          3,639.85
    CALABASAS        CA   91302          2            01/11/02         00
    0433648441                           01           03/01/02          0
    8443897                              O            02/01/32
    0
1

    7384416          964/G01             F          494,000.00         ZZ
                                         360        488,110.89          1
                                       7.000          3,286.60         78
                                       6.750          3,286.60
    NOVATO           CA   94949          2            01/30/02         00
    0433690195                           05           03/01/02          0
    400184098                            O            02/01/32
    0

    7392940          E87/G01             F          350,000.00         ZZ
                                         360        345,049.36          1
                                       7.125          2,358.01         47
                                       6.875          2,358.01
    SANTA BARBARA    CA   93105          5            01/18/02         00
    0433658796                           05           03/01/02          0
    700003982                            O            02/01/32
    0

    7395126          H58/G01             F          367,000.00         ZZ
                                         360        362,851.05          1
                                       6.875          2,410.93         57
                                       6.625          2,410.93
    REDWOOD CITY     CA   94061          5            02/06/02         00
    0433737640                           05           04/01/02          0
    0000084353                           O            03/01/32
    0

    7400964          822/G01             F          650,000.00         ZZ
                                         360        641,689.87          1
                                       6.875          4,270.04         65
                                       6.625          4,270.04
    KENT             CT   06757          2            12/31/01         00
    0433606514                           05           03/01/02          0
    3806042659                           O            02/01/32
    0

    7407400          964/G01             F          335,000.00         ZZ
                                         360        331,195.41          1
                                       7.000          2,228.76         59
                                       6.750          2,228.76
    NOVATO           CA   94949          2            01/31/02         00
    0433707353                           05           04/01/02          0
    400184146                            O            03/01/32
    0

    7413476          F28/G01             F          342,000.00         ZZ
                                         360        337,512.92          1
1

                                       6.875          2,246.70         60
                                       6.625          2,246.70
    PLEASANTVILLE    NY   10570          2            12/21/01         00
    0433588811                           05           02/01/02          0
    7757630                              O            01/01/32
    0

    7413516          F28/G01             F          302,000.00         T
                                         360        298,037.68          1
                                       6.875          1,983.93         57
                                       6.625          1,983.93
    DUCK             NC   27949          2            12/18/01         00
    0433610045                           03           02/01/02          0
    7843735                              O            01/01/32
    0

    7413608          F28/G01             F          432,000.00         ZZ
                                         360        422,442.56          1
                                       7.375          2,983.72         80
                                       7.125          2,983.72
    EASTCHESTER      NY   10709          1            12/27/01         00
    0433605870                           05           02/01/02          0
    7963170                              O            01/01/32
    0

    7419044          975/G01             F          397,500.00         ZZ
                                         360        393,005.74          1
                                       6.875          2,611.29         75
                                       6.625          2,611.29
    RANCHO PALOS VE  CA   90247          2            02/01/02         00
    0433710670                           05           04/01/02          0
    2016272                              O            03/01/32
    0

    7425266          E22/G01             F          336,000.00         ZZ
                                         360        332,089.68          1
                                       7.125          2,263.69         80
                                       6.875          2,263.69
    PORT LUDLOW      WA   98365          1            01/10/02         00
    0413491093                           05           03/01/02          0
    0413491093                           O            02/01/32
    0

    7436258          H58/G01             F          341,250.00         ZZ
                                         360        336,834.60          1
                                       6.875          2,241.77         75
                                       6.625          2,241.77
    VACAVILLE        CA   95687          1            01/22/02         00
    0433669504                           05           03/01/02          0
1

    0000087491                           O            02/01/32
    0

    7443410          E84/G01             F          332,000.00         ZZ
                                         360        327,747.04          1
                                       7.000          2,208.80         71
                                       6.750          2,208.80
    PLEASANTON       CA   94566          2            12/10/01         00
    0433605011                           05           02/01/02          0
    75513732                             O            01/01/32
    0

    7443438          E84/G01             F          344,500.00         ZZ
                                         360        336,616.97          1
                                       6.875          2,263.12         54
                                       6.625          2,263.12
    PORTLAND         OR   97212          2            11/09/01         00
    0433604626                           05           01/01/02          0
    60109001                             O            12/01/31
    0

    7443538          E84/G01             F          398,000.00         ZZ
                                         360        392,532.29          1
                                       7.000          2,647.90         76
                                       6.750          2,647.90
    IRVING           TX   75063          2            12/04/01         00
    0433597408                           03           01/01/02          0
    81080790                             O            12/01/31
    0

    7443560          E84/G01             F          328,000.00         ZZ
                                         360        323,504.87          1
                                       7.000          2,182.19         80
                                       6.750          2,182.19
    OAK PARK         IL   60304          2            11/19/01         00
    0433597481                           05           01/01/02          0
    13402960                             O            12/01/31
    0

    7446160          G75/G75             F           62,800.00         ZZ
                                         360         60,650.20          1
                                       7.125            423.10         79
                                       6.875            423.10
    FAYETTEVILLE     OH   45118          1            12/11/01         00
    0004512857                           05           02/01/02          0
    04512857                             O            01/01/32
    0

1

    7453622          964/G01             F          346,350.00         ZZ
                                         360        342,221.05          1
                                       7.000          2,304.28         84
                                       6.750          2,304.28
    OAK PARK         CA   91377          2            01/25/02         14
    0433655339                           05           03/01/02         12
    182916                               O            02/01/32
    0

    7462632          E22/G01             F          838,300.00         ZZ
                                         360        828,543.81          1
                                       7.125          5,647.78         70
                                       6.875          5,647.78
    PLANO            TX   75024          1            01/17/02         00
    0413261017                           03           03/01/02          0
    0413261017                           O            02/01/32
    0

    7463682          E82/G01             F          294,400.00         ZZ
                                         360        290,805.40          1
                                       6.875          1,934.00         67
                                       6.625          1,934.00
    FAIRFAX STATION  VA   22039          2            01/14/02         00
    0400523221                           03           03/01/02          0
    1768499                              O            02/01/32
    0

    7468130          E11/G01             F          508,400.00         ZZ
                                         360        502,339.28          1
                                       7.000          3,382.40         37
                                       6.750          3,382.40
    TONKA BAY        MN   55331          2            01/24/02         00
    0433637626                           05           03/01/02          0
    0010001038146                        O            02/01/32
    0

    7476768          N74/G01             F           81,000.00         ZZ
                                         360         79,984.11          1
                                       6.875            532.11         75
                                       6.625            532.11
    MCKINNEY         TX   75069          5            01/25/02         00
    0433654704                           05           03/01/02          0
    0029784010                           O            02/01/32
    0

    7477572          964/G01             F          345,000.00         ZZ
                                         360        337,329.03          1
                                       6.750          2,237.66         75
                                       6.500          2,237.66
1

    BLACK FOREST     CO   80908          5            12/26/01         00
    0433597051                           03           02/01/02          0
    170873                               O            01/01/32
    0

    7480982          S11/G01             F          400,000.00         ZZ
                                         360        393,861.60          1
                                       7.000          2,661.21         67
                                       6.750          2,661.21
    SANTA ANA        CA   92705          5            01/24/02         00
    0433669991                           05           03/01/02          0
    10206803                             O            02/01/32
    0

    7482746          W53/G01             F          696,250.00         ZZ
                                         360        687,949.91          1
                                       7.000          4,632.17         59
                                       6.750          4,632.17
    SAN ANTONIO      TX   78212          2            01/25/02         00
    0433764461                           05           03/01/02          0
    9730991100                           O            02/01/32
    0

    7486174          E22/G01             F        1,000,000.00         ZZ
                                         360        986,864.03          1
                                       6.625          6,403.11         44
                                       6.375          6,403.11
    SEWICKLEY        PA   15143          2            01/14/02         00
    0413342015                           05           03/01/02          0
    0413342015                           O            02/01/32
    0

    7488454          A06/G01             F          318,000.00         ZZ
                                         360        314,208.97          1
                                       7.000          2,115.67         48
                                       6.750          2,115.67
    ANN ARBOR        MI   48104          2            01/24/02         00
    0433680840                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7496940          964/G01             F          364,000.00         ZZ
                                         360        359,555.62          1
                                       6.875          2,391.22         80
                                       6.625          2,391.22
    HUNTINGTON BEAC  CA   92646          1            01/29/02         00
    0433678612                           05           03/01/02          0
    185114                               O            02/01/32
    0
1

    7497186          356/G01             F          375,000.00         ZZ
                                         360        370,817.64          1
                                       7.625          2,654.23         75
                                       7.375          2,654.23
    SAN JOSE         CA   95116          5            01/29/02         00
    0433730504                           05           04/01/02          0
    28888840                             O            03/01/32
    0

    7499388          B57/G01             F          349,450.00         ZZ
                                         360        345,684.86          1
                                       7.125          2,354.31         75
                                       6.875          2,354.31
    STEVENSON RANCH  CA   91381          1            02/01/02         00
    0433692019                           03           04/01/02          0
    10000484                             O            03/01/32
    0

    7524912          964/G01             F          357,000.00         ZZ
                                         360        349,996.26          1
                                       7.000          2,375.13         47
                                       6.750          2,375.13
    DANVILLE         CA   94506          2            02/05/02         00
    0433707783                           03           04/01/02          0
    184683                               O            03/01/32
    0

    7535868          E22/G01             F          288,000.00         ZZ
                                         360        282,993.52          1
                                       6.875          1,891.95         34
                                       6.625          1,891.95
    PACIFIC PALISAD  CA   90272          2            01/14/02         00
    0413306465                           05           03/01/02          0
    0413306465                           O            02/01/32
    0

    7542752          964/G01             F          364,000.00         ZZ
                                         360        360,078.04          1
                                       7.125          2,452.34         80
                                       6.875          2,452.34
    STATELINE        NV   89449          2            02/12/02         00
    0433758513                           05           04/01/02          0
    182516                               O            03/01/32
    0

    7545042          X05/G01             F          395,500.00         ZZ
                                         360        383,626.01          1
1

                                       7.500          2,765.39         80
                                       7.250          2,765.39
    SAN DIEGO        CA   92107          1            02/14/02         00
    0433706249                           05           04/01/02          0
    01201190                             O            03/01/32
    0

    7545382          994/X14             F          343,000.00         ZZ
                                         360        338,499.77          1
                                       6.875          2,253.27         69
                                       6.625          2,253.27
    STONINGTON       CT   06378          2            12/12/01         00
    8022147741                           05           02/01/02          0
    1000290978                           O            01/01/32
    0

    7556534          E22/G01             F          313,000.00         ZZ
                                         360        309,529.19          1
                                       7.375          2,161.81         84
                                       7.125          2,161.81
    KIRKLAND         WA   98033          2            01/17/02         04
    0413520503                           05           03/01/02         12
    0413520503                           O            02/01/32
    0

    7558582          E82/G01             F          304,800.00         ZZ
                                         360        301,337.27          1
                                       7.250          2,079.27         63
                                       7.000          2,079.27
    SCARSDALE        NY   10583          2            01/23/02         00
    0400554978                           05           03/01/02          0
    1933313                              O            02/01/32
    0

    7558718          M27/G01             F          330,500.00         ZZ
                                         360        326,653.61          1
                                       7.125          2,226.64         75
                                       6.875          2,226.64
    CHARLOTTE        NC   28210          2            01/30/02         00
    0433658390                           08           03/01/02          0
    600729474                            O            02/01/32
    0

    7559002          994/X14             F          632,700.00         ZZ
                                         360        615,800.65          1
                                       6.875          4,156.39         75
                                       6.625          4,156.39
    BATON ROUGE      LA   70808          2            10/12/01         00
    8021160851                           05           12/01/01          0
1

    404266804                            O            11/01/31
    0

    7559004          994/X14             F          623,000.00         ZZ
                                         360        612,153.12          1
                                       7.250          4,249.96         79
                                       7.000          4,249.96
    ARGYLE           TX   76226          1            06/29/01         00
    8020661719                           05           08/01/01          0
    403643538                            O            07/01/31
    0

    7559010          994/X14             F          464,000.00         ZZ
                                         360        457,487.64          1
                                       6.875          3,048.15         71
                                       6.625          3,048.15
    SOMERS           NY   10589          1            11/21/01         00
    8022283876                           05           01/01/02          0
    1000360761                           O            12/01/31
    0

    7559012          994/X14             F          356,000.00         ZZ
                                         360        351,547.52          1
                                       7.125          2,398.44         80
                                       6.875          2,398.44
    LEXINGTON        KY   40502          1            12/17/01         00
    8021339117                           05           02/01/02          0
    404546566                            O            01/01/32
    0

    7559022          994/X14             F          614,000.00         ZZ
                                         360        601,916.12          1
                                       6.875          4,033.54         62
                                       6.625          4,033.54
    ANDOVER          MA   01845          2            09/24/01         00
    8016330444                           05           11/01/01          0
    21885917                             O            10/01/31
    0

    7559026          994/X14             F          294,950.00         ZZ
                                         360        291,344.48          1
                                       7.250          2,012.08         85
                                       7.000          2,012.08
    NORWOOD          MA   02062          1            12/03/01         11
    8022287760                           05           02/01/02         25
    1000363566                           O            01/01/32
    0

1

    7559030          994/X14             F          550,000.00         ZZ
                                         360        542,432.94          1
                                       6.625          3,521.72         66
                                       6.375          3,521.72
    CHAPPAQUA        NY   10514          5            12/19/01         00
    8022290681                           05           02/01/02          0
    1000365457                           O            01/01/32
    0

    7559032          994/X14             F          343,800.00         ZZ
                                         360        338,747.61          1
                                       6.875          2,258.52         90
                                       6.625          2,258.52
    CLANCY           MT   59634          2            12/10/01         10
    8011740746                           05           02/01/02         25
    81078237                             O            01/01/32
    0

    7559034          994/X14             F          310,000.00         ZZ
                                         360        305,834.95          1
                                       6.750          2,010.65         72
                                       6.500          2,010.65
    SUDBURY          MA   01776          5            12/10/01         00
    8021362440                           05           02/01/02          0
    404583600                            O            01/01/32
    0

    7559036          994/X14             F          500,000.00         ZZ
                                         360        494,323.47          1
                                       7.625          3,538.97         56
                                       7.375          3,538.97
    RYE              NY   10580          1            12/13/01         00
    8022299930                           05           02/01/02          0
    1000374438                           O            01/01/32
    0

    7559046          994/X14             F          445,000.00         ZZ
                                         360        438,731.50          1
                                       6.500          2,812.70         69
                                       6.250          2,812.70
    MCLEAN           VA   22102          2            12/17/01         00
    8016506449                           05           02/01/02          0
    219158106                            O            01/01/32
    0

    7559048          994/X14             F          410,000.00         ZZ
                                         360        402,628.93          1
                                       6.750          2,659.25         78
                                       6.500          2,659.25
1

    BOWIE            MD   20721          2            11/30/01         00
    8016452792                           03           01/01/02          0
    219068289                            O            12/01/31
    0

    7559054          994/X14             F          350,000.00         ZZ
                                         360        345,407.86          1
                                       6.875          2,299.26         65
                                       6.625          2,299.26
    BRIARCLIFF MANO  NY   10510          2            12/05/01         00
    8022282365                           01           02/01/02          0
    1000358984                           O            01/01/32
    0

    7559056          994/X14             F          512,450.00         ZZ
                                         360        503,994.16          1
                                       7.000          3,409.35         67
                                       6.750          3,409.35
    COHASSET         MA   02025          5            12/21/01         00
    8022292927                           05           02/01/02          0
    1000367706                           O            01/01/32
    0

    7559062          994/X14             F          315,000.00         ZZ
                                         360        310,452.57          1
                                       7.375          2,175.63         89
                                       7.125          2,175.63
    PRINCETON        NJ   08502          2            09/06/01         11
    8022143385                           03           11/01/01         25
    1000289753                           O            10/01/31
    0

    7559064          994/X14             F          574,600.00         ZZ
                                         360        566,306.78          1
                                       6.625          3,679.23         60
                                       6.375          3,679.23
    MINNETONKA       MN   55305          2            12/19/01         00
    8016443692                           05           02/01/02          0
    219053596                            O            01/01/32
    0

    7559068          994/X14             F          317,000.00         ZZ
                                         360        313,312.46          1
                                       7.500          2,216.51         52
                                       7.250          2,216.51
    WYCOFF           NJ   07481          2            12/07/01         00
    8022232881                           05           02/01/02          0
    1000322493                           O            01/01/32
    0
1

    7559078          994/X14             F          649,000.00         ZZ
                                         360        638,726.80          1
                                       6.500          4,102.13         77
                                       6.250          4,102.13
    PELHAM           NY   10803          1            12/13/01         00
    8022263464                           05           02/01/02          0
    1000342746                           O            01/01/32
    0

    7559080          994/X14             F          472,000.00         ZZ
                                         360        465,807.29          1
                                       6.875          3,100.71         68
                                       6.625          3,100.71
    FAIRFIELD        CT   06430          2            12/19/01         00
    8022297439                           05           02/01/02          0
    1000371899                           O            01/01/32
    0

    7559082          994/X14             F          452,000.00         ZZ
                                         360        446,613.04          1
                                       7.375          3,121.85         80
                                       7.125          3,121.85
    HARRISBURG       SD   57032          2            12/13/01         00
    8012067842                           05           02/01/02          0
    81521276                             O            01/01/32
    0

    7559084          994/X14             F          321,350.00         ZZ
                                         360        316,767.64          1
                                       7.125          2,164.99         80
                                       6.875          2,164.99
    JUPITER          FL   33458          1            10/30/01         00
    8016404553                           03           12/01/01          0
    218982308                            O            11/01/31
    0

    7559086          994/X14             F          380,000.00         ZZ
                                         360        298,983.05          1
                                       6.875          2,496.33         59
                                       6.625          2,496.33
    DOWNERS GROVE    IL   60515          2            12/06/01         00
    8016476163                           05           02/01/02          0
    219107731                            O            01/01/32
    0

    7559088          994/X14             F          453,000.00         ZZ
                                         360        447,469.08          1
1

                                       7.250          3,090.26         54
                                       7.000          3,090.26
    CONCORD          MA   01742          2            12/13/01         00
    8022250024                           05           02/01/02          0
    1000332252                           O            01/01/32
    0

    7559094          994/X14             F          300,000.00         ZZ
                                         360        296,048.60          1
                                       7.000          1,995.91         75
                                       6.750          1,995.91
    PHOENIX          AZ   85050          1            12/13/01         00
    8016528583                           03           02/01/02          0
    219212135                            O            01/01/32
    0

    7559110          994/X14             F          365,500.00         ZZ
                                         360        352,417.20          1
                                       6.625          2,340.34         75
                                       6.375          2,340.34
    LAYTONSVILLE     MD   20882          1            12/14/01         00
    8016515713                           03           02/01/02          0
    219177353                            O            01/01/32
    0

    7559112          994/X14             F          315,000.00         ZZ
                                         360        309,407.30          1
                                       7.750          2,256.70         75
                                       7.500          2,256.69
    HOPEWELL JUNCTI  NY   12533          2            11/19/01         00
    8016233978                           05           11/01/01          0
    218684524                            O            10/01/31
    0

    7559114          994/X14             F          424,000.00         ZZ
                                         360        418,697.03          1
                                       7.125          2,856.57         63
                                       6.875          2,856.57
    APEX             NC   27502          2            12/13/01         00
    8020804046                           03           02/01/02          0
    403825482                            O            01/01/32
    0

    7559124          994/X14             F          292,500.00         ZZ
                                         360        287,551.99          1
                                       7.125          1,970.63         90
                                       6.875          1,970.63
    WILTON           CA   95693          2            12/07/01         11
    8016514559                           05           02/01/02         25
1

    219174699                            O            01/01/32
    0

    7559126          994/X14             F          337,500.00         ZZ
                                         360        325,347.23          1
                                       6.375          2,105.56         63
                                       6.125          2,105.56
    PIERRE           SD   57501          2            12/07/01         00
    8021304640                           05           02/01/02          0
    404454865                            O            01/01/32
    0

    7559128          994/X14             F          358,000.00         ZZ
                                         360        352,956.87          1
                                       6.500          2,262.81         84
                                       6.250          2,262.81
    TIGARD           OR   97224          2            12/14/01         11
    8022295243                           05           02/01/02         12
    1000369654                           O            01/01/32
    0

    7559134          994/X14             F          430,000.00         ZZ
                                         360        398,468.13          1
                                       6.875          2,824.79         50
                                       6.625          2,824.79
    SANDS POINT      NY   11050          1            10/22/01         00
    8022072857                           05           12/01/01          0
    1000269146                           O            11/01/31
    0

    7559138          994/X14             F          315,000.00         ZZ
                                         360        311,060.23          1
                                       7.125          2,122.22         50
                                       6.875          2,122.22
    WESTPORT         CT   06880          5            12/17/01         00
    8022287034                           05           02/01/02          0
    1000362441                           O            01/01/32
    0

    7559142          994/X14             F          567,000.00         ZZ
                                         360        559,736.44          1
                                       7.000          3,772.27         79
                                       6.750          3,772.27
    CHAPEL HILL      NC   27517          2            12/10/01         00
    8011998278                           03           02/01/02          0
    81414736                             O            01/01/32
    0

1

    7560040          M27/G01             F          340,000.00         ZZ
                                         360        335,497.74          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    HILLSBOROUGH     NC   27278          2            01/30/02         00
    0433696150                           03           03/01/02          0
    600730332                            O            02/01/32
    0

    7560710          405/405             F          442,000.00         ZZ
                                         360        436,482.41          1
                                       7.000          2,940.64         80
                                       6.500          2,940.64
    THOUSAND OAKS    CA   91361          2            01/10/02         00
    0017990698                           05           03/01/02          0
    17990698                             O            02/01/32
    0

    7560712          405/405             F          650,000.00         ZZ
                                         360        642,063.50          1
                                       6.875          4,270.04         40
                                       6.500          4,270.04
    SARASOTA         FL   34240          5            01/11/02         00
    0018020545                           03           03/01/02          0
    18020545                             O            02/01/32
    0

    7560714          405/405             F          535,000.00         ZZ
                                         360        525,204.59          1
                                       7.125          3,604.40         65
                                       6.500          3,604.40
    SAN MATEO        CA   94402          5            01/07/02         00
    0018025411                           05           03/01/02          0
    18025411                             O            02/01/32
    0

    7560720          405/405             F          345,000.00         ZZ
                                         360        339,705.03          1
                                       6.875          2,266.41         65
                                       6.500          2,266.41
    LOS ANGELES      CA   91436          2            01/04/02         00
    0018072272                           01           03/01/02          0
    18072272                             O            02/01/32
    0

    7560724          405/405             F          596,000.00         ZZ
                                         360        588,722.83          1
                                       6.875          3,915.30         60
                                       6.500          3,915.30
1

    MALVERN          PA   19355          2            01/18/02         00
    0018108324                           03           03/01/02          0
    18108324                             O            02/01/32
    0

    7560726          405/405             F          506,000.00         ZZ
                                         360        499,967.93          1
                                       7.000          3,366.43         60
                                       6.500          3,366.43
    BOCA RATON       FL   33431          2            01/14/02         00
    0018128561                           03           03/01/02          0
    18128561                             O            02/01/32
    0

    7560728          405/405             F          408,000.00         ZZ
                                         360        403,364.80          1
                                       7.250          2,783.28         72
                                       6.500          2,783.28
    DIX HILLS        NY   11746          2            01/14/02         00
    0018153098                           05           03/01/02          0
    18153098                             O            02/01/32
    0

    7560734          405/405             F          572,000.00         ZZ
                                         360        555,285.14          1
                                       7.375          3,950.67         80
                                       6.500          3,950.67
    BRONXVILLE       NY   10708          1            01/15/02         00
    0018165142                           05           03/01/02          0
    18165142                             O            02/01/32
    0

    7560740          405/405             F          345,000.00         ZZ
                                         360        340,787.50          1
                                       6.875          2,266.41         64
                                       6.500          2,266.41
    THOUSAND OAKS    CA   91362          1            01/15/02         00
    0018176420                           01           03/01/02          0
    18176420                             O            02/01/32
    0

    7560742          405/405             F          550,000.00         ZZ
                                         360        543,284.51          1
                                       6.875          3,613.11         72
                                       6.500          3,613.11
    HOUSTON          TX   77024          1            01/16/02         00
    0018180083                           05           03/01/02          0
    18180083                             O            02/01/32
    0
1

    7560744          405/405             F          600,000.00         ZZ
                                         360        591,499.14          1
                                       7.125          4,042.32         80
                                       6.500          4,042.32
    BOCA RATON       FL   33496          1            01/18/02         00
    0018192567                           03           03/01/02          0
    18192567                             O            02/01/32
    0

    7560752          405/405             F          350,000.00         ZZ
                                         360        285,909.00          1
                                       6.875          2,299.25         69
                                       6.500          2,299.25
    WHITTIER         CA   90602          1            01/16/02         00
    0060015302                           05           03/01/02          0
    60015302                             O            02/01/32
    0

    7560970          405/405             F          635,000.00         ZZ
                                         360        624,502.98          1
                                       7.250          4,331.82         80
                                       6.500          4,331.82
    BRYN MAWR        PA   19010          2            08/01/01         00
    0017446980                           05           09/01/01          0
    17446980                             O            08/01/31
    0

    7560972          405/405             F          500,000.00         ZZ
                                         360        486,556.28          1
                                       6.750          3,243.00         72
                                       6.250          3,243.00
    OAK HILL         VA   20171          1            12/21/01         00
    0017645805                           03           02/01/02          0
    17645805                             O            01/01/32
    0

    7560980          405/405             F          416,000.00         T
                                         360        410,161.23          1
                                       6.875          2,732.83         64
                                       6.250          2,732.83
    SANIBEL          FL   33957          2            11/20/01         00
    0017909565                           05           01/01/02          0
    17909565                             O            12/01/31
    0

    7560990          405/405             F          801,500.00         ZZ
                                         360        790,984.27          1
1

                                       6.875          5,265.29         37
                                       6.250          5,265.29
    MILL VALLEY      CA   94941          2            12/13/01         00
    0017991191                           05           02/01/02          0
    17991191                             O            01/01/32
    0

    7560992          405/405             F          412,000.00         ZZ
                                         360        406,594.53          1
                                       6.875          2,706.55         69
                                       6.250          2,706.55
    SAN JOSE         CA   95126          5            12/12/01         00
    0017994450                           05           02/01/02          0
    17994450                             O            01/01/32
    0

    7560996          405/405             F          325,000.00         ZZ
                                         360        311,635.68          1
                                       6.875          2,135.02         60
                                       6.250          2,135.02
    REDONDO BEACH    CA   90277          2            12/20/01         00
    0018012104                           05           02/01/02          0
    18012104                             O            01/01/32
    0

    7561010          405/405             F          500,000.00         ZZ
                                         360        486,745.33          1
                                       7.000          3,326.52         79
                                       6.250          3,326.52
    LOS ANGELES      CA   90272          1            12/24/01         00
    0018088153                           05           02/01/02          0
    18088153                             O            01/01/32
    0

    7561012          405/405             F          416,000.00         ZZ
                                         360        410,670.87          1
                                       7.000          2,767.66         80
                                       6.250          2,767.66
    OAKLAND          CA   94611          1            12/20/01         00
    0018095703                           05           02/01/02          0
    18095703                             O            01/01/32
    0

    7561018          405/405             F          518,000.00         ZZ
                                         360        499,129.56          1
                                       6.875          3,402.89         65
                                       6.250          3,402.89
    FULLERTON        CA   92835          2            12/24/01         00
    0019960681                           03           02/01/02          0
1

    19960681                             O            01/01/32
    0

    7561022          405/405             F          400,000.00         ZZ
                                         360        394,875.87          1
                                       7.000          2,661.21         63
                                       6.250          2,661.21
    MISSION VIEJO    CA   92692          2            12/14/01         00
    0019975044                           03           02/01/02          0
    19975044                             O            01/01/32
    0

    7561030          405/405             F          324,000.00         ZZ
                                         360        319,849.01          1
                                       7.000          2,155.58         80
                                       6.250          2,155.58
    HERCULES         CA   94547          1            12/20/01         00
    0019989995                           05           02/01/02          0
    19989995                             O            01/01/32
    0

    7561032          405/405             F          375,000.00         ZZ
                                         360        367,199.07          1
                                       7.000          2,494.89         80
                                       6.250          2,494.89
    PETALUMA         CA   94954          1            12/19/01         00
    0060002623                           05           02/01/02          0
    60002623                             O            01/01/32
    0

    7569696          N47/G01             F          415,000.00         ZZ
                                         360        410,635.41          1
                                       7.250          2,831.03         80
                                       7.000          2,831.03
    ENCINITAS        CA   92024          2            02/05/02         00
    0433719713                           05           04/01/02          0
    30112884                             O            03/01/32
    0

    7573678          952/G01             F          590,000.00         ZZ
                                         360        582,966.47          1
                                       7.000          3,925.29         73
                                       6.750          3,925.29
    MONTVALE         NJ   07645          2            01/18/02         00
    0433643178                           05           03/01/02          0
    20015032                             O            02/01/32
    0

1

    7575470          696/G01             F          405,750.00         ZZ
                                         360        400,944.16          1
                                       7.125          2,733.61         80
                                       6.875          2,733.61
    SILVER SPRING    MD   20904          1            01/22/02         00
    0433607975                           03           03/01/02          0
    32201295                             O            02/01/32
    0

    7577710          A48/G01             F          205,000.00         ZZ
                                         360        201,576.59          1
                                       7.250          1,398.46         50
                                       7.000          1,398.46
    SAN JOSE         CA   95127          2            02/01/02         00
    0433725348                           05           04/01/02          0
    8111016309                           O            03/01/32
    0

    7583288          994/X14             F          382,400.00         ZZ
                                         360        377,617.36          1
                                       7.125          2,576.30         80
                                       6.875          2,576.30
    SAN DIEGO        CA   92131          1            12/19/01         00
    8016537659                           03           02/01/02          0
    219237298                            O            01/01/32
    0

    7583826          U39/U39             F          500,000.00         T
                                         360        490,279.47          1
                                       7.875          3,625.35         10
                                       7.625          3,625.35
    QUOGUE           NY   11959          5            01/11/01         00
    0000953885                           05           03/01/01          0
    0009538852                           O            02/01/31
    0

    7583840          U39/U39             F          492,000.00         ZZ
                                         360        484,759.37          1
                                       6.625          3,150.33         80
                                       6.375          3,150.33
    HIGHLANDS RANCH  CO   80129          1            11/06/01         00
    0000972794                           03           01/01/02          0
    0009727943                           O            12/01/31
    0

    7583856          U39/U39             F          320,000.00         ZZ
                                         360        315,856.32          1
                                       7.000          2,128.97         77
                                       6.750          2,128.97
1

    LAKE GROVE       NY   11755          1            12/05/01         00
    0000989335                           05           02/01/02          0
    0009893356                           O            01/01/32
    0

    7583862          U39/U39             F          962,000.00         ZZ
                                         360        944,354.69          1
                                       7.000          6,400.21         61
                                       6.750          6,400.21
    SARATOGA         CA   95070          2            10/19/01         00
    0011705894                           05           12/01/01          0
    0117058942                           O            11/01/31
    0

    7583890          U39/U39             F          527,300.00         ZZ
                                         360        508,306.50          1
                                       6.750          3,420.06         67
                                       6.500          3,420.06
    LAGUNA HILLS     CA   92653          2            11/21/01         00
    0011731023                           03           01/01/02          0
    0117310236                           O            12/01/31
    0

    7583896          U39/U39             F          450,000.00         ZZ
                                         360        442,352.20          1
                                       6.625          2,881.40         40
                                       6.375          2,881.40
    WOODSIDE         CA   94062          5            12/05/01         00
    0011733516                           05           02/01/02          0
    0117335167                           O            01/01/32
    0

    7583900          U39/U39             F          600,000.00         ZZ
                                         360        591,745.10          1
                                       6.625          3,841.87         46
                                       6.375          3,841.87
    DUBLIN           OH   43017          1            12/21/01         00
    0011735669                           03           02/01/02          0
    0117356692                           O            01/01/32
    0

    7583916          U39/U39             F          344,000.00         ZZ
                                         360        339,378.03          1
                                       6.750          2,231.18         78
                                       6.500          2,231.18
    ALEXANDRIA       VA   22301          5            12/06/01         00
    0011741733                           05           02/01/02          0
    0117417338                           O            01/01/32
    0
1

    7583918          U39/U39             F          422,000.00         ZZ
                                         360        416,330.15          1
                                       6.750          2,737.08         64
                                       6.500          2,737.08
    HEALDSBURG       CA   95448          2            12/07/01         00
    0011742285                           05           02/01/02          0
    0117422858                           O            01/01/32
    0

    7583942          U39/U39             F          363,335.00         ZZ
                                         360        358,209.30          1
                                       6.500          2,296.52         71
                                       6.250          2,296.52
    VIENNA           VA   22101          2            12/03/01         00
    0011748928                           05           02/01/02          0
    0117489287                           O            01/01/32
    0

    7583954          U39/U39             F          344,000.00         ZZ
                                         360        322,378.03          1
                                       6.750          2,231.18         80
                                       6.500          2,231.18
    CLEARWATER       FL   33759          2            12/05/01         00
    0011751260                           05           02/01/02          0
    0117512609                           O            01/01/32
    0

    7583956          U39/U39             F          442,000.00         ZZ
                                         360        415,865.44          1
                                       6.625          2,830.17         52
                                       6.375          2,830.17
    POTOMAC          MD   20854          2            12/13/01         00
    0011752425                           05           02/01/02          0
    0117524257                           O            01/01/32
    0

    7583958          U39/U39             F          415,000.00         ZZ
                                         360        409,424.18          1
                                       6.750          2,691.68         80
                                       6.500          2,691.68
    ALBUQUERQUE      NM   87122          1            12/11/01         00
    0011752540                           05           02/01/02          0
    0117525403                           O            01/01/32
    0

    7583968          U39/U39             F          406,765.00         ZZ
                                         360        401,554.17          1
1

                                       7.000          2,706.22         73
                                       6.750          2,706.22
    ENCINITAS        CA   92024          2            12/20/01         00
    0011836301                           05           02/01/02          0
    0118363010                           O            01/01/32
    0

    7583970          U39/U39             F          348,000.00         ZZ
                                         360        343,328.36          1
                                       6.375          2,171.07         80
                                       6.125          2,171.07
    PLEASANT HILL    CA   94523          2            12/27/01         00
    0011836897                           05           03/01/02          0
    0118368977                           O            02/01/32
    0

    7593774          405/405             F          504,850.00         ZZ
                                         360        498,382.68          1
                                       7.000          3,358.78         75
                                       6.500          3,358.78
    HIGHLAND PARK    TX   75205          2            12/18/01         00
    0012750824                           05           02/01/02          0
    0012750824                           O            01/01/32
    0

    7593814          405/405             F          399,700.00         ZZ
                                         360        395,048.15          1
                                       7.125          2,692.86         68
                                       6.625          2,692.86
    DRIPPING SPRING  TX   78620          2            01/15/02         00
    0018133207                           05           03/01/02          0
    0018133207                           O            02/01/32
    0

    7594154          B57/G01             F          424,000.00         ZZ
                                         360        418,945.50          1
                                       7.000          2,820.88         70
                                       6.750          2,820.88
    CAMARILLO        CA   93012          5            01/31/02         00
    0433701752                           05           03/01/02          0
    2118514                              O            02/01/32
    0

    7598146          964/G01             F          359,600.00         ZZ
                                         360        355,618.18          1
                                       7.125          2,422.69         80
                                       6.875          2,422.69
    SEATTLE          WA   98177          1            01/31/02         00
    0433694650                           05           04/01/02          0
1

    181027                               O            03/01/32
    0

    7604240          E22/G01             F          815,000.00         ZZ
                                         360        803,350.30          1
                                       6.875          5,353.97         63
                                       6.625          5,353.97
    COEUR D ALENE    ID   83814          2            01/22/02         00
    0413319195                           03           03/01/02          0
    0413319195                           O            02/01/32
    0

    7604246          E22/G01             F          315,000.00         ZZ
                                         360        311,153.82          1
                                       6.875          2,069.33         69
                                       6.625          2,069.33
    CONCORD          CA   94521          2            01/17/02         00
    0413334830                           05           03/01/02          0
    0413334830                           O            02/01/32
    0

    7604318          E22/G01             F          340,000.00         ZZ
                                         360        332,853.41          1
                                       7.000          2,262.03         76
                                       6.750          2,262.03
    EL CERRITO       CA   94560          1            01/19/02         00
    0413479965                           05           03/01/02          0
    0413479965                           O            02/01/32
    0

    7604484          E22/G01             F          543,700.00         ZZ
                                         360        537,061.47          1
                                       6.875          3,571.72         78
                                       6.625          3,571.72
    PLANO            TX   75093          2            01/23/02         00
    0413571175                           03           03/01/02          0
    0413571175                           O            02/01/32
    0

    7606548          F26/G01             F          331,000.00         ZZ
                                         360        326,987.82          1
                                       7.250          2,258.00         66
                                       7.000          2,258.00
    POULSBO          WA   98370          2            02/05/02         00
    0433746948                           05           04/01/02          0
    7142813307                           O            03/01/32
    0

1

    7608800          N47/G01             F          340,000.00         ZZ
                                         360        336,247.39          1
                                       7.000          2,262.03         77
                                       6.750          2,262.03
    HAYWARD          CA   94545          2            02/04/02         00
    0433706546                           05           04/01/02          0
    20311909                             O            03/01/32
    0

    7609680          Q97/G01             F          344,400.00         ZZ
                                         360        340,598.86          1
                                       7.000          2,291.30         80
                                       6.750          2,291.30
    SUWANEE          GA   30024          2            02/08/02         00
    0433723731                           05           04/01/02          0
    16011366                             O            03/01/32
    0

    7610188          964/G01             F          414,000.00         ZZ
                                         360        409,319.67          1
                                       6.875          2,719.69         79
                                       6.625          2,719.69
    THOUSAND OAKS    CA   91362          2            02/01/02         00
    0433704806                           03           04/01/02          0
    172904                               O            03/01/32
    0

    7614300          964/G01             F          383,000.00         ZZ
                                         360        378,670.13          1
                                       6.875          2,516.04         74
                                       6.625          2,516.04
    GLEN ELLEN       CA   95442          5            02/06/02         00
    0433693405                           05           04/01/02          0
    184866                               O            03/01/32
    0

    7618348          T44/G01             F          172,000.00         ZZ
                                         360        170,146.73          1
                                       7.125          1,158.80         50
                                       6.875          1,158.80
    GRASS VALLEY     CA   95949          2            02/05/02         00
    0433680261                           05           04/01/02          0
    1033943                              O            03/01/32
    0

    7618918          E11/G01             F          590,000.00         ZZ
                                         360        583,518.24          1
                                       7.375          4,074.98         67
                                       7.125          4,074.98
1

    EDINA            MN   55439          1            02/22/02         00
    0433724762                           05           04/01/02          0
    0010001040439                        O            03/01/32
    0

    7622486          964/G01             F          472,000.00         ZZ
                                         360        467,035.94          1
                                       7.250          3,219.87         80
                                       7.000          3,219.87
    SEAL BEACH       CA   90740          1            02/05/02         00
    0433703865                           03           04/01/02          0
    186557                               O            03/01/32
    0

    7623794          964/G01             F          382,400.00         ZZ
                                         360        378,076.91          1
                                       6.875          2,512.10         80
                                       6.625          2,512.10
    COLFAX           CA   95713          2            02/01/02         00
    0433671609                           03           04/01/02          0
    183625                               O            03/01/32
    0

    7624862          E22/G01             F          500,000.00         ZZ
                                         360        494,319.64          1
                                       7.250          3,410.88         55
                                       7.000          3,410.88
    TARZANA          CA   91356          5            01/20/02         00
    0413379116                           05           03/01/02          0
    0413379116                           O            02/01/32
    0

    7625008          E22/G01             F          360,000.00         ZZ
                                         360        354,975.74          1
                                       7.375          2,486.43         65
                                       7.125          2,486.43
    BERKELEY         CA   94707          5            01/17/02         00
    0413542176                           05           03/01/02          0
    0413542176                           O            02/01/32
    0

    7625062          E22/G01             F          477,000.00         ZZ
                                         360        444,723.23          1
                                       7.375          3,294.52         80
                                       7.125          3,294.52
    ROUGH AND READY  CA   95975          2            01/18/02         00
    0413575481                           05           03/01/02          0
    0413575481                           O            02/01/32
    0
1

    7629256          D03/D03             F          500,000.00         ZZ
                                         360        494,347.56          1
                                       6.875          3,284.64         44
                                       6.625          3,284.64
    MENLO PARK       CA   94025          5            02/07/02         00
    1020001529                           05           04/01/02          0
    GULKE1020001529                      O            03/01/32
    0

    7635068          Q99/G01             F          455,000.00         ZZ
                                         360        447,808.59          1
                                       7.250          3,103.90         60
                                       7.000          3,103.90
    CAMBRIDGE        MA   02138          5            01/31/02         00
    0433658408                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7636922          893/G01             F          324,000.00         ZZ
                                         360        320,523.25          1
                                       7.500          2,265.46         80
                                       7.250          2,265.46
    FAIR OAKS        CA   95628          5            02/04/02         00
    0433679230                           05           04/01/02          0
    M11210031                            O            03/01/32
    0

    7639422          P09/G01             F          256,000.00         ZZ
                                         360        252,948.25          1
                                       7.000          1,703.17         65
                                       6.750          1,703.17
    CLIFTON          VA   20124          5            01/25/02         00
    0433670064                           05           03/01/02          0
    R0111191                             O            02/01/32
    0

    7641790          964/G01             F          368,000.00         ZZ
                                         360        361,390.70          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    LONG BEACH       CA   90808          1            02/08/02         00
    0433707494                           05           04/01/02          0
    182676                               O            03/01/32
    0

    7641922          T53/G01             F          366,000.00         ZZ
                                         360        362,056.56          1
1

                                       7.125          2,465.81         55
                                       6.875          2,465.81
    CLAREMONT        CA   91711          1            02/01/02         00
    0433670981                           05           04/01/02          0
    31001387                             O            03/01/32
    0

    7646912          E22/G01             F          274,500.00         ZZ
                                         360        270,641.62          1
                                       7.125          1,849.36         90
                                       6.875          1,849.36
    ARGYLE           TX   76226          1            01/29/02         04
    0413400649                           05           03/01/02         25
    0413400649                           O            02/01/32
    0

    7647180          E22/G01             F          362,000.00         ZZ
                                         360        357,570.80          1
                                       6.875          2,378.08         56
                                       6.625          2,378.08
    SAN JOSE         CA   95117          2            01/22/02         00
    0413571399                           05           03/01/02          0
    0413571399                           O            02/01/32
    0

    7653918          F99/G01             F          452,000.00         ZZ
                                         360        446,864.87          1
                                       7.250          3,083.44         80
                                       7.000          3,083.44
    STAMFORD         CT   06903          2            01/24/02         00
    0433679438                           05           03/01/02          0
    4702248517                           O            02/01/32
    0

    7661620          964/G01             F          360,000.00         ZZ
                                         360        355,831.81          1
                                       6.750          2,334.95         80
                                       6.500          2,334.95
    PASADENA         CA   91107          1            02/05/02         00
    0433695145                           05           04/01/02          0
    186456                               O            03/01/32
    0

    7662222          M27/G01             F          443,000.00         ZZ
                                         360        437,981.84          1
                                       6.875          2,910.19         74
                                       6.625          2,910.19
    PITTSBORO        NC   27312          2            02/18/02         00
    0433715117                           09           04/01/02          0
1

    600733632                            O            03/01/32
    0

    7665064          N47/G01             F          453,000.00         ZZ
                                         360        448,235.73          1
                                       7.250          3,090.26         72
                                       7.000          3,090.26
    MONTARA          CA   94037          2            02/06/02         00
    0433707254                           05           04/01/02          0
    20511209                             O            03/01/32
    0

    7665448          Q59/G01             F          396,000.00         ZZ
                                         360        391,733.26          1
                                       7.125          2,667.93         80
                                       6.875          2,667.93
    LA CRESCENTA AR  CA   91214          1            02/07/02         00
    0433706587                           05           04/01/02          0
    400142                               O            03/01/32
    0

    7668150          E22/G01             F          514,500.00         ZZ
                                         360        508,512.22          1
                                       7.125          3,466.28         70
                                       6.875          3,466.28
    FRESNO           CA   93711          5            01/19/02         00
    0413520537                           03           03/01/02          0
    0413520537                           O            02/01/32
    0

    7669572          S43/G01             F          333,101.00         ZZ
                                         360        329,335.23          1
                                       6.875          2,188.24         67
                                       6.625          2,188.24
    PLACITAS         NM   87043          2            02/05/02         00
    0433665783                           05           04/01/02          0
    012267                               O            03/01/32
    0

    7675704          369/G01             F          570,650.00         ZZ
                                         360        564,198.86          1
                                       6.875          3,748.76         78
                                       6.625          3,748.76
    VALPARAISO       IN   46383          2            02/07/02         00
    0433713427                           05           04/01/02          0
    0073528740                           O            03/01/32
    0

1

    7676354          964/G01             F          377,000.00         ZZ
                                         360        372,738.04          1
                                       6.875          2,476.62         69
                                       6.625          2,476.62
    AGOURA HILLS     CA   91301          5            02/05/02         00
    0433694841                           05           04/01/02          0
    184347                               O            03/01/32
    0

    7680356          025/025             F          300,000.00         ZZ
                                         360        295,414.22          1
                                       7.375          2,072.03         72
                                       7.125          2,072.03
    KNOXVILLE        TN   37922          1            09/06/01         00
    0025725698                           05           10/01/01          0
    0025725698                           O            09/01/31
    0

    7680360          025/025             F          536,000.00         ZZ
                                         360        527,103.04          1
                                       7.500          3,747.79         77
                                       7.250          3,747.79
    TALBOTT          TN   37877          2            06/14/01         00
    0025891367                           05           08/01/01          0
    0025891367                           O            07/01/31
    0

    7680362          025/025             F          317,200.00         ZZ
                                         360        312,108.12          1
                                       6.500          2,004.92         80
                                       6.250          2,004.92
    GOODLETTSVILLE   TN   37072          1            11/02/01         00
    0025954082                           03           12/01/01          0
    0025954082                           O            11/01/31
    0

    7680364          025/025             F          297,000.00         ZZ
                                         360        291,820.10          1
                                       7.750          2,127.75         90
                                       7.500          2,127.75
    TOANO            VA   23168          4            04/13/01         12
    0130137797                           03           06/01/01         25
    0130137797                           O            05/01/31
    0

    7680376          025/025             F          546,000.00         ZZ
                                         360        537,852.00          1
                                       7.500          3,817.72         80
                                       7.250          3,817.72
1

    FORT WAYNE       IN   46814          1            08/10/01         00
    0130398167                           03           10/01/01          0
    0130398167                           O            09/01/31
    0

    7680380          025/025             F          290,000.00         ZZ
                                         360        285,711.74          1
                                       7.250          1,978.32         80
                                       7.000          1,978.32
    LEXINGTON        KY   40509          1            09/21/01         00
    0130431141                           03           11/01/01          0
    0130431141                           O            10/01/31
    0

    7680392          025/025             F          308,250.00         ZZ
                                         360        303,692.01          1
                                       7.250          2,102.81         75
                                       7.000          2,102.81
    BURTONSVILLE     MD   20866          1            10/05/01         00
    0138189816                           05           11/01/01          0
    0138189816                           O            10/01/31
    0

    7680398          025/025             F          400,000.00         ZZ
                                         360        389,242.27          1
                                       7.625          2,831.18         58
                                       7.375          2,831.18
    SUNNYVALE        CA   94087          5            01/23/01         00
    0138761952                           05           03/01/01          0
    0138761952                           O            02/01/31
    0

    7680406          025/025             F          361,600.00         ZZ
                                         360        354,338.10          1
                                       7.250          2,466.75         80
                                       7.000          2,466.75
    SAN JOSE         CA   95139          1            03/29/01         00
    0139050074                           05           05/01/01          0
    0139050074                           O            04/01/31
    0

    7680412          025/025             F          500,000.00         ZZ
                                         360        489,835.64          1
                                       7.500          3,496.08         80
                                       7.250          3,496.08
    BELLEVUE         WA   98004          1            04/26/01         00
    0139099311                           05           06/01/01          0
    0139099311                           O            05/01/31
    0
1

    7684282          E76/G01             F          385,000.00         ZZ
                                         360        380,299.12          1
                                       6.875          2,529.18         67
                                       6.625          2,529.18
    BIXBY            OK   74008          2            01/31/02         00
    0433676749                           03           03/01/02          0
    10011544                             O            02/01/32
    0

    7690118          975/G01             F          342,000.00         ZZ
                                         360        338,133.65          1
                                       6.875          2,246.70         80
                                       6.625          2,246.70
    FULLERTON        CA   92833          2            02/05/02         00
    0433713377                           05           04/01/02          0
    2020440                              O            03/01/32
    0

    7700940          E23/G01             F          500,000.00         ZZ
                                         360        494,347.55          1
                                       6.875          3,284.64         46
                                       6.625          3,284.64
    GRANITE BAY      CA   95746          5            02/08/02         00
    0433695269                           03           04/01/02          0
    61002384                             O            03/01/32
    0

    7702708          M27/G01             F          157,000.00         ZZ
                                         360        155,574.40          1
                                       8.000          1,152.01         88
                                       7.750          1,152.01
    CLAYTON          NC   27520          2            02/11/02         14
    0433708138                           05           04/01/02         25
    1                                    O            03/01/32
    0

    7703726          550/550             F        1,000,000.00         ZZ
                                         360        989,173.47          1
                                       7.100          6,720.32         29
                                       6.850          6,720.32
    BEVERLY HILLS    CA   90210          2            01/28/02         00
    1205668930                           05           04/01/02          0
    120566893                            O            03/01/32
    0

    7709226          N47/G01             F          344,000.00         ZZ
                                         360        338,831.19          1
1

                                       7.125          2,317.59         80
                                       6.875          2,317.59
    SAN JOSE         CA   95148          2            02/08/02         00
    0433749819                           05           04/01/02          0
    20311660                             O            03/01/32
    0

    7713372          E22/G01             F          165,000.00         ZZ
                                         360        163,170.35          4
                                       7.375          1,139.61         77
                                       7.125          1,139.61
    NEW ORLEANS      LA   70119          2            01/29/02         00
    0413498361                           05           03/01/02          0
    0413498361                           O            02/01/32
    0

    7713452          E22/G01             F          330,000.00         ZZ
                                         360        326,159.45          1
                                       7.125          2,223.27         66
                                       6.875          2,223.27
    NEWTOWN          CT   06470          2            01/30/02         00
    0413548249                           05           03/01/02          0
    0413548249                           O            02/01/32
    0

    7713512          E22/G01             F          336,000.00         ZZ
                                         360        332,201.53          1
                                       6.875          2,207.28         70
                                       6.625          2,207.28
    BELLEVUE         WA   98008          5            01/28/02         00
    0413574179                           05           04/01/02          0
    0413574179                           O            03/01/32
    0

    7714472          696/G01             F          404,000.00         ZZ
                                         360        399,183.92          1
                                       7.000          2,687.82         80
                                       6.750          2,687.82
    VIENNA           VA   22182          1            02/04/02         00
    0433645678                           03           03/01/02          0
    23602003                             O            02/01/32
    0

    7714672          E82/G01             F          172,000.00         ZZ
                                         360        168,182.03          1
                                       7.000          1,144.32         71
                                       6.750          1,144.32
    SAN CLEMENTE     CA   92672          2            02/01/02         00
    0400559597                           01           04/01/02          0
1

    0400559597                           O            03/01/32
    0

    7714676          E82/G01             F          277,000.00         ZZ
                                         360        271,153.60          1
                                       7.125          1,866.20         53
                                       6.875          1,866.20
    DOBBS FERRY      NY   10522          2            02/01/02         00
    0400560579                           05           03/01/02          0
    0400560579                           O            02/01/32
    0

    7714778          A06/G01             F          128,000.00         ZZ
                                         360        126,210.21          1
                                       7.375            884.07         57
                                       7.125            884.07
    BALDWIN          NY   11510          2            02/14/02         00
    0433707056                           05           04/01/02          0
    1                                    O            03/01/32
    0

    7719892          975/G01             F          360,000.00         ZZ
                                         360        355,929.64          1
                                       6.875          2,364.94         60
                                       6.625          2,364.94
    RANCHO PALOS VE  CA   90275          2            02/05/02         00
    0433717808                           05           04/01/02          0
    2015614                              O            03/01/32
    0

    7733644          964/G01             F          597,500.00         ZZ
                                         360        590,581.97          1
                                       6.750          3,875.37         61
                                       6.500          3,875.37
    TUSTIN           CA   92782          2            02/08/02         00
    0433726916                           05           04/01/02          0
    185317                               O            03/01/32
    0

    7736280          E22/G01             F          174,500.00         ZZ
                                         360        171,526.40          1
                                       7.250          1,190.40         74
                                       7.000          1,190.40
    RONALD           WA   98940          5            01/29/02         00
    0413608266                           03           04/01/02          0
    0413608266                           O            03/01/32
    0

1

    7736638          E82/G01             F          335,900.00         ZZ
                                         360        331,895.73          1
                                       7.000          2,234.75         80
                                       6.750          2,234.75
    ALPHARETTA       GA   30022          2            02/01/02         00
    0400578191                           03           03/01/02          0
    3702114                              O            02/01/32
    0

    7739580          M27/G01             F          538,000.00         ZZ
                                         360        531,770.79          1
                                       6.750          3,489.46         73
                                       6.500          3,489.46
    MOORESVILLE      NC   28117          2            02/08/02         00
    0433686391                           05           04/01/02          0
    600731047                            O            03/01/32
    0

    7741770          D03/D03             F          793,000.00         ZZ
                                         360        783,597.09          1
                                       6.625          5,077.67         65
                                       6.375          5,077.67
    LOS GATOS        CA   95032          5            02/11/02         00
    1010001449                           05           04/01/02          0
    1010001449                           O            03/01/32
    0

    7741942          X31/G01             F          324,000.00         ZZ
                                         360        320,337.18          1
                                       6.875          2,128.45         80
                                       6.625          2,128.45
    HACIENDA HEIGHT  CA   91745          2            02/07/02         00
    0433717972                           05           04/01/02          0
    40100647                             O            03/01/32
    0

    7744648          998/998             F          615,000.00         T
                                         360        606,079.27          1
                                       7.625          4,352.93         75
                                       7.375          4,352.93
    HORSESHOE BAY    TX   78657          1            09/24/01         00
    10221067                             03           11/01/01          0
    0221067                              O            10/01/31
    0

    7744652          998/998             F          600,000.00         T
                                         360        593,020.36          1
                                       7.500          4,195.29         50
                                       7.250          4,195.29
1

    PALM BEACH       FL   33480          1            01/07/02         00
    11805898                             05           02/01/02          0
    1805898                              O            01/01/32
    0

    7744676          998/998             F          568,000.00         ZZ
                                         360        562,696.39          1
                                       8.250          4,267.19         80
                                       8.000          4,267.19
    MADISONVILLE     LA   70433          2            01/07/02         00
    12884454                             05           03/01/02          0
    2884454                              O            02/01/32
    0

    7750326          076/076             F          385,000.00         ZZ
                                         360        379,333.70          1
                                       6.625          2,465.20         84
                                       6.375          2,465.20
    IOWA CITY        IA   52240          2            11/26/01         10
    12134528                             05           01/01/02         12
    2134528                              O            12/01/31
    0

    7750328          076/076             F          534,800.00         ZZ
                                         360        527,614.55          1
                                       6.750          3,468.70         60
                                       6.500          3,468.70
    SIOUX FALLS      SD   57103          2            12/19/01         00
    12139422                             05           02/01/02          0
    2139422                              O            01/01/32
    0

    7750330          076/076             F          280,000.00         ZZ
                                         360        273,905.50          1
                                       6.875          1,839.40         77
                                       6.625          1,839.40
    ORLANDO          FL   32806          2            12/14/01         00
    12151928                             05           02/01/02          0
    2151928                              O            01/01/32
    0

    7750332          076/076             F          468,000.00         ZZ
                                         360        461,561.17          1
                                       6.625          2,996.66         80
                                       6.375          2,996.66
    LITTLE ROCK      AR   72223          2            12/17/01         00
    12177069                             05           02/01/02          0
    2177069                              O            01/01/32
    0
1

    7750344          076/076             F          579,000.00         ZZ
                                         360        569,216.61          1
                                       7.625          4,098.13         80
                                       7.375          4,098.13
    KANSAS CITY      MO   64112          1            07/27/01         00
    12351688                             05           09/01/01          0
    2351688                              O            08/01/31
    0

    7750346          076/076             F          320,000.00         ZZ
                                         360        315,700.42          1
                                       6.750          2,075.52         71
                                       6.500          2,075.52
    WESTPORT         CT   06880          5            12/06/01         00
    12422125                             05           02/01/02          0
    2422125                              O            01/01/32
    0

    7750350          076/076             F          312,000.00         ZZ
                                         360        307,820.47          1
                                       6.875          2,049.62         57
                                       6.625          2,049.62
    EAST HAMPTON     NY   11937          2            12/27/01         00
    12756309                             05           02/01/02          0
    2756309                              O            01/01/32
    0

    7750352          076/076             F          467,250.00         ZZ
                                         360        461,264.28          1
                                       7.000          3,108.63         80
                                       6.750          3,108.63
    ALEDO            TX   76008          1            12/13/01         00
    12764205                             05           02/01/02          0
    2764205                              O            01/01/32
    0

    7750354          076/076             F          333,000.00         ZZ
                                         360        328,136.71          1
                                       7.000          2,215.46         79
                                       6.750          2,215.46
    FUQUAY VARINA    NC   27526          2            10/25/01         00
    12985163                             03           12/01/01          0
    2985163                              O            11/01/31
    0

    7750360          076/076             F          524,000.00         ZZ
                                         360        516,959.52          1
1

                                       6.750          3,398.66         80
                                       6.500          3,398.66
    NEWTOWN          CT   06470          1            12/07/01         00
    13434033                             05           02/01/02          0
    3434033                              O            01/01/32
    0

    7751212          Q59/G01             F          328,000.00         ZZ
                                         360        324,379.89          1
                                       7.000          2,182.19         80
                                       6.750          2,182.19
    BURBANK          CA   91506          2            02/19/02         00
    0433746351                           05           04/01/02          0
    400161                               O            03/01/32
    0

    7758660          E22/G01             F          128,535.00         ZZ
                                         360        127,109.66          1
                                       7.375            887.76         95
                                       7.125            887.76
    EL MIRAGE        AZ   85335          2            01/26/02         04
    0413517764                           03           03/01/02         30
    0413517764                           O            02/01/32
    0

    7758704          E22/G01             F          487,500.00         T
                                         360        481,546.57          1
                                       6.875          3,202.53         75
                                       6.625          3,202.53
    CAYUCOS          CA   93430          1            01/29/02         00
    0413563487                           05           03/01/02          0
    0413563487                           O            02/01/32
    0

    7759322          W93/G01             F          360,000.00         ZZ
                                         360        353,041.09          1
                                       6.750          2,334.96         80
                                       6.500          2,334.96
    SAN JOSE         CA   95136          1            11/28/01         00
    0433694064                           05           01/01/02          0
    20362001                             O            12/01/31
    0

    7759324          W93/G01             F          424,000.00         ZZ
                                         360        417,906.08          1
                                       6.750          2,750.06         79
                                       6.500          2,750.06
    NEWBERG          OR   97132          2            11/28/01         00
    0433691870                           05           01/01/02          0
1

    37343853                             O            12/01/31
    0

    7759344          W93/G01             F          337,500.00         ZZ
                                         360        333,613.64          1
                                       7.500          2,359.85         74
                                       7.250          2,359.85
    SAN DIEGO        CA   92130          5            01/04/02         00
    0433694320                           03           03/01/02          0
    28354721                             O            02/01/32
    0

    7759360          W93/G01             F          388,000.00         ZZ
                                         360        383,592.08          1
                                       7.250          2,646.84         80
                                       7.000          2,646.84
    SAN JOSE         CA   95123          1            01/08/02         00
    0433694270                           05           03/01/02          0
    20362081                             O            02/01/32
    0

    7759380          W93/G01             F          368,800.00         ZZ
                                         360        364,511.32          1
                                       7.250          2,515.87         80
                                       7.000          2,515.87
    SAN DIEGO        CA   92124          1            01/08/02         00
    0433694338                           05           03/01/02          0
    28354895                             O            02/01/32
    0

    7764238          W86/W86             F          405,000.00         ZZ
                                         360        400,171.88          1
                                       7.000          2,694.48         75
                                       6.750          2,694.48
    WHITEFISH        MT   59937          2            01/25/02         00
    760207                               05           03/01/02          0
    760207                               O            02/01/32
    0

    7765322          W86/W86             F          595,000.00         ZZ
                                         360        588,075.27          1
                                       7.125          4,008.63         77
                                       6.875          4,008.63
    WHITEFISH        MT   59937          2            01/25/02         00
    702506                               05           03/01/02          0
    702506                               O            02/01/32
    0

1

    7765774          893/G01             F          584,000.00         ZZ
                                         360        577,195.99          1
                                       6.875          3,836.46         80
                                       6.625          3,836.46
    BURLINGAME       CA   94010          1            02/11/02         00
    0433710472                           05           04/01/02          0
    M20116071                            O            03/01/32
    0

    7766854          964/G01             F          341,000.00         ZZ
                                         360        337,119.63          1
                                       7.000          2,268.68         49
                                       6.750          2,268.68
    NOVATO           CA   94945          2            02/26/02         00
    0433757069                           05           04/01/02          0
    400190077                            O            03/01/32
    0

    7767334          H58/G01             F          347,000.00         ZZ
                                         360        342,513.28          1
                                       6.875          2,279.54         70
                                       6.625          2,279.54
    FEDERAL WAY      WA   98023          2            01/18/02         00
    0433643764                           05           03/01/02          0
    0000087294                           O            02/01/32
    0

    7768902          964/G01             F          458,000.00         ZZ
                                         360        452,944.98          1
                                       7.000          3,047.09         54
                                       6.750          3,047.09
    NEWPORT BEACH    CA   92660          2            02/06/02         00
    0433713880                           05           04/01/02          0
    184384                               O            03/01/32
    0

    7776098          B57/G01             F          593,000.00         ZZ
                                         360        586,296.09          1
                                       6.875          3,895.59         75
                                       6.625          3,895.59
    LOS ANGELES      CA   90046          2            02/11/02         00
    0433716610                           05           04/01/02          0
    2118969                              O            03/01/32
    0

    7778826          W86/W86             F          435,000.00         ZZ
                                         360        429,814.26          1
                                       7.000          2,894.07         75
                                       6.750          2,894.07
1

    GILLETTE         WY   82718          2            01/30/02         00
    500845                               05           03/01/02          0
    500845                               O            02/01/32
    0

    7781116          E82/G01             F          205,400.00         ZZ
                                         360        202,480.32          1
                                       6.875          1,349.33         77
                                       6.625          1,349.33
    WOODBURY         CT   06798          2            02/04/02         00
    0400578217                           05           04/01/02          0
    3693357                              O            03/01/32
    0

    7781180          E82/G01             F          326,000.00         ZZ
                                         360        322,401.88          1
                                       7.000          2,168.89         77
                                       6.750          2,168.89
    UPLAND           CA   91786          2            02/05/02         00
    0400579876                           05           04/01/02          0
    1987426                              O            03/01/32
    0

    7783782          N47/G01             F          566,500.00         ZZ
                                         360        560,095.74          1
                                       6.875          3,721.50         62
                                       6.625          3,721.50
    CHULA VISTA      CA   91910          2            02/12/02         00
    0433718244                           03           04/01/02          0
    30112068                             O            03/01/32
    0

    7785984          952/G01             F          582,000.00         ZZ
                                         360        575,729.16          1
                                       7.125          3,921.05         69
                                       6.875          3,921.05
    DEMAREST         NJ   07627          2            02/01/02         00
    0433661295                           05           04/01/02          0
    20014671                             O            03/01/32
    0

    7787686          S43/G01             F          129,500.00         ZZ
                                         360        128,036.05          1
                                       6.875            850.72         70
                                       6.625            850.72
    RANCHOS DE TAOS  NM   87558          1            02/20/02         00
    0433710068                           05           04/01/02          0
    020094                               O            03/01/32
    0
1

    7793744          A39/G01             F          475,000.00         ZZ
                                         360        469,630.14          1
                                       6.875          3,120.41         70
                                       6.625          3,120.41
    SIMI VALLEY      CA   93065          1            02/19/02         00
    0433702792                           03           04/01/02          0
    2200147                              O            03/01/32
    0

    7796526          313/G01             F          650,000.00         ZZ
                                         360        622,969.01          1
                                       6.750          4,215.89         60
                                       6.500          4,215.89
    TOWSON           MD   21204          1            01/01/02         00
    0433662582                           05           02/01/02          0
    8495004                              O            01/01/32
    0

    7796530          313/G01             F          368,000.00         ZZ
                                         360        362,710.81          1
                                       6.750          2,386.85         80
                                       6.500          2,386.85
    DALLAS           TX   75208          1            11/19/01         00
    0433678885                           05           01/01/02          0
    8444978                              O            12/01/31
    0

    7796542          313/G01             F          355,000.00         ZZ
                                         360        350,342.37          1
                                       6.875          2,332.10         79
                                       6.625          2,332.10
    LEESBURG         VA   20176          5            12/11/01         00
    0433681525                           03           02/01/02          0
    8414872                              O            01/01/32
    0

    7796544          313/G01             F          286,000.00         ZZ
                                         360        269,029.45          1
                                       6.875          1,878.82         55
                                       6.625          1,878.82
    LOS ANGELES      CA   91304          5            11/21/01         00
    0433679404                           03           01/01/02          0
    8439481                              O            12/01/31
    0

    7796548          313/G01             F          457,000.00         ZZ
                                         360        450,859.73          1
1

                                       6.750          2,964.10         80
                                       6.500          2,964.10
    ROCKVILLE        MD   20850          2            12/14/01         00
    0433675337                           03           02/01/02          0
    8490278                              O            01/01/32
    0

    7796560          313/G01             F          391,000.00         ZZ
                                         360        384,647.53          1
                                       6.750          2,536.02         80
                                       6.500          2,536.02
    AUDUBON          PA   19403          2            11/29/01         00
    0433667961                           03           01/01/02          0
    8470601                              O            12/01/31
    0

    7796562          313/G01             F          385,000.00         ZZ
                                         360        379,827.09          1
                                       6.750          2,497.11         72
                                       6.500          2,497.11
    CHESTERFIELD     VA   23838          5            12/12/01         00
    0433668399                           05           02/01/02          0
    0008492928                           O            01/01/32
    0

    7796574          313/G01             F          320,000.00         ZZ
                                         360        315,365.97          1
                                       6.750          2,075.52         76
                                       6.500          2,075.52
    ALPHARETTA       GA   30005          5            11/30/01         00
    0433674280                           03           01/01/02          0
    0008471674                           O            12/01/31
    0

    7796576          313/G01             F          975,000.00         ZZ
                                         360        962,807.97          1
                                       6.750          6,323.84         65
                                       6.500          6,323.84
    HUNTINGTON BEAC  CA   92649          1            01/11/02         00
    0433675667                           03           03/01/02          0
    0008553109                           O            02/01/32
    0

    7796588          313/G01             F          328,300.00         ZZ
                                         360        324,472.27          1
                                       7.500          2,295.53         76
                                       7.250          2,295.53
    WILTON           CT   06897          2            12/03/01         00
    0433676350                           05           02/01/02          0
1

    8481665                              O            01/01/32
    0

    7796594          313/G01             F          349,000.00         ZZ
                                         360        344,180.25          1
                                       6.875          2,292.69         50
                                       6.625          2,292.69
    POTOMAC          MD   20854          2            12/06/01         00
    0433673399                           03           02/01/02          0
    8496382                              O            01/01/32
    0

    7796614          313/G01             F          396,000.00         ZZ
                                         360        390,442.00          1
                                       6.875          2,601.44         75
                                       6.625          2,601.44
    LEXINGTON        MA   02421          2            12/03/01         00
    0433668886                           05           01/01/02          0
    0008482630                           O            12/01/31
    0

    7796616          313/G01             F          450,000.00         ZZ
                                         360        442,561.72          1
                                       6.500          2,844.31         56
                                       6.250          2,844.31
    WELLESLEY HILLS  MA   02481          5            11/26/01         00
    0433676152                           05           01/01/02          0
    0008463580                           O            12/01/31
    0

    7796620          313/G01             F          330,000.00         ZZ
                                         360        323,364.20          1
                                       7.125          2,223.28         64
                                       6.875          2,223.28
    AUSTIN           TX   78746          2            12/12/01         00
    0433670320                           03           02/01/02          0
    8506511                              O            01/01/32
    0

    7796634          313/G01             F          345,750.00         ZZ
                                         360        341,104.53          1
                                       6.750          2,242.53         75
                                       6.500          2,242.53
    BOYDS            MD   20841          5            12/06/01         00
    0433668423                           05           02/01/02          0
    8443657                              O            01/01/32
    0

1

    7796642          313/G01             F          399,000.00         ZZ
                                         360        392,589.92          1
                                       6.750          2,587.91         70
                                       6.500          2,587.91
    WOODLAND HILLS   CA   91367          1            11/16/01         00
    0433692811                           05           01/01/02          0
    8471302                              O            12/01/31
    0

    7796644          313/G01             F          573,050.00         ZZ
                                         360        564,591.33          1
                                       6.875          3,764.54         80
                                       6.625          3,764.54
    SHREWSBURY       MA   01545          1            01/09/02         00
    0433664018                           05           03/01/02          0
    8311185                              O            02/01/32
    0

    7796646          313/G01             F          311,450.00         ZZ
                                         360        304,609.73          1
                                       6.750          2,020.06         70
                                       6.500          2,020.06
    BRANFORD         CT   06405          5            12/07/01         00
    0433675402                           05           02/01/02          0
    0008435539                           O            01/01/32
    0

    7796656          313/G01             F          420,000.00         ZZ
                                         360        414,747.99          1
                                       6.750          2,724.12         50
                                       6.500          2,724.12
    WILTON           CT   06897          2            01/14/02         00
    0433670692                           05           03/01/02          0
    0008524571                           O            02/01/32
    0

    7796660          313/G01             F          560,000.00         ZZ
                                         360        552,475.92          1
                                       6.750          3,632.15         68
                                       6.500          3,632.15
    SAN MARTIN       CA   95046          5            12/10/01         00
    0433665452                           05           02/01/02          0
    8452674                              O            01/01/32
    0

    7796670          313/G01             F          390,000.00         ZZ
                                         360        384,750.93          1
                                       6.750          2,529.54         60
                                       6.500          2,529.54
1

    GREAT BARRINGTO  MA   01230          5            12/13/01         00
    0433654522                           05           02/01/02          0
    0008448037                           O            01/01/32
    0

    7796672          313/G01             F          335,000.00         ZZ
                                         360        325,966.41          1
                                       6.750          2,172.81         79
                                       6.500          2,172.81
    EDMONDS          WA   98020          5            11/26/01         00
    0433679131                           05           01/01/02          0
    0008462699                           O            12/01/31
    0

    7796686          313/G01             F          445,000.00         ZZ
                                         360        426,488.86          1
                                       6.625          2,849.39         69
                                       6.375          2,849.39
    VIRGINIA BEACH   VA   23454          2            12/07/01         00
    0433653094                           05           02/01/02          0
    8471203                              O            01/01/32
    0

    7796688          313/G01             F          336,000.00         ZZ
                                         360        331,284.01          1
                                       6.875          2,207.29         62
                                       6.625          2,207.29
    WOODBRIDGE       VA   22192          5            11/28/01         00
    0433662517                           03           01/01/02          0
    8471559                              O            12/01/31
    0

    7803368          E22/G01             F          339,000.00         ZZ
                                         360        332,069.23          1
                                       7.250          2,312.58         72
                                       7.000          2,312.58
    HOLLISTER        CA   95023          2            01/28/02         00
    0413521840                           05           03/01/02          0
    0413521840                           O            02/01/32
    0

    7803390          E22/G01             F          200,000.00         ZZ
                                         360        197,615.87          1
                                       7.000          1,330.60         73
                                       6.750          1,330.60
    CENTENNIAL       CO   80015          5            01/24/02         00
    0413541772                           03           03/01/02          0
    0413541772                           O            02/01/32
    0
1

    7803430          E22/G01             F          480,000.00         ZZ
                                         360        474,573.59          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    FRISCO           TX   75034          1            02/08/02         00
    0413573643                           03           04/01/02          0
    0413573643                           O            03/01/32
    0

    7803472          E22/G01             F          117,600.00         ZZ
                                         360        116,270.52          1
                                       6.875            772.55         80
                                       6.625            772.55
    JACKSONVILLE     FL   32244          1            02/08/02         00
    0413609439                           03           04/01/02          0
    0413609439                           O            03/01/32
    0

    7809558          964/G01             F          385,000.00         ZZ
                                         360        374,918.76          1
                                       7.000          2,561.41         60
                                       6.750          2,561.41
    FULLERTON        CA   92831          2            02/27/02         00
    0433758463                           05           04/01/02          0
    191384                               O            03/01/32
    0

    7811134          E11/G01             F          357,700.00         ZZ
                                         360        353,752.00          1
                                       7.000          2,379.79         72
                                       6.750          2,379.79
    CHANHASSEN       MN   55317          2            02/21/02         00
    0433724036                           05           04/01/02          0
    0003001028074                        O            03/01/32
    0

    7813702          964/G01             F          340,000.00         ZZ
                                         360        334,966.71          1
                                       6.875          2,233.56         76
                                       6.625          2,233.56
    SEAL BEACH       CA   90740          1            02/19/02         00
    0433727278                           05           04/01/02          0
    191304                               O            03/01/32
    0

    7820922          950/G01             F          980,000.00         ZZ
                                         360        969,183.64          1
1

                                       7.000          6,519.97         70
                                       6.750          6,519.97
    REDMOND          WA   98053          2            02/14/02         00
    0433713401                           05           04/01/02          0
    E1202045                             O            03/01/32
    0

    7826096          E22/G01             F          275,000.00         ZZ
                                         360        271,739.18          1
                                       6.625          1,760.86         58
                                       6.375          1,760.86
    SAN MARCOS       CA   92069          5            02/01/02         00
    0413344441                           05           04/01/02          0
    0413344441                           O            03/01/32
    0

    7826160          E22/G01             F          180,000.00         ZZ
                                         360        178,013.38          1
                                       7.000          1,197.54         80
                                       6.750          1,197.54
    CORONA           CA   92879          2            01/30/02         00
    0413516584                           05           04/01/02          0
    0413516584                           O            03/01/32
    0

    7826244          E22/G01             F          385,000.00         ZZ
                                         360        380,647.51          1
                                       6.875          2,529.18         65
                                       6.625          2,529.18
    LOS ANGELES      CA   90068          2            01/31/02         00
    0413567660                           05           04/01/02          0
    0413567660                           O            03/01/32
    0

    7826260          E22/G01             F          356,000.00         ZZ
                                         360        351,878.09          1
                                       6.750          2,309.01         68
                                       6.500          2,309.01
    LAKE WORTH       FL   33467          2            02/06/02         00
    0413581646                           03           04/01/02          0
    0413581646                           O            03/01/32
    0

    7826270          E22/G01             F          888,000.00         ZZ
                                         360        877,718.39          1
                                       6.750          5,759.55         30
                                       6.500          5,759.55
    MALIBU           CA   90265          2            01/30/02         00
    0413587395                           05           04/01/02          0
1

    0413587395                           O            03/01/32
    0

    7831396          964/G01             F          345,000.00         ZZ
                                         360        341,192.27          1
                                       7.000          2,295.29         56
                                       6.750          2,295.29
    SAN RAFAEL       CA   94903          2            02/22/02         00
    0433745148                           05           04/01/02          0
    400188309                            O            03/01/32
    0

    7831728          975/G01             F          388,000.00         ZZ
                                         360        383,717.69          1
                                       7.000          2,581.37         71
                                       6.750          2,581.37
    ARCADIA          CA   91007          2            02/01/02         00
    0433705480                           05           04/01/02          0
    2020315                              O            03/01/32
    0

    7837338          E23/G01             F          230,000.00         ZZ
                                         360        226,310.15          1
                                       6.875          1,510.94         55
                                       6.625          1,510.94
    SAN FRANCISCO    CA   94134          5            02/21/02         00
    0433746393                           07           04/01/02          0
    61004501                             O            03/01/32
    0

    7841948          S11/G01             F          301,600.00         ZZ
                                         360        297,090.57          1
                                       7.000          2,006.55         78
                                       6.750          2,006.55
    ORANGE           CA   92866          2            10/25/01         00
    0433733219                           05           12/01/01          0
    10205073                             O            11/01/31
    0

    7844380          L96/G01             F          399,950.00         ZZ
                                         360        395,640.71          1
                                       7.125          2,694.54         75
                                       6.875          2,694.54
    TRACY            CA   95391          1            02/12/02         00
    0433721446                           05           04/01/02          0
    0538414                              O            03/01/32
    0

1

    7846996          E22/G01             F          110,647.00         ZZ
                                         360        109,487.22          1
                                       7.750            792.69         74
                                       7.500            792.69
    SARASOTA         FL   34231          2            02/07/02         00
    0413017682                           05           04/01/02          0
    0413017682                           O            03/01/32
    0

    7847078          E22/G01             F          360,000.00         ZZ
                                         360        355,674.05          1
                                       6.750          2,334.95         56
                                       6.500          2,334.95
    WEST BLOOMFIELD  MI   48322          5            02/07/02         00
    0413570755                           05           04/01/02          0
    0413570755                           O            03/01/32
    0

    7847102          E22/G01             F          495,000.00         ZZ
                                         360        489,268.71          1
                                       6.750          3,210.56         16
                                       6.500          3,210.56
    WELLESLEY HILLS  MA   02481          2            02/07/02         00
    0413585753                           05           04/01/02          0
    0413585753                           O            03/01/32
    0

    7847172          E22/G01             F          340,000.00         ZZ
                                         360        336,063.38          1
                                       6.750          2,205.23         50
                                       6.500          2,205.23
    SEBASTOPOL       CA   95472          5            02/06/02         00
    0413636226                           05           04/01/02          0
    0413636226                           O            03/01/32
    0

    7847538          F44/G01             F          395,000.00         ZZ
                                         360        389,817.59          1
                                       6.875          2,594.87         78
                                       6.625          2,594.87
    ARLINGTON        VA   22204          2            12/21/01         00
    0433716172                           05           02/01/02          0
    ARLINGTON                            O            01/01/32
    0

    7848406          313/G01             F          383,000.00         ZZ
                                         360        377,996.64          1
                                       7.250          2,612.74         80
                                       7.000          2,612.74
1

    BURLINGTON       MA   01803          2            12/03/01         00
    0433675113                           05           01/01/02          0
    0008424707                           O            12/01/31
    0

    7848418          313/G01             F          530,000.00         ZZ
                                         360        520,822.60          1
                                       6.875          3,481.73         56
                                       6.625          3,481.73
    MCLEAN           VA   22101          2            11/29/01         00
    0433673944                           05           01/01/02          0
    0008477671                           O            12/01/31
    0

    7848422          313/G01             F          369,000.00         ZZ
                                         360        363,696.52          1
                                       6.750          2,393.33         61
                                       6.500          2,393.33
    CHICAGO          IL   60630          2            11/28/01         00
    0433675931                           05           01/01/02          0
    8394983                              O            12/01/31
    0

    7848424          313/G01             F          686,250.00         ZZ
                                         360        677,246.34          1
                                       6.875          4,508.18         59
                                       6.625          4,508.18
    FLOWER MOUND     TX   75022          2            12/07/01         00
    0433679073                           03           02/01/02          0
    0008506628                           O            01/01/32
    0

    7848426          313/G01             F          400,000.00         ZZ
                                         360        394,625.55          1
                                       6.750          2,594.40         59
                                       6.500          2,594.40
    STAMFORD         CT   06903          2            12/12/01         00
    0433676194                           05           02/01/02          0
    850744                               O            01/01/32
    0

    7848428          313/G01             F          424,400.00         ZZ
                                         360        418,443.40          1
                                       6.875          2,788.01         59
                                       6.625          2,788.01
    THOUSAND OAKS    CA   91362          5            11/21/01         00
    0433674389                           05           01/01/02          0
    0008432544                           O            12/01/31
    0
1

    7848440          313/G01             F          375,000.00         ZZ
                                         360        367,603.30          1
                                       6.625          2,401.17         47
                                       6.375          2,401.17
    FORT WASHINGTON  PA   19034          2            12/04/01         00
    0433675709                           05           01/01/02          0
    8477069                              O            12/01/31
    0

    7848460          313/G01             F          350,000.00         ZZ
                                         360        344,036.66          1
                                       6.750          2,270.10         76
                                       6.500          2,270.10
    LAGUNA NIGUEL    CA   92677          2            11/29/01         00
    0433670965                           03           01/01/02          0
    8425134                              O            12/01/31
    0

    7848504          N28/G01             F          332,250.00         ZZ
                                         360        328,582.91          1
                                       7.000          2,210.47         75
                                       6.750          2,210.47
    PORTLAND         OR   97221          5            02/05/02         00
    0433695541                           05           04/01/02          0
    26854                                O            03/01/32
    0

    7848616          E82/G01             F          418,000.00         ZZ
                                         360        413,386.57          1
                                       7.000          2,780.96         35
                                       6.750          2,780.96
    LITTLE COMPTON   RI   02837          2            02/08/02         00
    0400578928                           05           04/01/02          0
    0400578928                           O            03/01/32
    0

    7852252          196/196             F          600,000.00         ZZ
                                         360        592,848.98          1
                                       7.375          4,144.06         80
                                       7.125          4,144.06
    LIVERMORE        CA   94550          1            12/28/01         00
    1482952                              05           02/01/02          0
    1482952                              O            01/01/32
    0

    7858266          E87/G01             F          388,000.00         ZZ
                                         360        383,613.71          1
1

                                       6.875          2,548.88         80
                                       6.625          2,548.88
    GOLETA           CA   93117          1            02/19/02         00
    0433733409                           05           04/01/02          0
    70004015                             O            03/01/32
    0

    7866514          964/G01             F          344,000.00         ZZ
                                         360        340,293.62          1
                                       7.125          2,317.59         80
                                       6.875          2,317.59
    LOS ANGELES      CA   90034          1            02/19/02         00
    0433734407                           05           04/01/02          0
    186441                               O            03/01/32
    0

    7873626          E22/G01             F          630,000.00         ZZ
                                         360        623,046.61          1
                                       7.000          4,191.41         66
                                       6.750          4,191.41
    BROOKLYN         NY   11233          5            02/08/02         00
    0412617409                           05           04/01/02          0
    0412617409                           O            03/01/32
    0

    7873642          E22/G01             F          146,000.00         ZZ
                                         360        144,259.57          1
                                       7.000            971.34         88
                                       6.750            971.34
    CHICO            CA   95926          2            01/28/02         04
    0413367848                           05           03/01/02         25
    0413367848                           O            02/01/32
    0

    7873742          E22/G01             F          775,000.00         ZZ
                                         360        766,238.59          1
                                       6.875          5,091.20         25
                                       6.625          5,091.20
    LOS ANGELES      CA   90049          2            01/30/02         00
    0413568429                           03           04/01/02          0
    0413568429                           O            03/01/32
    0

    7873744          E22/G01             F          465,000.00         ZZ
                                         360        458,065.17          1
                                       6.750          3,015.98         60
                                       6.500          3,015.98
    SPOKANE          WA   99223          2            02/06/02         00
    0413570805                           05           04/01/02          0
1

    0413570805                           O            03/01/32
    0

    7873746          E22/G01             F          152,000.00         ZZ
                                         360        150,281.66          1
                                       6.875            998.53         95
                                       6.625            998.53
    CORONA           CA   92881          2            02/06/02         04
    0413571001                           05           04/01/02         30
    0413571001                           O            03/01/32
    0

    7873752          E22/G01             F          357,750.00         ZZ
                                         360        353,112.44          1
                                       6.625          2,290.71         58
                                       6.375          2,290.71
    GREENVILLE       SC   29605          5            02/08/02         00
    0413575333                           03           04/01/02          0
    0413575333                           O            03/01/32
    0

    7873768          E22/G01             F          324,000.00         ZZ
                                         360        320,337.18          1
                                       6.875          2,128.45         54
                                       6.625          2,128.45
    STUDIO CITY      CA   91604          2            02/05/02         00
    0413583626                           05           04/01/02          0
    0413583626                           O            03/01/32
    0

    7873770          E22/G01             F          384,000.00         ZZ
                                         360        379,294.81          1
                                       6.750          2,490.62         77
                                       6.500          2,490.62
    EVERETT          WA   98203          2            02/08/02         00
    0413584681                           05           04/01/02          0
    0413584681                           O            03/01/32
    0

    7873772          E22/G01             F          375,000.00         ZZ
                                         360        370,861.17          1
                                       7.000          2,494.88         59
                                       6.750          2,494.88
    VERO BEACH       FL   32963          5            02/08/02         00
    0413584913                           03           04/01/02          0
    0413584913                           O            03/01/32
    0

1

    7873806          E22/G01             F          325,500.00         ZZ
                                         360        319,711.16          1
                                       7.250          2,220.48         70
                                       7.000          2,220.48
    DALLAS           TX   75208          5            02/08/02         00
    0413606278                           05           04/01/02          0
    0413606278                           O            03/01/32
    0

    7875016          F28/G01             F          358,600.00         ZZ
                                         360        353,566.89          1
                                       6.875          2,355.75         77
                                       6.625          2,355.75
    RURAL HALL       NC   27045          2            11/28/01         00
    0433695798                           05           01/01/02          0
    7806561                              O            12/01/31
    0

    7875026          F28/G01             F          472,800.00         ZZ
                                         360        465,334.92          1
                                       6.250          2,911.11         80
                                       6.000          2,911.11
    LA QUINTA        CA   92253          1            11/15/01         00
    0433681608                           03           01/01/02          0
    7785433                              O            12/01/31
    0

    7875036          F28/G01             F          340,000.00         ZZ
                                         360        335,192.39          1
                                       6.750          2,205.23         75
                                       6.500          2,205.23
    JUPITER          FL   33458          5            12/07/01         00
    0433683299                           05           02/01/02          0
    7798410                              O            01/01/32
    0

    7875262          313/G01             F          453,850.00         ZZ
                                         360        448,840.79          1
                                       7.000          3,019.48         80
                                       6.750          3,019.48
    FLOWERY BRANCH   GA   30542          1            02/25/02         00
    0433755980                           03           04/01/02          0
    0008599078                           O            03/01/32
    0

    7876042          E82/G01             F          301,500.00         ZZ
                                         360        298,479.57          1
                                       7.500          2,108.13         57
                                       7.250          2,108.13
1

    FRISCO           TX   75034          2            02/11/02         00
    0400576989                           05           04/01/02          0
    3944017                              O            03/01/32
    0

    7876048          E82/G01             F          163,400.00         ZZ
                                         360        161,243.24          1
                                       6.875          1,073.42         78
                                       6.625          1,073.42
    LAKEWOOD         CA   90712          2            02/07/02         00
    0400580874                           05           04/01/02          0
    7105562                              O            03/01/32
    0

    7876050          E82/G01             F          332,000.00         ZZ
                                         360        318,149.53          1
                                       7.000          2,208.80         63
                                       6.750          2,208.80
    LEWISVILLE       NC   27023          2            02/08/02         00
    0400580577                           03           04/01/02          0
    1986146                              O            03/01/32
    0

    7876058          E82/G01             F          391,200.00         ZZ
                                         360        386,851.63          1
                                       7.125          2,635.59         80
                                       6.875          2,635.59
    MONTEREY         CA   93940          2            02/06/02         00
    0400566527                           05           04/01/02          0
    0400566527                           O            03/01/32
    0

    7883798          H12/G01             F          647,500.00         ZZ
                                         360        640,690.19          1
                                       7.250          4,417.09         70
                                       7.000          4,417.09
    SHAWNEE          KS   66218          1            02/07/02         00
    0433706413                           03           04/01/02          0
    0800015528755                        O            03/01/32
    0

    7885378          696/G01             F          600,000.00         ZZ
                                         360        592,687.02          1
                                       6.625          3,841.87         75
                                       6.375          3,841.87
    LEESBURG         VA   20175          1            02/13/02         00
    0433688686                           05           04/01/02          0
    24402010                             O            03/01/32
    0
1

    7890460          E22/G01             F          316,200.00         ZZ
                                         360        312,188.81          1
                                       6.875          2,077.21         79
                                       6.625          2,077.21
    COSTA MESA       CA   92627          2            02/05/02         00
    0413254715                           05           04/01/02          0
    0413254715                           O            03/01/32
    0

    7890480          E22/G01             F          260,000.00         ZZ
                                         360        257,130.33          1
                                       7.000          1,729.79         60
                                       6.750          1,729.79
    MILPITAS         CA   95035          5            02/04/02         00
    0413457847                           05           04/01/02          0
    0413457847                           O            03/01/32
    0

    7890542          E22/G01             F          640,000.00         ZZ
                                         360        632,764.86          1
                                       6.875          4,204.34         64
                                       6.625          4,204.34
    SHERMAN OAKS     CA   91403          2            02/01/02         00
    0413564410                           05           04/01/02          0
    0413564410                           O            03/01/32
    0

    7890544          E22/G01             F          320,000.00         ZZ
                                         360        316,382.42          1
                                       6.875          2,102.17         80
                                       6.625          2,102.17
    ELLICOTT CITY    MD   21043          2            02/08/02         00
    0413564766                           03           04/01/02          0
    0413564766                           O            03/01/32
    0

    7890568          E22/G01             F          325,000.00         ZZ
                                         360        320,725.28          1
                                       7.000          2,162.23         78
                                       6.750          2,162.23
    FRESNO           CA   93711          2            02/06/02         00
    0413584525                           05           04/01/02          0
    0413584525                           O            03/01/32
    0

    7890602          E22/G01             F          552,000.00         ZZ
                                         360        545,759.58          1
1

                                       6.875          3,626.25         80
                                       6.625          3,626.25
    BRADBURY         CA   91010          1            02/07/02         00
    0413601667                           03           04/01/02          0
    0413601667                           O            03/01/32
    0

    7890612          E22/G01             F          392,050.00         ZZ
                                         360        387,825.92          1
                                       7.125          2,641.31         70
                                       6.875          2,641.31
    MOUNTAIN VIEW    CA   94043          5            02/01/02         00
    0413611005                           05           04/01/02          0
    0413611005                           O            03/01/32
    0

    7890614          E22/G01             F          620,000.00         ZZ
                                         360        613,156.97          1
                                       7.000          4,124.88         12
                                       6.750          4,124.88
    MONTE SERENO     CA   95030          2            02/04/02         00
    0413611708                           05           04/01/02          0
    0413611708                           O            03/01/32
    0

    7890634          E22/G01             F          128,800.00         ZZ
                                         360        127,308.76          1
                                       6.750            835.39         80
                                       6.500            835.39
    KAUFMAN          TX   75142          5            02/08/02         00
    0413630591                           05           04/01/02          0
    0413630591                           O            03/01/32
    0

    7890646          E22/G01             F          345,000.00         ZZ
                                         360        341,076.92          1
                                       6.875          2,266.40         75
                                       6.625          2,266.40
    CHEYENNE         WY   82009          1            02/14/02         00
    0413637091                           05           04/01/02          0
    0413637091                           O            03/01/32
    0

    7890658          E22/G01             F          341,600.00         ZZ
                                         360        336,644.91          1
                                       6.875          2,244.07         70
                                       6.625          2,244.07
    ORANGE           CA   92867          5            02/08/02         00
    0413655119                           05           04/01/02          0
1

    0413655119                           O            03/01/32
    0

    7891716          E82/G01             F          473,500.00         ZZ
                                         360        468,520.20          1
                                       7.250          3,230.10         70
                                       7.000          3,230.10
    VIENNA           VA   22182          2            02/08/02         00
    0400580783                           03           04/01/02          0
    2642467                              O            03/01/32
    0

    7898556          964/G01             F          313,000.00         ZZ
                                         360        309,545.35          1
                                       7.000          2,082.40         74
                                       6.750          2,082.40
    SAN JOSE         CA   95122          2            02/19/02         00
    0433743747                           05           04/01/02          0
    400188056                            O            03/01/32
    0

    7898966          225/G01             F          307,500.00         ZZ
                                         360        301,432.71          1
                                       6.250          1,893.33         75
                                       6.000          1,893.33
    VERONA           NJ   07044          5            12/20/01         00
    0433724465                           03           02/01/02          0
    006207276                            O            01/01/32
    0

    7898972          225/G01             F          650,000.00         ZZ
                                         360        642,253.19          1
                                       7.375          4,489.39         76
                                       7.125          4,489.39
    BONITA SPRING    FL   34134          1            12/10/01         00
    0433724556                           05           02/01/02          0
    006510820                            O            01/01/32
    0

    7898990          225/G01             F          376,700.00         ZZ
                                         360        371,662.73          1
                                       7.125          2,537.90         68
                                       6.875          2,537.90
    BERNARDS TOWN    NJ   07920          2            12/19/01         00
    0433693413                           05           02/01/02          0
    006561361                            O            01/01/32
    0

1

    7898994          225/G01             F          374,925.00         ZZ
                                         360        367,079.66          1
                                       6.250          2,308.48         75
                                       6.000          2,308.48
    LEBANON TWP      NJ   08826          1            12/20/01         00
    0433724804                           05           02/01/02          0
    006561681                            O            01/01/32
    0

    7899000          225/G01             F          520,000.00         ZZ
                                         360        512,095.83          1
                                       6.875          3,416.03         55
                                       6.625          3,416.03
    STAMFORD         CT   06902          2            12/21/01         00
    0433724820                           05           02/01/02          0
    006562752                            O            01/01/32
    0

    7899002          225/G01             F          430,000.00         ZZ
                                         360        424,358.45          1
                                       6.875          2,824.79         70
                                       6.625          2,824.79
    LARCHMONT        NY   10538          2            12/21/01         00
    0433724903                           05           02/01/02          0
    006562764                            O            01/01/32
    0

    7899008          225/G01             F          400,100.00         ZZ
                                         360        394,850.75          1
                                       6.875          2,628.37         67
                                       6.625          2,628.37
    FAIRFIELD        CT   06430          1            12/28/01         00
    0433724952                           03           02/01/02          0
    006564412                            O            01/01/32
    0

    7899012          225/G01             F          424,000.00         ZZ
                                         360        414,092.32          1
                                       6.250          2,610.64         66
                                       6.000          2,610.64
    PURCELLVILLE     VA   20132          1            12/14/01         00
    0433695368                           05           02/01/02          0
    006564681                            O            01/01/32
    0

    7899030          225/G01             F          321,300.00         ZZ
                                         360        316,367.64          1
                                       7.000          2,137.62         90
                                       6.750          2,137.62
1

    CUSHING          MN   56443          1            12/04/01         10
    0433725173                           05           02/01/02         25
    007301678                            O            01/01/32
    0

    7899054          225/G01             F          350,000.00         T
                                         360        344,832.67          1
                                       6.250          2,155.02         54
                                       6.000          2,155.02
    TAVERNIER        FL   33070          2            12/14/01         00
    0433725132                           05           02/01/02          0
    007321670                            O            01/01/32
    0

    7899058          225/G01             F          421,600.00         ZZ
                                         360        414,469.10          1
                                       6.875          2,769.62         80
                                       6.625          2,769.62
    LINCOLNWOOD      IL   60712          2            12/19/01         00
    0433724861                           05           02/01/02          0
    007322306                            O            01/01/32
    0

    7899074          225/G01             F          373,000.00         ZZ
                                         360        367,868.23          1
                                       6.625          2,388.36         63
                                       6.375          2,388.36
    CUYAHOGA FALL    OH   44223          2            12/13/01         00
    0433692233                           05           02/01/02          0
    007325481                            O            01/01/32
    0

    7899076          225/G01             F          408,000.00         ZZ
                                         360        402,115.92          1
                                       6.375          2,545.39         71
                                       6.125          2,545.39
    EVERGREEN        CO   80439          5            12/21/01         00
    0433725116                           05           02/01/02          0
    007326112                            O            01/01/32
    0

    7899078          225/G01             F          353,600.00         ZZ
                                         360        348,848.98          1
                                       6.750          2,293.45         80
                                       6.500          2,293.45
    VIENNA           VA   22182          2            12/20/01         00
    0433725041                           03           02/01/02          0
    007326485                            O            01/01/32
    0
1

    7899080          225/G01             F          543,000.00         ZZ
                                         360        535,704.31          1
                                       6.750          3,521.89         62
                                       6.500          3,521.89
    REDDING          CT   06896          2            12/17/01         00
    0433700994                           03           02/01/02          0
    007327508                            O            01/01/32
    0

    7899082          225/G01             F          510,000.00         T
                                         360        503,147.59          1
                                       6.750          3,307.86         65
                                       6.500          3,307.86
    BIGFORK          MT   59911          2            12/14/01         00
    0433725033                           05           02/01/02          0
    007327781                            O            01/01/32
    0

    7899086          225/G01             F          395,000.00         ZZ
                                         360        389,817.59          1
                                       6.875          2,594.87         53
                                       6.625          2,594.87
    SHARON           MA   02067          2            12/18/01         00
    0433725017                           05           02/01/02          0
    007328169                            O            01/01/32
    0

    7899088          225/G01             F          379,000.00         ZZ
                                         360        373,489.66          1
                                       6.625          2,426.78         57
                                       6.375          2,426.78
    MARTINEZ         GA   30907          2            12/19/01         00
    0433695467                           05           02/01/02          0
    007328190                            O            01/01/32
    0

    7899156          225/G01             F          430,000.00         ZZ
                                         360        424,077.58          1
                                       6.750          2,788.97         63
                                       6.500          2,788.97
    CARMEL VALLEY    CA   93924          2            12/14/01         00
    0433695731                           05           02/01/02          0
    008469180                            O            01/01/32
    0

    7899162          225/G01             F          567,400.00         ZZ
                                         360        560,637.69          1
1

                                       7.375          3,918.89         77
                                       7.125          3,918.89
    LOS GATOS        CA   95033          2            12/17/01         00
    0433724960                           05           02/01/02          0
    008471685                            O            01/01/32
    0

    7899170          225/G01             F          639,920.00         ZZ
                                         360        630,424.74          1
                                       6.250          3,940.10         80
                                       6.000          3,940.10
    STAMFORD         CT   06902          1            12/26/01         00
    0433700770                           01           02/01/02          0
    006562616                            O            01/01/32
    0

    7899174          225/G01             F          400,000.00         ZZ
                                         360        393,566.48          1
                                       7.500          2,796.86         43
                                       7.250          2,796.86
    VERO BEACH       FL   32967          1            12/21/01         00
    0433725181                           01           02/01/02          0
    008468688                            O            01/01/32
    0

    7899178          225/G01             F          500,000.00         ZZ
                                         360        493,440.09          1
                                       6.875          3,284.64         80
                                       6.625          3,284.64
    FAIRFAX          VA   22030          2            12/21/01         00
    0433724937                           03           02/01/02          0
    006562739                            O            01/01/32
    0

    7899188          225/G01             F          575,500.00         ZZ
                                         360        567,393.01          1
                                       6.500          3,637.56         68
                                       6.250          3,637.56
    LEESBURG         VA   20175          2            12/28/01         00
    0433692035                           03           02/01/02          0
    007325473                            O            01/01/32
    0

    7899196          225/G01             F          643,000.00         ZZ
                                         360        634,563.73          1
                                       6.875          4,224.06         58
                                       6.625          4,224.06
    LITTLETON        CO   80126          2            12/11/01         00
    0433725009                           03           02/01/02          0
1

    007328262                            O            01/01/32
    0

    7899198          225/G01             F          480,000.00         ZZ
                                         360        471,938.05          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    EVERGREEN        CO   80439          2            12/13/01         00
    0433724994                           03           02/01/02          0
    007328318                            O            01/01/32
    0

    7899202          225/G01             F          392,000.00         ZZ
                                         360        386,733.06          1
                                       6.750          2,542.51         80
                                       6.500          2,542.51
    LAKEWOOD         CO   80228          2            12/20/01         00
    0433725090                           03           02/01/02          0
    007328737                            O            01/01/32
    0

    7899210          225/G01             F          421,500.00         ZZ
                                         360        402,799.63          1
                                       6.375          2,629.61         63
                                       6.125          2,629.61
    ALBUQUERQUE      NM   87111          5            12/05/01         00
    0433725074                           03           02/01/02          0
    008469577                            O            01/01/32
    0

    7899212          225/G01             F          510,500.00         ZZ
                                         360        503,641.04          1
                                       6.750          3,311.09         80
                                       6.500          3,311.09
    BASKING RIDGE    NJ   07920          2            12/20/01         00
    0433695632                           03           02/01/02          0
    008470873                            O            01/01/32
    0

    7899214          225/G01             F          345,000.00         ZZ
                                         360        340,268.40          1
                                       6.750          2,237.66         76
                                       6.500          2,237.66
    CHARLOTTE        NC   28226          2            12/18/01         00
    0433724978                           03           02/01/02          0
    008471406                            O            01/01/32
    0

1

    7901480          E82/G01             F          173,100.00         ZZ
                                         360        170,607.54          1
                                       6.000          1,037.82         67
                                       5.750          1,037.82
    GOLD RIVER       CA   95670          2            01/17/02         00
    0400552055                           03           03/01/02          0
    0400552055                           O            02/01/32
    0

    7908766          964/G01             F          368,000.00         ZZ
                                         360        364,035.07          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    GLENDALE         CA   91208          1            02/22/02         00
    0433734571                           05           04/01/02          0
    188491                               O            03/01/32
    0

    7910270          E22/G01             F          924,000.00         ZZ
                                         360        914,743.29          1
                                       7.500          6,460.74         70
                                       7.250          6,460.74
    HOUSTON          TX   77024          2            02/11/02         00
    0413118449                           05           04/01/02          0
    0413118449                           O            03/01/32
    0

    7911180          E82/G01             F          329,000.00         ZZ
                                         360        325,368.75          1
                                       7.000          2,188.85         60
                                       6.750          2,188.85
    SANTA ROSA       CA   95404          2            02/12/02         00
    0400581716                           05           04/01/02          0
    3825540                              O            03/01/32
    0

    7911188          E82/G01             F          265,900.00         ZZ
                                         360        262,857.05          1
                                       6.875          1,746.77         63
                                       6.625          1,746.77
    LAKE GROVE       NY   11755          2            02/12/02         00
    0400531182                           05           04/01/02          0
    0400531182                           O            03/01/32
    0

    7911204          E82/G01             F          218,000.00         ZZ
                                         360        214,798.78          1
                                       6.875          1,432.10         74
                                       6.625          1,432.10
1

    SANTA BARBARA    CA   93101          2            02/12/02         00
    0400549614                           01           04/01/02          0
    1519892                              O            03/01/32
    0

    7911212          E82/G01             F          396,700.00         ZZ
                                         360        392,187.40          1
                                       7.000          2,639.25         77
                                       6.750          2,639.25
    CAMPBELL         CA   95008          2            02/08/02         00
    0400579991                           05           04/01/02          0
    4014555                              O            03/01/32
    0

    7912274          M27/G01             F          498,500.00         ZZ
                                         360        492,998.09          1
                                       7.000          3,316.53         56
                                       6.750          3,316.53
    RICHMOND         VA   23226          5            02/21/02         00
    0433769460                           05           04/01/02          0
    600736382                            O            03/01/32
    0

    7922074          964/G01             F          324,000.00         ZZ
                                         360        320,137.55          1
                                       7.000          2,155.58         76
                                       6.750          2,155.58
    WESTLAKE VILLAG  CA   91362          2            01/26/02         00
    0433711918                           01           03/01/02          0
    163308                               O            02/01/32
    0

    7930104          964/G01             F          329,000.00         ZZ
                                         360        325,280.61          1
                                       6.875          2,161.30         28
                                       6.625          2,161.30
    ORANGE           CA   92867          2            02/21/02         00
    0433729548                           03           04/01/02          0
    185697                               O            03/01/32
    0

    7932808          E82/G01             F          606,000.00         ZZ
                                         360        599,470.75          1
                                       7.125          4,082.73         64
                                       6.875          4,082.73
    KIHEI            HI   96753          2            02/14/02         00
    0400581989                           03           04/01/02          0
    1619442                              O            03/01/32
    0
1

    7932810          E82/G01             F          905,000.00         ZZ
                                         360        895,481.94          1
                                       7.250          6,173.70         54
                                       7.000          6,173.70
    LOS ANGELES      CA   90018          2            02/07/02         00
    0400583787                           05           04/01/02          0
    1764320                              O            03/01/32
    0

    7934556          111/111             F          362,500.00         ZZ
                                         360        355,208.88          1
                                       7.000          2,411.72         64
                                       6.750          2,411.72
    MILPITAS         CA   95035          5            04/25/01         00
    923818                               05           06/01/01          0
    923818                               O            05/01/31
    0

    7934560          111/111             F          570,000.00         ZZ
                                         360        556,674.13          1
                                       7.000          3,792.22         75
                                       6.750          3,792.22
    SAN CLEMENTE     CA   92672          1            06/12/01         00
    946094                               03           08/01/01          0
    946094                               O            07/01/31
    0

    7934564          111/111             F          461,000.00         T
                                         360        454,281.57          1
                                       6.750          2,990.04         55
                                       6.500          2,990.04
    MORRO BAY        CA   93442          2            10/31/01         00
    961785                               05           01/01/02          0
    961785                               O            12/01/31
    0

    7934578          111/111             F          325,000.00         ZZ
                                         360        320,139.34          1
                                       6.875          2,135.02         45
                                       6.625          2,135.02
    GREENBRAE        CA   94904          5            10/16/01         00
    972396                               05           12/01/01          0
    972396                               O            11/01/31
    0

    7934580          111/111             F          650,000.00         ZZ
                                         360        640,306.64          1
1

                                       6.625          4,162.02         80
                                       6.375          4,162.02
    BEND             OR   97701          2            11/28/01         00
    980690                               03           01/01/02          0
    980690                               O            12/01/31
    0

    7934582          111/111             F          350,000.00         ZZ
                                         360        344,969.72          1
                                       6.750          2,270.09         51
                                       6.500          2,270.09
    FOSTER CITY      CA   94404          5            11/07/01         00
    983533                               05           01/01/02          0
    983533                               O            12/01/31
    0

    7934584          111/111             F          500,000.00         ZZ
                                         360        492,466.50          1
                                       6.500          3,160.34         59
                                       6.250          3,160.34
    SHERMAN OAKS     CA   91423          5            11/19/01         00
    987430                               05           01/01/02          0
    987430                               O            12/01/31
    0

    7934596          111/111             F          490,000.00         ZZ
                                         360        480,442.87          1
                                       6.500          3,097.13         75
                                       6.250          3,097.13
    SAN CLEMENTE     CA   92673          1            01/20/02         00
    1008645                              03           03/01/02          0
    1008645                              O            02/01/32
    0

    7945828          E85/G01             F          389,000.00         ZZ
                                         360        378,608.83          1
                                       6.750          2,523.05         44
                                       6.500          2,523.05
    NOVATO           CA   94947          2            01/25/02         00
    0433716784                           05           03/01/02          0
    9611584                              O            02/01/32
    0

    7953772          975/G01             F          332,500.00         ZZ
                                         360        328,830.19          1
                                       7.000          2,212.13         70
                                       6.750          2,212.13
    BURBANK          CA   91501          5            02/20/02         00
    0433736980                           05           04/01/02          0
1

    2016195                              O            03/01/32
    0

    7957798          E22/G01             F          335,000.00         ZZ
                                         360        331,121.27          1
                                       6.750          2,172.80         41
                                       6.500          2,172.80
    LOS GATOS        CA   95032          2            02/05/02         00
    0413420191                           05           04/01/02          0
    0413420191                           O            03/01/32
    0

    7957812          E22/G01             F          190,000.00         ZZ
                                         360        187,852.13          1
                                       6.875          1,248.16         46
                                       6.625          1,248.16
    MISSION VIEJO    CA   92692          2            02/07/02         00
    0413477050                           03           04/01/02          0
    0413477050                           O            03/01/32
    0

    7957836          E22/G01             F          485,000.00         ZZ
                                         360        478,414.30          1
                                       7.125          3,267.53         65
                                       6.875          3,267.53
    GILROY           CA   95020          5            02/06/02         00
    0413514332                           05           04/01/02          0
    0413514332                           O            03/01/32
    0

    7957930          E22/G01             F          400,000.00         ZZ
                                         360        395,257.14          1
                                       6.625          2,561.24         62
                                       6.375          2,561.24
    PROSPECT         KY   40059          1            02/15/02         00
    0413597642                           05           04/01/02          0
    0413597642                           O            03/01/32
    0

    7957974          E22/G01             F          313,000.00         ZZ
                                         360        305,912.49          1
                                       7.000          2,082.40         69
                                       6.750          2,082.40
    DALY CITY        CA   94015          2            02/05/02         00
    0413618802                           05           04/01/02          0
    0413618802                           O            03/01/32
    0

1

    7958000          E22/G01             F          332,000.00         ZZ
                                         360        328,335.76          1
                                       7.000          2,208.80         80
                                       6.750          2,208.80
    SANTA CLARITA    CA   91351          2            02/08/02         00
    0413630476                           03           04/01/02          0
    0413630476                           O            03/01/32
    0

    7958040          E22/G01             F          195,000.00         ZZ
                                         360        192,795.55          1
                                       6.875          1,281.01         30
                                       6.625          1,281.01
    HOUSTON          TX   77024          5            02/13/02         00
    0413644121                           05           04/01/02          0
    0413644121                           O            03/01/32
    0

    7958046          E22/G01             F          330,500.00         ZZ
                                         360        326,750.55          1
                                       7.000          2,198.82         49
                                       6.750          2,198.82
    JUPITER          FL   33469          5            02/12/02         00
    0413646316                           05           04/01/02          0
    0413646316                           O            03/01/32
    0

    7959980          E82/G01             F          292,500.00         ZZ
                                         360        289,197.34          1
                                       7.125          1,970.63         64
                                       6.875          1,970.63
    PASADENA         CA   91105          2            02/13/02         00
    0400584439                           05           04/01/02          0
    1744327                              O            03/01/32
    0

    7959992          E82/G01             F          391,200.00         ZZ
                                         360        386,126.20          1
                                       7.000          2,602.66         80
                                       6.750          2,602.66
    COTATI           CA   95431          2            02/08/02         00
    0400576377                           05           04/01/02          0
    3379515                              O            03/01/32
    0

    7959994          E82/G01             F          276,000.00         ZZ
                                         360        273,087.28          1
                                       7.375          1,906.26         74
                                       7.125          1,906.26
1

    EAST PATCHOGUE   NY   11772          2            02/12/02         00
    0400561486                           05           04/01/02          0
    1982191                              O            03/01/32
    0

    7960004          E82/G01             F          347,800.00         ZZ
                                         360        343,868.10          1
                                       6.875          2,284.80         78
                                       6.625          2,284.80
    DALY CITY        CA   94015          2            02/13/02         00
    0400579819                           05           04/01/02          0
    7960004                              O            03/01/32
    0

    7962360          286/286             F           65,000.00         ZZ
                                         360         60,322.81          1
                                       6.875            427.00         41
                                       6.625            427.00
    BATTLE GROUND    WA   98604          5            11/05/01         00
    9926899                              05           01/01/02          0
    9926899                              O            12/01/31
    0

    7962646          286/286             F          555,000.00         ZZ
                                         360        542,799.31          1
                                       6.625          3,553.73         68
                                       6.375          3,553.73
    ATLANTA          GA   30306          2            11/12/01         00
    0627971                              05           01/01/02          0
    627971                               O            12/01/31
    0

    7965230          B57/G01             F          775,000.00         ZZ
                                         360        766,446.35          1
                                       7.000          5,156.09         60
                                       6.750          5,156.09
    (STUDIO CITY AR  CA   91604          5            02/25/02         00
    0433744372                           05           04/01/02          0
    10000202                             O            03/01/32
    0

    7966278          286/286             F          156,000.00         ZZ
                                         360        153,861.93          1
                                       7.000          1,037.88         75
                                       6.750          1,037.88
    PORTLAND         OR   97202          2            11/12/01         00
    0662000                              05           01/01/02          0
    662000                               O            12/01/31
    0
1

    7966338          E84/G01             F          375,000.00         ZZ
                                         360        370,309.94          1
                                       7.125          2,526.44         39
                                       6.875          2,526.44
    SAN CARLOS       CA   94070          5            12/10/01         00
    0433716859                           05           02/01/02          0
    37013821                             O            01/01/32
    0

    7967120          964/G01             F          418,000.00         ZZ
                                         360        413,496.33          1
                                       7.125          2,816.14         74
                                       6.875          2,816.14
    LONG BEACH       CA   90815          1            02/01/02         00
    0433692688                           05           04/01/02          0
    185120                               O            03/01/32
    0

    7967526          952/G01             F          692,000.00         ZZ
                                         360        684,305.28          1
                                       7.125          4,662.14         58
                                       6.875          4,662.14
    RIDGEWOOD        NJ   07450          5            02/13/02         00
    0433716123                           05           04/01/02          0
    20014562                             O            03/01/32
    0

    7969796          E84/G01             F          430,000.00         ZZ
                                         360        424,995.62          1
                                       7.125          2,896.99         52
                                       6.875          2,896.99
    OAKLAND          CA   94611          2            01/04/02         00
    0433712452                           05           03/01/02          0
    37013847                             O            02/01/32
    0

    7970588          B57/G01             F          745,500.00         ZZ
                                         360        737,072.18          1
                                       6.875          4,897.40         70
                                       6.625          4,897.40
    LOS ANGELES      CA   91436          1            02/22/02         00
    0433716255                           05           04/01/02          0
    10001160                             O            03/01/32
    0

    7970664          E60/G01             F          408,000.00         ZZ
                                         360        403,496.80          1
1

                                       7.000          2,714.44         51
                                       6.750          2,714.44
    OJAI AREA        CA   93023          2            02/25/02         00
    0433773348                           05           04/01/02          0
    521857                               O            03/01/32
    0

    7980462          E22/G01             F          779,000.00         ZZ
                                         360        769,980.43          1
                                       6.750          5,052.58         65
                                       6.500          5,052.58
    DEL MAR          CA   92014          5            02/12/02         00
    0413394750                           05           04/01/02          0
    0413394750                           O            03/01/32
    0

    7980464          E22/G01             F          397,500.00         ZZ
                                         360        393,006.29          1
                                       6.875          2,611.29         75
                                       6.625          2,611.29
    DUBLIN           CA   94568          5            02/08/02         00
    0413407941                           05           04/01/02          0
    0413407941                           O            03/01/32
    0

    7980534          E22/G01             F          500,000.00         ZZ
                                         360        494,612.83          1
                                       7.125          3,368.59         74
                                       6.875          3,368.59
    COSTA MESA       CA   92626          2            02/11/02         00
    0413590928                           05           04/01/02          0
    0413590928                           O            03/01/32
    0

    7980546          E22/G01             F          399,000.00         ZZ
                                         360        394,489.25          1
                                       6.875          2,621.15         70
                                       6.625          2,621.15
    SAN FRANCISCO    CA   94122          5            02/11/02         00
    0413613902                           05           04/01/02          0
    0413613902                           O            03/01/32
    0

    7981118          E82/G01             F          287,100.00         ZZ
                                         360        283,931.32          1
                                       7.000          1,910.08         70
                                       6.750          1,910.08
    FREMONT          CA   94536          2            02/14/02         00
    0400586806                           05           04/01/02          0
1

    1803788                              O            03/01/32
    0

    7981120          E82/G01             F          311,500.00         ZZ
                                         360        308,143.79          1
                                       7.125          2,098.63         67
                                       6.875          2,098.63
    DALY CITY        CA   94015          2            02/18/02         00
    0400584413                           05           04/01/02          0
    0400584413                           O            03/01/32
    0

    7985488          E87/G01             F          530,000.00         ZZ
                                         360        521,908.83          1
                                       6.875          3,481.72         43
                                       6.625          3,481.72
    SANTA BARBARA    CA   93110          2            02/25/02         00
    0433736360                           05           04/01/02          0
    70004028                             O            03/01/32
    0

    7990242          E84/G01             F          469,000.00         ZZ
                                         360        463,671.77          1
                                       7.250          3,199.41         59
                                       7.000          3,199.41
    NAPLES           FL   34110          2            01/17/02         00
    0433710449                           03           03/01/02          0
    73410682                             O            02/01/32
    0

    7996030          696/G01             F          868,075.00         ZZ
                                         360        859,378.47          1
                                       7.500          6,069.71         65
                                       7.250          6,069.71
    ROUND HILL       VA   20141          2            02/15/02         00
    0433714599                           05           04/01/02          0
    10002008                             O            03/01/32
    0

    7998760          B57/G01             F          350,000.00         ZZ
                                         360        346,043.26          1
                                       6.875          2,299.25         77
                                       6.625          2,299.25
    SHERMAN OAKS AR  CA   91423          1            02/25/02         00
    0433738697                           05           04/01/02          0
    10000552                             O            03/01/32
    0

1

    8000914          964/G01             F          337,500.00         ZZ
                                         360        333,863.65          1
                                       7.125          2,273.80         75
                                       6.875          2,273.80
    OAKLAND          CA   94611          5            02/26/02         00
    0433757259                           05           04/01/02          0
    189789                               O            03/01/32
    0

    8002316          E22/G01             F          320,000.00         ZZ
                                         360        316,382.42          1
                                       6.875          2,102.17         54
                                       6.625          2,102.17
    SAN MATEO        CA   94403          2            02/08/02         00
    0413384942                           05           04/01/02          0
    0413384942                           O            03/01/32
    0

    8002418          E22/G01             F          637,000.00         ZZ
                                         360        630,300.61          1
                                       7.250          4,345.46         70
                                       7.000          4,345.46
    HOUSTON          TX   77024          5            02/15/02         00
    0413607896                           05           04/01/02          0
    0413607896                           O            03/01/32
    0

    8002442          E22/G01             F          353,200.00         ZZ
                                         360        349,092.16          1
                                       7.125          2,379.57         53
                                       6.875          2,379.57
    VALLEY CENTER    CA   92082          5            02/08/02         00
    0413617572                           03           04/01/02          0
    0413617572                           O            03/01/32
    0

    8002480          E22/G01             F          345,000.00         ZZ
                                         360        341,192.27          1
                                       7.000          2,295.29         60
                                       6.750          2,295.29
    NORTHBROOK       IL   60062          2            02/15/02         00
    0413648817                           05           04/01/02          0
    0413648817                           O            03/01/32
    0

    8002508          E22/G01             F          480,000.00         ZZ
                                         360        472,978.83          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
1

    LIVERMORE        CA   94550          1            02/11/02         00
    0413671769                           05           04/01/02          0
    0413671769                           O            03/01/32
    0

    8003068          E82/G01             F          397,300.00         ZZ
                                         360        392,808.50          1
                                       6.875          2,609.98         51
                                       6.625          2,609.98
    GLENVIEW         IL   60025          2            02/15/02         00
    0400549077                           05           04/01/02          0
    2960904                              O            03/01/32
    0

    8003076          E82/G01             F          350,000.00         ZZ
                                         360        345,947.61          1
                                       6.750          2,270.09         54
                                       6.500          2,270.09
    MCLEAN           VA   22102          2            02/19/02         00
    0400530663                           05           04/01/02          0
    0400530663                           O            03/01/32
    0

    8003084          E82/G01             F          358,400.00         ZZ
                                         360        354,348.31          1
                                       6.875          2,354.43         80
                                       6.625          2,354.43
    SANTA CLARITA    CA   91321          2            02/20/02         00
    0400580981                           05           04/01/02          0
    2965045                              O            03/01/32
    0

    8003584          M45/G01             F          330,000.00         ZZ
                                         360        326,066.01          1
                                       7.000          2,195.50         74
                                       6.750          2,195.50
    REDDING          CA   96002          1            01/29/02         00
    0433712106                           05           03/01/02          0
    A0313911                             O            02/01/32
    0

    8003602          M45/G01             F          404,000.00         ZZ
                                         360        399,458.88          1
                                       7.000          2,687.83         37
                                       6.750          2,687.83
    NEWTON CENTRE    MA   02459          5            02/02/02         00
    0433703832                           05           04/01/02          0
    A0309570                             O            03/01/32
    0
1

    8003604          M45/G01             F          490,000.00         ZZ
                                         360        484,419.97          1
                                       7.375          3,384.31         73
                                       7.125          3,384.31
    LOS ANGELES      CA   90046          5            01/30/02         00
    0433700515                           05           03/01/02          0
    A0325600                             O            02/01/32
    0

    8003610          M45/G01             F          650,000.00         ZZ
                                         360        641,530.82          1
                                       6.125          3,949.47         24
                                       5.875          3,949.47
    LAGUNA BEACH     CA   92651          2            02/08/02         00
    0433706272                           03           04/01/02          0
    A0327488                             O            03/01/32
    0

    8003614          M45/G01             F          313,000.00         ZZ
                                         360        308,698.38          1
                                       6.250          1,927.20         47
                                       6.000          1,927.20
    SAN JOSE         CA   95129          2            01/31/02         00
    0433705308                           05           03/01/02          0
    A0327330                             O            02/01/32
    0

    8003624          M45/G01             F          400,000.00         ZZ
                                         360        395,368.54          1
                                       6.750          2,594.40         71
                                       6.500          2,594.40
    ALBERTSON        NY   11507          1            02/11/02         00
    0433719069                           05           04/01/02          0
    A0309916                             O            03/01/32
    0

    8003626          M45/G01             F          480,000.00         ZZ
                                         360        474,702.12          1
                                       7.000          3,193.46         44
                                       6.750          3,193.46
    OAKLAND          CA   94705          2            01/31/02         00
    0433706686                           05           04/01/02          0
    A0301898                             O            03/01/32
    0

    8003628          M45/G01             F          442,000.00         ZZ
                                         360        436,759.00          1
1

                                       6.625          2,830.18         50
                                       6.375          2,830.18
    SAN MATEO        CA   94403          2            01/31/02         00
    0433707015                           05           04/01/02          0
    A0327713                             O            03/01/32
    0

    8003634          M45/G01             F          421,700.00         ZZ
                                         360        416,901.00          1
                                       6.875          2,770.27         57
                                       6.625          2,770.27
    DUBLIN           CA   94568          5            02/08/02         00
    0433709656                           03           04/01/02          0
    A0320892                             O            03/01/32
    0

    8003636          M45/G01             F          525,000.00         ZZ
                                         360        518,597.24          1
                                       6.625          3,361.64         67
                                       6.375          3,361.64
    LAFAYETTE        CA   94549          5            02/11/02         00
    0433707304                           05           04/01/02          0
    A0326375                             O            03/01/32
    0

    8003644          M45/G01             F          470,000.00         ZZ
                                         360        462,477.32          1
                                       7.125          3,166.48         43
                                       6.875          3,166.48
    MOUNTAIN VIEW    CA   94040          5            01/30/02         00
    0433703576                           05           03/01/02          0
    A0312985                             O            02/01/32
    0

    8003646          M45/G01             F          573,000.00         ZZ
                                         360        566,522.11          1
                                       6.875          3,764.21         53
                                       6.625          3,764.21
    MOUNTAIN VIEW    CA   94040          2            02/12/02         00
    0433706371                           05           04/01/02          0
    A0297548                             O            03/01/32
    0

    8003650          M45/G01             F          470,000.00         ZZ
                                         360        464,686.59          1
                                       6.875          3,087.57         73
                                       6.625          3,087.57
    SAN FRANCISCO    CA   94127          5            02/05/02         00
    0433709680                           05           04/01/02          0
1

    A0326828                             O            03/01/32
    0

    8003652          M45/G01             F          377,000.00         ZZ
                                         360        372,172.37          1
                                       6.625          2,413.98         79
                                       6.375          2,413.98
    RENO             NV   89503          2            01/24/02         00
    0433703261                           03           03/01/02          0
    A0327049                             O            02/01/32
    0

    8008588          E84/G01             F          426,000.00         ZZ
                                         360        421,042.17          1
                                       7.125          2,870.04         68
                                       6.875          2,870.04
    LOS ALAMITOS     CA   90720          5            01/11/02         00
    0433708773                           05           03/01/02          0
    75513730                             O            02/01/32
    0

    8009232          H58/G01             F          398,500.00         ZZ
                                         360        393,862.18          1
                                       7.125          2,684.77         65
                                       6.875          2,684.77
    SAN JOSE         CA   95126          2            01/29/02         00
    0433726718                           05           03/01/02          0
    0000087723                           O            02/01/32
    0

    8016288          116/116             F          429,450.00         ZZ
                                         360        424,594.93          1
                                       6.875          2,821.19         68
                                       6.625          2,821.19
    MONTGOMERY       TX   77356          2            02/28/02         00
    091021418                            03           04/01/02          0
    091021418                            O            03/01/32
    0

    8020540          E44/G01             F          636,000.00         ZZ
                                         360        629,147.45          1
                                       7.125          4,284.85         80
                                       6.875          4,284.85
    BOUNTIFUL        UT   84010          4            02/27/02         00
    0433728417                           05           04/01/02          0
    52000182                             O            03/01/32
    0

1

    8022776          B57/G01             F          625,000.00         ZZ
                                         360        611,882.62          1
                                       6.625          4,001.94         70
                                       6.375          4,001.94
    LOS ANGELES      CA   90056          5            02/26/02         00
    0433763901                           05           04/01/02          0
    2119824                              O            03/01/32
    0

    8024796          964/G01             F          148,000.00         ZZ
                                         360        146,326.78          1
                                       6.875            972.26         62
                                       6.625            972.26
    PORTLAND         OR   97219          1            02/28/02         00
    0433750429                           05           04/01/02          0
    192254                               O            03/01/32
    0

    8025824          E22/G01             F          399,950.00         ZZ
                                         360        394,394.58          1
                                       7.000          2,660.88         63
                                       6.750          2,660.88
    PACIFIC GROVE    CA   93950          2            02/14/02         00
    0413616012                           05           04/01/02          0
    0413616012                           O            03/01/32
    0

    8026402          E82/G01             F          207,000.00         ZZ
                                         360        204,769.66          1
                                       7.125          1,394.60         71
                                       6.875          1,394.60
    HICKSVILLE       NY   11801          2            02/20/02         00
    0400579371                           05           04/01/02          0
    1991505                              O            03/01/32
    0

    8026566          E82/G01             F          400,000.00         ZZ
                                         360        395,585.19          1
                                       7.000          2,661.21         73
                                       6.750          2,661.21
    SAN JOSE         CA   95136          5            02/21/02         00
    0400588513                           05           04/01/02          0
    0400588513                           O            03/01/32
    0

    8026572          E82/G01             F          120,000.00         ZZ
                                         360        117,580.75          1
                                       6.750            778.32         44
                                       6.500            778.32
1

    ENGLEWOOD        CO   80112          5            02/21/02         00
    0400586590                           05           04/01/02          0
    0400586590                           O            03/01/32
    0

    8030252          405/405             F          400,000.00         ZZ
                                         300        390,994.78          1
                                       7.000          2,827.12         63
                                       6.500          2,827.12
    EDGEWATER        MD   21037          2            11/02/01         00
    0012586418                           05           12/01/01          0
    12586418                             O            11/01/26
    0

    8030262          405/405             F          354,400.00         ZZ
                                         360        349,524.04          1
                                       6.625          2,269.27         80
                                       6.375          2,269.27
    VIRGINIA BEACH   VA   23456          1            12/21/01         00
    0012664140                           05           02/01/02          0
    12664140                             O            01/01/32
    0

    8030266          405/405             F          363,000.00         ZZ
                                         360        356,354.86          1
                                       6.625          2,324.33         49
                                       6.375          2,324.33
    DENVER           CO   80206          2            01/09/02         00
    0012675856                           05           03/01/02          0
    12675856                             O            02/01/32
    0

    8030278          405/405             F          448,000.00         ZZ
                                         360        440,286.33          1
                                       7.000          2,980.56         80
                                       6.500          2,980.56
    CARLSBAD         CA   92009          1            12/20/01         00
    0012772190                           05           02/01/02          0
    12772190                             O            01/01/32
    0

    8030280          405/405             F          353,980.00         ZZ
                                         360        346,770.87          1
                                       6.750          2,295.91         77
                                       6.500          2,295.91
    VIRGINIA BEACH   VA   23451          2            12/17/01         00
    0012779757                           05           02/01/02          0
    12779757                             O            01/01/32
    0
1

    8030284          405/405             F          401,000.00         ZZ
                                         360        275,502.98          1
                                       6.750          2,600.88         47
                                       6.500          2,600.88
    LOS ANGELES      CA   91604          2            12/20/01         00
    0012784419                           05           02/01/02          0
    12784419                             O            01/01/32
    0

    8030286          405/405             F          413,000.00         ZZ
                                         360        407,957.28          1
                                       6.875          2,713.12         62
                                       6.500          2,713.12
    LOS ANGELES      CA   90045          2            01/10/02         00
    0012792412                           05           03/01/02          0
    12792412                             O            02/01/32
    0

    8030290          405/405             F          360,000.00         ZZ
                                         360        353,540.34          1
                                       6.875          2,364.94         53
                                       6.500          2,364.94
    LOS ANGELES      CA   91367          5            12/29/01         00
    0012794921                           03           03/01/02          0
    12794921                             O            02/01/32
    0

    8030300          405/405             F          650,000.00         ZZ
                                         360        642,251.22          1
                                       7.000          4,324.47         75
                                       6.500          4,324.47
    REDONDO BEACH    CA   90277          2            01/30/02         00
    0018023242                           05           03/01/02          0
    18023242                             O            02/01/32
    0

    8030304          405/405             F          424,000.00         ZZ
                                         360        419,320.20          1
                                       7.000          2,820.89         80
                                       6.500          2,820.89
    LOS ANGELES      CA   91367          2            02/01/02         00
    0018065490                           05           04/01/02          0
    18065490                             O            03/01/32
    0

    8030306          405/405             F          650,000.00         ZZ
                                         360        642,063.54          1
1

                                       6.875          4,270.04         34
                                       6.500          4,270.04
    LOS ALTOS HILLS  CA   94022          2            01/25/02         00
    0018082107                           05           03/01/02          0
    18082107                             O            02/01/32
    0

    8030314          405/405             F          440,500.00         ZZ
                                         360        432,585.27          1
                                       6.625          2,820.57         49
                                       6.375          2,820.57
    PIEDMONT         CA   94611          5            01/23/02         00
    0018096339                           05           03/01/02          0
    18096339                             O            02/01/32
    0

    8030318          405/405             F          395,000.00         ZZ
                                         360        390,534.50          1
                                       6.875          2,594.87         51
                                       6.500          2,594.87
    RANCHO CUCAMONG  CA   91737          2            02/01/02         00
    0018110395                           05           04/01/02          0
    18110395                             O            03/01/32
    0

    8030322          405/405             F          326,000.00         ZZ
                                         360        321,825.45          1
                                       6.625          2,087.42         46
                                       6.375          2,087.42
    MOUNT KISCO      NY   10549          5            01/28/02         00
    0018115402                           05           03/01/02          0
    18115402                             O            02/01/32
    0

    8030326          405/405             F          364,000.00         ZZ
                                         360        359,448.31          1
                                       6.750          2,360.90         59
                                       6.500          2,360.90
    TAMPA            FL   33609          2            01/31/02         00
    0018116038                           05           03/01/02          0
    18116038                             O            02/01/32
    0

    8030330          405/405             F          700,000.00         ZZ
                                         360        684,721.96          1
                                       7.125          4,716.03         64
                                       6.625          4,716.03
    TIBURON          CA   94920          5            01/23/02         00
    0018122861                           05           03/01/02          0
1

    18122861                             O            02/01/32
    0

    8030334          405/405             F          405,000.00         ZZ
                                         360        400,171.88          1
                                       7.000          2,694.48         78
                                       6.500          2,694.48
    THOUSAND OAKS    CA   91360          2            01/25/02         00
    0018125997                           05           03/01/02          0
    18125997                             O            02/01/32
    0

    8030336          405/405             F          313,000.00         ZZ
                                         360        308,585.34          1
                                       6.875          2,056.19         64
                                       6.500          2,056.19
    GOLETA           CA   93117          2            01/29/02         00
    0018133827                           05           03/01/02          0
    18133827                             O            02/01/32
    0

    8030338          405/405             F          545,000.00         ZZ
                                         360        538,838.80          1
                                       6.875          3,580.26         65
                                       6.500          3,580.26
    BURLINGAME       CA   94010          5            02/01/02         00
    0018140327                           05           04/01/02          0
    18140327                             O            03/01/32
    0

    8030342          405/405             F          564,000.00         ZZ
                                         360        557,276.42          1
                                       7.000          3,752.31         80
                                       6.500          3,752.31
    SAN MATEO        CA   94404          2            01/17/02         00
    0018142679                           03           03/01/02          0
    18142679                             O            02/01/32
    0

    8030352          405/405             F          413,000.00         ZZ
                                         360        405,258.98          1
                                       7.000          2,747.70         75
                                       6.500          2,747.70
    ESCONDIDO        CA   92029          5            02/02/02         00
    0018209924                           05           04/01/02          0
    18209924                             O            03/01/32
    0

1

    8041400          405/405             F          510,000.00         ZZ
                                         360        503,772.91          1
                                       6.875          3,350.34         69
                                       6.500          3,350.34
    MURRIETA AREA    CA   92562          5            01/15/02         00
    0012794178                           05           03/01/02          0
    0012794178                           O            02/01/32
    0

    8041402          405/405             F          529,050.00         ZZ
                                         360        522,434.48          1
                                       6.750          3,431.41         71
                                       6.500          3,431.41
    ARLINGTON        TX   76016          2            01/04/02         00
    0012803888                           05           03/01/02          0
    0012803888                           O            02/01/32
    0

    8041404          405/405             F          375,000.00         ZZ
                                         360        370,421.34          1
                                       6.875          2,463.48         75
                                       6.500          2,463.48
    SANTA PAULA      CA   93060          5            01/17/02         00
    0012836334                           05           03/01/02          0
    0012836334                           O            02/01/32
    0

    8041410          405/405             F          505,000.00         ZZ
                                         360        495,607.48          1
                                       7.125          3,402.28         68
                                       6.625          3,402.28
    OJAI AREA        CA   93023          5            01/11/02         00
    0012953717                           05           03/01/02          0
    0012953717                           O            02/01/32
    0

    8041412          405/405             F          487,000.00         ZZ
                                         360        481,053.82          1
                                       6.875          3,199.24         63
                                       6.500          3,199.24
    DUBLIN           CA   94568          2            01/24/02         00
    0012959342                           03           03/01/02          0
    0012959342                           O            02/01/32
    0

    8041418          405/405             F          500,000.00         ZZ
                                         360        493,747.75          1
                                       6.750          3,242.99         51
                                       6.500          3,242.99
1

    PORTLAND         OR   97225          1            01/23/02         00
    0012963229                           05           03/01/02          0
    0012963229                           O            02/01/32
    0

    8041426          405/405             F          407,000.00         ZZ
                                         360        402,230.38          1
                                       6.875          2,673.70         54
                                       6.500          2,673.70
    POTOMAC          MD   20854          2            02/08/02         00
    0017782756                           05           04/01/02          0
    0017782756                           O            03/01/32
    0

    8041438          405/405             F          412,500.00         ZZ
                                         360        407,947.12          1
                                       7.000          2,744.38         54
                                       6.500          2,744.38
    LIVERMORE        CA   94550          2            02/01/02         00
    0018122820                           05           04/01/02          0
    0018122820                           O            03/01/32
    0

    8041454          405/405             F          333,000.00         ZZ
                                         360        329,235.35          1
                                       6.875          2,187.58         36
                                       6.500          2,187.58
    SAN JOSE         CA   95120          2            02/01/02         00
    0018172460                           05           04/01/02          0
    0018172460                           O            03/01/32
    0

    8041468          405/405             F          340,000.00         ZZ
                                         360        334,738.60          1
                                       7.000          2,262.03         83
                                       6.500          2,262.03
    TULSA            OK   74137          2            02/11/02         01
    0018225755                           05           04/01/02         12
    0018225755                           O            03/01/32
    0

    8041478          405/405             F          360,000.00         ZZ
                                         360        355,226.47          1
                                       6.500          2,275.45         80
                                       6.250          2,275.45
    BELTSVILLE       MD   20705          2            02/15/02         00
    0018228999                           03           04/01/02          0
    0018228999                           O            03/01/32
    0
1

    8041480          405/405             F          410,500.00         ZZ
                                         360        405,969.24          1
                                       7.000          2,731.07         73
                                       6.500          2,731.07
    ANNAPOLIS        MD   21401          2            02/14/02         00
    0018229203                           05           04/01/02          0
    0018229203                           O            03/01/32
    0

    8042674          405/405             F          337,000.00         ZZ
                                         360        331,955.89          1
                                       6.750          2,185.78         47
                                       6.500          2,185.78
    FOUNTAIN HILLS   AZ   85264          5            11/21/01         00
    0012694519                           05           01/01/02          0
    12694519                             O            12/01/31
    0

    8042678          405/405             F          570,000.00         ZZ
                                         360        557,692.80          1
                                       6.625          3,649.77         62
                                       6.375          3,649.77
    DENVER           CO   80218          5            12/10/01         00
    0012722575                           05           02/01/02          0
    12722575                             O            01/01/32
    0

    8043212          405/405             F          372,000.00         ZZ
                                         360        367,001.94          1
                                       6.750          2,412.78         79
                                       6.500          2,412.78
    LAKE OSWEGO      OR   97035          2            12/18/01         00
    0012835286                           05           02/01/02          0
    12835286                             O            01/01/32
    0

    8047730          E22/G01             F          185,000.00         ZZ
                                         360        182,958.14          1
                                       7.000          1,230.81         64
                                       6.750          1,230.81
    LIVERMORE        CA   94550          2            02/18/02         00
    0413556200                           05           04/01/02          0
    0413556200                           O            03/01/32
    0

    8047740          E22/G01             F          367,500.00         ZZ
                                         360        362,839.19          1
1

                                       6.625          2,353.14         68
                                       6.375          2,353.14
    WASHINGTON       DC   20015          2            02/19/02         00
    0413564337                           05           04/01/02          0
    0413564337                           O            03/01/32
    0

    8047742          E22/G01             F          230,000.00         ZZ
                                         360        227,336.92          1
                                       6.750          1,491.78         77
                                       6.500          1,491.78
    WIMBERLEY        TX   78676          5            02/20/02         00
    0413564675                           05           04/01/02          0
    0413564675                           O            03/01/32
    0

    8047774          E22/G01             F          315,000.00         ZZ
                                         360        311,478.63          1
                                       7.000          2,095.70         79
                                       6.750          2,095.70
    ALAMEDA          CA   94501          2            01/30/02         00
    0413601121                           05           04/01/02          0
    0413601121                           O            03/01/32
    0

    8049136          E82/G01             F          153,000.00         ZZ
                                         360        151,381.93          1
                                       7.250          1,043.73         85
                                       7.000          1,043.73
    NEWARK           TX   76071          2            02/22/02         04
    0400559928                           03           04/01/02         12
    0400559928                           O            03/01/32
    0

    8049150          E82/G01             F          296,000.00         ZZ
                                         360        292,886.95          1
                                       7.250          2,019.24         70
                                       7.000          2,019.24
    DALLAS           TX   75248          2            02/22/02         00
    0400584785                           05           04/01/02          0
    3458349                              O            03/01/32
    0

    8049160          E82/G01             F          328,000.00         ZZ
                                         360        324,291.91          1
                                       6.875          2,154.73         80
                                       6.625          2,154.73
    LONGMONT         CO   80503          5            02/22/02         00
    0400589842                           05           04/01/02          0
1

    0400589842                           O            03/01/32
    0

    8049172          E82/G01             F          371,200.00         ZZ
                                         360        365,347.30          1
                                       7.250          2,532.24         80
                                       7.000          2,532.24
    SUISUN           CA   94585          2            02/07/02         00
    0400577680                           05           04/01/02          0
    0400577680                           O            03/01/32
    0

    8050192          E33/G01             F          700,000.00         ZZ
                                         360        691,895.07          1
                                       6.750          4,540.19         70
                                       6.500          4,540.19
    LAKE BLUFF       IL   60044          2            02/20/02         00
    0433720760                           05           04/01/02          0
    WYNN                                 O            03/01/32
    0

    8052618          L20/G01             F          460,000.00         ZZ
                                         360        454,798.36          1
                                       6.875          3,021.87         80
                                       6.625          3,021.87
    SALT LAKE CITY   UT   84103          1            03/01/02         00
    0433750759                           05           04/01/02          0
    283248                               O            03/01/32
    0

    8070462          E22/G01             F          366,000.00         ZZ
                                         360        361,862.37          1
                                       6.875          2,404.36         37
                                       6.625          2,404.36
    DANA POINT       CA   92629          2            02/01/02         00
    0413562695                           03           04/01/02          0
    0413562695                           O            03/01/32
    0

    8070468          E22/G01             F          229,000.00         ZZ
                                         360        223,905.81          1
                                       7.000          1,523.54         63
                                       6.750          1,523.54
    KUNA             ID   83634          2            02/15/02         00
    0413565474                           05           04/01/02          0
    0413565474                           O            03/01/32
    0

1

    8073634          998/998             F          375,000.00         ZZ
                                         360        370,079.90          1
                                       6.875          2,463.49         40
                                       6.625          2,463.49
    OCONOMOWOC       WI   53066          2            12/29/01         00
    12165637                             05           02/01/02          0
    2165637                              O            01/01/32
    0

    8073640          998/998             F          322,500.00         ZZ
                                         360        312,529.14          1
                                       6.750          2,091.73         75
                                       6.500          2,091.73
    HARRINGTON PARK  NJ   07640          5            01/25/02         00
    12228812                             05           03/01/02          0
    2228812                              O            02/01/32
    0

    8073642          998/998             F          400,000.00         ZZ
                                         360        395,455.62          1
                                       7.250          2,728.71         49
                                       7.000          2,728.71
    FORT SALONGA     NY   11768          1            01/25/02         00
    12709330                             05           03/01/02          0
    2709330                              O            02/01/32
    0

    8073650          998/998             F          450,000.00         ZZ
                                         360        444,304.78          1
                                       7.500          3,146.47         83
                                       7.250          3,146.47
    KIRTLAND         OH   44094          2            01/08/02         12
    13101615                             05           03/01/02         12
    3101615                              O            02/01/32
    0

    8073652          998/998             F          336,000.00         ZZ
                                         360        331,591.71          1
                                       6.875          2,207.28         66
                                       6.625          2,207.28
    HUNTINGTON       NY   11743          5            12/21/01         00
    13107050                             05           02/01/02          0
    3107050                              O            01/01/32
    0

    8085742          964/G01             F          421,500.00         ZZ
                                         360        417,067.08          1
                                       7.250          2,875.37         80
                                       7.000          2,875.37
1

    GREELEY          CO   80634          2            02/08/02         00
    0433717311                           05           04/01/02          0
    185442                               O            03/01/32
    0

    8091106          E22/G01             F          551,500.00         ZZ
                                         360        542,988.25          1
                                       6.875          3,622.96         52
                                       6.625          3,622.96
    SAN JOSE         CA   95125          2            02/20/02         00
    0413667577                           05           04/01/02          0
    0413667577                           O            03/01/32
    0

    8093822          405/405             F          412,000.00         ZZ
                                         360        404,980.24          1
                                       7.125          2,775.72         80
                                       6.625          2,775.72
    CASTLE ROCK      CO   80104          1            02/15/02         00
    0012950127                           03           04/01/02          0
    0012950127                           O            03/01/32
    0

    8093828          405/405             F          349,500.00         ZZ
                                         360        345,548.84          1
                                       6.875          2,295.97         82
                                       6.500          2,295.97
    MT PLEASANT      SC   29466          1            02/07/02         14
    0012964904                           03           04/01/02         12
    0012964904                           O            03/01/32
    0

    8093844          405/405             F          650,000.00         ZZ
                                         360        642,825.87          1
                                       7.000          4,324.47         78
                                       6.500          4,324.47
    ENGLEWOOD        CO   80111          1            02/15/02         00
    0012981932                           03           04/01/02          0
    0012981932                           O            03/01/32
    0

    8093854          405/405             F          424,000.00         ZZ
                                         360        419,090.71          1
                                       6.750          2,750.06         80
                                       6.500          2,750.06
    PALM BEACH GARD  FL   33418          2            02/15/02         00
    0018004556                           03           04/01/02          0
    0018004556                           O            03/01/32
    0
1

    8093872          405/405             F          365,000.00         ZZ
                                         360        361,161.16          1
                                       7.250          2,489.95         73
                                       6.750          2,489.95
    REDWOOD CITY     CA   94063          2            02/14/02         00
    0018139790                           05           04/01/02          0
    0018139790                           O            03/01/32
    0

    8093882          405/405             F          548,000.00         ZZ
                                         360        541,739.86          1
                                       6.875          3,599.97         68
                                       6.500          3,599.97
    DELRAY BEACH     FL   33483          5            02/25/02         00
    0018204982                           05           04/01/02          0
    0018204982                           O            03/01/32
    0

    8093892          405/405             F          480,000.00         ZZ
                                         360        468,516.05          1
                                       6.875          3,153.26         80
                                       6.500          3,153.26
    BOCA RATON       FL   33496          1            02/28/02         00
    0018228320                           03           04/01/02          0
    0018228320                           O            03/01/32
    0

    8093906          405/405             F          432,400.00         ZZ
                                         360        427,511.71          1
                                       6.875          2,840.56         72
                                       6.500          2,840.56
    BELLAIRE         TX   77401          1            02/28/02         00
    0018241646                           05           04/01/02          0
    0018241646                           O            03/01/32
    0

    8111934          E82/G01             F          568,000.00         ZZ
                                         360        562,026.28          1
                                       7.250          3,874.76         67
                                       7.000          3,874.76
    PRINCETON        MA   01541          2            02/27/02         00
    0400579777                           05           04/01/02          0
    3109395                              O            03/01/32
    0

    8121366          R65/G01             F          354,000.00         ZZ
                                         360        349,802.53          1
1

                                       6.625          2,266.70         64
                                       6.375          2,266.70
    VENTURA          CA   93003          1            02/08/02         00
    0433737707                           05           04/01/02          0
    111706EE                             O            03/01/32
    0

    8125256          W53/G01             F          400,000.00         ZZ
                                         360        394,622.55          1
                                       6.500          2,528.28         34
                                       6.250          2,528.28
    PARK CITY        UT   84098          5            01/29/02         00
    0433764198                           05           03/01/02          0
    1301000421                           O            02/01/32
    0

    8138822          E22/G01             F          335,200.00         ZZ
                                         360        331,584.44          1
                                       7.125          2,258.30         80
                                       6.875          2,258.30
    ISSAQUAH         WA   98027          1            02/19/02         00
    0413550674                           05           04/01/02          0
    0413550674                           O            03/01/32
    0

    8143982          E82/G01             F          339,500.00         ZZ
                                         360        335,752.95          1
                                       7.000          2,258.70         79
                                       6.750          2,258.70
    HILLSDALE        NJ   07642          2            02/28/02         00
    0400592663                           05           04/01/02          0
    3693050                              O            03/01/32
    0

    8171422          E82/G01             F          205,200.00         ZZ
                                         360        202,083.09          1
                                       7.000          1,365.20         67
                                       6.750          1,365.20
    MARLBORO         NJ   07746          2            03/01/02         00
    0400589818                           05           04/01/02          0
    1611596                              O            03/01/32
    0

    8171478          E82/G01             F          436,500.00         ZZ
                                         360        431,446.03          1
                                       6.750          2,831.13         62
                                       6.500          2,831.13
    MC LEAN          VA   22101          5            03/01/02         00
    0400553517                           05           04/01/02          0
1

    0400553517                           O            03/01/32
    0

    8173930          461/G01             F          341,960.00         ZZ
                                         360        338,328.65          1
                                       7.375          2,361.84         90
                                       7.125          2,361.84
    LA QUINTA        CA   92253          1            02/01/02         11
    0433773975                           03           04/01/02         25
    9031165541                           O            03/01/32
    0

    8174242          461/G01             F          385,000.00         ZZ
                                         360        381,047.97          1
                                       7.375          2,659.10         72
                                       7.125          2,659.10
    FREMONT          CA   94539          5            01/31/02         00
    0433733367                           05           04/01/02          0
    9031222318                           O            03/01/32
    0

    8174340          461/G01             F          331,500.00         ZZ
                                         360        327,819.15          1
                                       7.125          2,233.38         85
                                       6.875          2,233.38
    ESCONDIDO        CA   92027          2            02/14/02         11
    0433772928                           03           04/01/02         12
    9031236144                           O            03/01/32
    0

    8174412          461/G01             F          368,000.00         ZZ
                                         360        364,180.62          1
                                       7.500          2,573.11         60
                                       7.250          2,573.11
    TUSTIN           CA   92782          1            02/05/02         00
    0433735172                           05           04/01/02          0
    9031221633                           O            03/01/32
    0

    8174512          461/G01             F          333,500.00         ZZ
                                         360        329,906.60          1
                                       7.125          2,246.86         83
                                       6.875          2,246.86
    GLENDORA         CA   91740          2            02/15/02         10
    0433773116                           05           04/01/02         12
    9031261597                           O            03/01/32
    0

1

    8177404          952/G01             F          580,000.00         ZZ
                                         360        573,750.81          1
                                       7.125          3,907.57         79
                                       6.875          3,907.57
    UPPER SADDLE RI  NJ   07458          1            02/27/02         00
    0433754975                           05           04/01/02          0
    20025473                             O            03/01/32
    0

    8236660          E22/G01             F          399,900.00         ZZ
                                         360        394,959.14          1
                                       6.875          2,627.06         52
                                       6.625          2,627.06
    SAN RAFAEL       CA   94901          5            02/27/02         00
    0413674680                           03           04/01/02          0
    0413674680                           O            03/01/32
    0

    8236930          E82/G01             F          550,000.00         ZZ
                                         360        542,379.90          1
                                       6.750          3,567.29         67
                                       6.500          3,567.29
    HEWLETT          NY   11557          2            02/28/02         00
    0400546636                           05           04/01/02          0
    0400546636                           O            03/01/32
    0

    8246846          M45/G01             F          335,000.00         ZZ
                                         360        330,780.05          1
                                       6.500          2,117.43         88
                                       6.250          2,117.43
    FREMONT          CA   94538          1            02/21/02         04
    0433773454                           05           04/01/02         25
    A0330103                             O            03/01/32
    0

    8246876          M45/G01             F          410,000.00         ZZ
                                         360        405,252.74          1
                                       6.750          2,659.26         72
                                       6.500          2,659.26
    NESHANIC STATIO  NJ   08853          5            02/21/02         00
    0433773587                           05           04/01/02          0
    A0328788                             O            03/01/32
    0

    8246884          M45/G01             F          400,000.00         ZZ
                                         360        394,908.86          3
                                       6.250          2,462.87         80
                                       6.000          2,462.87
1

    MOORESTOWN       NJ   08057          1            02/28/02         00
    0433773637                           05           04/01/02          0
    A0320463                             O            03/01/32
    0

    8260716          405/405             F          398,000.00         ZZ
                                         360        392,627.35          1
                                       6.875          2,614.58         62
                                       6.500          2,614.58
    COOKSVILLE       MD   21723          1            12/12/01         00
    0012369872                           03           02/01/02          0
    0012369872                           O            01/01/32
    0

    8260722          405/405             F          448,600.00         ZZ
                                         360        440,822.58          1
                                       7.250          3,060.24         64
                                       6.750          3,060.24
    LAFAYETTE        CO   80026          2            02/13/02         00
    0012964318                           05           04/01/02          0
    0012964318                           O            03/01/32
    0

    8260736          405/405             F          600,000.00         ZZ
                                         360        593,352.87          1
                                       7.000          3,991.82         80
                                       6.500          3,991.82
    ROANOKE          VA   24014          1            02/19/02         00
    0012987228                           05           04/01/02          0
    0012987228                           O            03/01/32
    0

   TOTAL NUMBER OF LOANS   :        666

   TOTAL ORIGINAL BALANCE  :   276,673,437.00

   TOTAL PRINCIPAL BALANCE :   272,114,376.47

   TOTAL ORIGINAL P+I      :     1,833,767.65

   TOTAL CURRENT P+I       :     1,833,767.64

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      6004270         $346,195.16           6.420%             1.2308%         $4,260.86
      6237194         $580,503.53           6.420%             1.2308%         $7,144.66
      6278460         $435,770.95           6.295%             3.1538%        $13,743.55
      6290932         $369,651.00           6.420%             1.2308%         $4,549.55
      6319808         $482,326.04           6.420%             1.2308%         $5,936.32
      6361830         $393,837.42           6.420%             1.2308%         $4,847.23
      6427866         $371,563.00           6.045%             7.0000%        $26,009.41
      6436742         $348,419.27           6.420%             1.2308%         $4,288.24
      6468264         $384,197.55           6.420%             1.2308%         $4,728.59
      6481950         $144,887.25           6.420%             1.2308%         $1,783.23
      6500830         $423,568.88           6.420%             1.2308%         $5,213.16
      6561334         $314,995.93           6.170%             5.0769%        $15,992.10
      6640516         $337,815.69           6.420%             1.2308%         $4,157.73
      6661150         $448,180.22           6.420%             1.2308%         $5,516.06
      6666526         $301,471.26           6.420%             1.2308%         $3,710.42
      6707164         $413,470.77           6.420%             1.2308%         $5,088.87
      6732558         $634,645.66           6.420%             1.2308%         $7,811.02
      6732668         $391,392.80           6.420%             1.2308%         $4,817.14
      6743668         $473,600.06           6.420%             1.2308%         $5,828.92
      6759406         $285,117.04           6.420%             1.2308%         $3,509.13
      6762590         $458,415.40           6.420%             1.2308%         $5,642.04
      6770100         $597,809.73           6.295%             3.1538%        $18,854.00
      6816190         $391,646.62           6.420%             1.2308%         $4,820.27
      6826308         $633,726.63           6.045%             7.0000%        $44,360.86
      6828138         $368,063.31           6.420%             1.2308%         $4,530.01
      6836882         $328,101.41           6.295%             3.1538%        $10,347.81
      6872702         $394,046.26           6.270%             3.5385%        $13,943.18
      6947134         $335,431.88           6.420%             1.2308%         $4,128.39
      6947248         $615,616.07           6.420%             1.2308%         $7,576.81
      6990480         $437,245.18           6.420%             1.2308%         $5,381.48
      7000296         $393,639.06           6.420%             1.2308%         $4,844.79
      7035710         $473,656.35           6.045%             7.0000%        $33,155.94
      7113096         $369,391.45           6.295%             3.1538%        $11,650.04
      7113394         $318,987.05           6.295%             3.1538%        $10,060.36
      7139306         $788,993.54           6.295%             3.1538%        $24,883.64
      7139548         $363,055.63           6.420%             1.2308%         $4,468.38
      7171550         $447,890.18           6.170%             5.0769%        $22,739.04
      7171582         $442,122.28           6.170%             5.0769%        $22,446.21
      7171634         $299,346.50           6.170%             5.0769%        $15,197.59
      7180134         $377,307.05           5.920%             8.9231%        $33,667.40
      7251950         $357,325.12           6.420%             1.2308%         $4,397.85
      7267104         $281,046.13           6.045%             7.0000%        $19,673.23
      7272296         $552,829.20           6.295%             3.1538%        $17,435.38
      7477572         $337,329.03           6.420%             1.2308%         $4,151.74
      7486174         $986,864.03           6.295%             3.1538%        $31,124.17
      7559030         $542,432.94           6.295%             3.1538%        $17,107.50
      7559034         $305,834.95           6.420%             1.2308%         $3,764.12
      7559046         $438,731.50           6.170%             5.0769%        $22,274.06
      7559048         $402,628.93           6.420%             1.2308%         $4,955.43
      7559064         $566,306.78           6.295%             3.1538%        $17,860.44
      7559078         $638,726.80           6.170%             5.0769%        $32,427.67
      7559110         $352,417.20           6.295%             3.1538%        $11,114.70
      7559126         $325,347.23           6.045%             7.0000%        $22,774.31

 Wednesday, April 30, 2003                                                      Page 1 of 5

      7559128         $352,956.87           6.170%             5.0769%        $17,919.35
      7560710         $436,482.41           6.420%             1.2308%         $5,372.09
      7560712         $642,063.50           6.420%             1.2308%         $7,902.32
      7560714         $525,204.59           6.420%             1.2308%         $6,464.06
      7560720         $339,705.03           6.420%             1.2308%         $4,180.99
      7560724         $588,722.83           6.420%             1.2308%         $7,245.82
      7560726         $499,967.93           6.420%             1.2308%         $6,153.45
      7560728         $403,364.80           6.420%             1.2308%         $4,964.49
      7560734         $555,285.14           6.420%             1.2308%         $6,834.28
      7560740         $340,787.50           6.420%             1.2308%         $4,194.31
      7560742         $543,284.51           6.420%             1.2308%         $6,686.58
      7560744         $591,499.14           6.420%             1.2308%         $7,279.99
      7560752         $285,909.00           6.420%             1.2308%         $3,518.88
      7560970         $624,502.98           6.420%             1.2308%         $7,686.19
      7560972         $486,556.28           6.170%             5.0769%        $24,702.09
      7560980         $410,161.23           6.170%             5.0769%        $20,823.57
      7560990         $790,984.27           6.170%             5.0769%        $40,157.66
      7560992         $406,594.53           6.170%             5.0769%        $20,642.49
      7560996         $311,635.68           6.170%             5.0769%        $15,821.50
      7561010         $486,745.33           6.170%             5.0769%        $24,711.69
      7561012         $410,670.87           6.170%             5.0769%        $20,849.44
      7561018         $499,129.56           6.170%             5.0769%        $25,340.42
      7561022         $394,875.87           6.170%             5.0769%        $20,047.54
      7561030         $319,849.01           6.170%             5.0769%        $16,238.49
      7561032         $367,199.07           6.170%             5.0769%        $18,642.41
      7583840         $484,759.37           6.295%             3.1538%        $15,288.56
      7583890         $508,306.50           6.420%             1.2308%         $6,256.08
      7583896         $442,352.20           6.295%             3.1538%        $13,951.11
      7583900         $591,745.10           6.295%             3.1538%        $18,662.73
      7583916         $339,378.03           6.420%             1.2308%         $4,176.96
      7583918         $416,330.15           6.420%             1.2308%         $5,124.06
      7583942         $358,209.30           6.170%             5.0769%        $18,186.01
      7583954         $322,378.03           6.420%             1.2308%         $3,967.73
      7583956         $415,865.44           6.295%             3.1538%        $13,115.76
      7583958         $409,424.18           6.420%             1.2308%         $5,039.07
      7583970         $343,328.36           6.045%             7.0000%        $24,032.99
      7593774         $498,382.68           6.420%             1.2308%         $6,133.94
      7661620         $355,831.81           6.420%             1.2308%         $4,379.47
      7680362         $312,108.12           6.170%             5.0769%        $15,845.49
      7733644         $590,581.97           6.420%             1.2308%         $7,268.70
      7739580         $531,770.79           6.420%             1.2308%         $6,544.87
      7741770         $783,597.09           6.295%             3.1538%        $24,713.45
      7750326         $379,333.70           6.295%             3.1538%        $11,963.60
      7750328         $527,614.55           6.420%             1.2308%         $6,493.72
      7750332         $461,561.17           6.295%             3.1538%        $14,556.93
      7750346         $315,700.42           6.420%             1.2308%         $3,885.54
      7750360         $516,959.52           6.420%             1.2308%         $6,362.58
      7759322         $353,041.09           6.420%             1.2308%         $4,345.12
      7759324         $417,906.08           6.420%             1.2308%         $5,143.46
      7796526         $622,969.01           6.420%             1.2308%         $7,667.31
      7796530         $362,710.81           6.420%             1.2308%         $4,464.13
      7796548         $450,859.73           6.420%             1.2308%         $5,549.04
      7796560         $384,647.53           6.420%             1.2308%         $4,734.12
      7796562         $379,827.09           6.420%             1.2308%         $4,674.80
      7796574         $315,365.97           6.420%             1.2308%         $3,881.43
      7796576         $962,807.97           6.420%             1.2308%        $11,849.94
      7796616         $442,561.72           6.170%             5.0769%        $22,468.52

 Wednesday, April 30, 2003                                                      Page 2 of 5

      7796634         $341,104.53           6.420%             1.2308%         $4,198.21
      7796642         $392,589.92           6.420%             1.2308%         $4,831.88
      7796646         $304,609.73           6.420%             1.2308%         $3,749.04
      7796656         $414,747.99           6.420%             1.2308%         $5,104.59
      7796660         $552,475.92           6.420%             1.2308%         $6,799.70
      7796670         $384,750.93           6.420%             1.2308%         $4,735.40
      7796672         $325,966.41           6.420%             1.2308%         $4,011.89
      7796686         $426,488.86           6.295%             3.1538%        $13,450.80
      7826096         $271,739.18           6.295%             3.1538%         $8,570.24
      7826260         $351,878.09           6.420%             1.2308%         $4,330.81
      7826270         $877,718.39           6.420%             1.2308%        $10,802.69
      7847078         $355,674.05           6.420%             1.2308%         $4,377.53
      7847102         $489,268.71           6.420%             1.2308%         $6,021.77
      7847172         $336,063.38           6.420%             1.2308%         $4,136.16
      7848422         $363,696.52           6.420%             1.2308%         $4,476.26
      7848426         $394,625.55           6.420%             1.2308%         $4,856.93
      7848440         $367,603.30           6.295%             3.1538%        $11,593.64
      7848460         $344,036.66           6.420%             1.2308%         $4,234.30
      7873744         $458,065.17           6.420%             1.2308%         $5,637.73
      7873752         $353,112.44           6.295%             3.1538%        $11,136.62
      7873770         $379,294.81           6.420%             1.2308%         $4,668.24
      7875026         $465,334.92           5.920%             8.9231%        $41,522.19
      7875036         $335,192.39           6.420%             1.2308%         $4,125.44
      7885378         $592,687.02           6.295%             3.1538%        $18,692.44
      7890634         $127,308.76           6.420%             1.2308%         $1,566.88
      7898966         $301,432.71           5.920%             8.9231%        $26,897.07
      7898994         $367,079.66           5.920%             8.9231%        $32,754.80
      7899012         $414,092.32           5.920%             8.9231%        $36,949.78
      7899054         $344,832.67           5.920%             8.9231%        $30,769.68
      7899074         $367,868.23           6.295%             3.1538%        $11,602.00
      7899076         $402,115.92           6.045%             7.0000%        $28,148.11
      7899078         $348,848.98           6.420%             1.2308%         $4,293.53
      7899080         $535,704.31           6.420%             1.2308%         $6,593.28
      7899082         $503,147.59           6.420%             1.2308%         $6,192.59
      7899088         $373,489.66           6.295%             3.1538%        $11,779.29
      7899156         $424,077.58           6.420%             1.2308%         $5,219.42
      7899170         $630,424.74           5.920%             8.9231%        $56,253.28
      7899188         $567,393.01           6.170%             5.0769%        $28,806.11
      7899202         $386,733.06           6.420%             1.2308%         $4,759.79
      7899210         $402,799.63           6.045%             7.0000%        $28,195.97
      7899212         $503,641.04           6.420%             1.2308%         $6,198.66
      7899214         $340,268.40           6.420%             1.2308%         $4,187.92
      7901480         $170,607.54           5.670%            12.7692%        $21,785.27
      7934564         $454,281.57           6.420%             1.2308%         $5,591.16
      7934580         $640,306.64           6.295%             3.1538%        $20,194.29
      7934582         $344,969.72           6.420%             1.2308%         $4,245.78
      7934584         $492,466.50           6.170%             5.0769%        $25,002.15
      7934596         $480,442.87           6.170%             5.0769%        $24,391.71
      7945828         $378,608.83           6.420%             1.2308%         $4,659.80
      7957798         $331,121.27           6.420%             1.2308%         $4,075.34
      7957930         $395,257.14           6.295%             3.1538%        $12,465.80
      7962646         $542,799.31           6.295%             3.1538%        $17,119.06
      7980462         $769,980.43           6.420%             1.2308%         $9,476.68
      8003076         $345,947.61           6.420%             1.2308%         $4,257.82
      8003610         $641,530.82           5.795%            10.8462%        $69,581.42
      8003614         $308,698.38           5.920%             8.9231%        $27,545.39
      8003624         $395,368.54           6.420%             1.2308%         $4,866.07

 Wednesday, April 30, 2003                                                      Page 3 of 5

      8003628         $436,759.00           6.295%             3.1538%        $13,774.71
      8003636         $518,597.24           6.295%             3.1538%        $16,355.76
      8003652         $372,172.37           6.295%             3.1538%        $11,737.74
      8022776         $611,882.62           6.295%             3.1538%        $19,297.84
      8026572         $117,580.75           6.420%             1.2308%         $1,447.15
      8030252         $390,994.78           6.420%             1.2308%         $4,812.24
      8030262         $349,524.04           6.295%             3.1538%        $11,023.45
      8030266         $356,354.86           6.295%             3.1538%        $11,238.88
      8030278         $440,286.33           6.420%             1.2308%         $5,418.91
      8030280         $346,770.87           6.420%             1.2308%         $4,267.95
      8030284         $275,502.98           6.420%             1.2308%         $3,390.81
      8030286         $407,957.28           6.420%             1.2308%         $5,021.01
      8030290         $353,540.34           6.420%             1.2308%         $4,351.27
      8030300         $642,251.22           6.420%             1.2308%         $7,904.63
      8030304         $419,320.20           6.420%             1.2308%         $5,160.86
      8030306         $642,063.54           6.420%             1.2308%         $7,902.32
      8030314         $432,585.27           6.295%             3.1538%        $13,643.07
      8030318         $390,534.50           6.420%             1.2308%         $4,806.58
      8030322         $321,825.45           6.295%             3.1538%        $10,149.88
      8030326         $359,448.31           6.420%             1.2308%         $4,423.98
      8030334         $400,171.88           6.420%             1.2308%         $4,925.19
      8030336         $308,585.34           6.420%             1.2308%         $3,797.97
      8030338         $538,838.80           6.420%             1.2308%         $6,631.86
      8030342         $557,276.42           6.420%             1.2308%         $6,858.79
      8030352         $405,258.98           6.420%             1.2308%         $4,987.80
      8041400         $503,772.91           6.420%             1.2308%         $6,200.28
      8041402         $522,434.48           6.420%             1.2308%         $6,429.96
      8041404         $370,421.34           6.420%             1.2308%         $4,559.03
      8041412         $481,053.82           6.420%             1.2308%         $5,920.66
      8041418         $493,747.75           6.420%             1.2308%         $6,076.90
      8041426         $402,230.38           6.420%             1.2308%         $4,950.53
      8041438         $407,947.12           6.420%             1.2308%         $5,020.89
      8041454         $329,235.35           6.420%             1.2308%         $4,052.13
      8041468         $334,738.60           6.420%             1.2308%         $4,119.86
      8041478         $355,226.47           6.170%             5.0769%        $18,034.57
      8041480         $405,969.24           6.420%             1.2308%         $4,996.54
      8042674         $331,955.89           6.420%             1.2308%         $4,085.61
      8042678         $557,692.80           6.295%             3.1538%        $17,588.77
      8043212         $367,001.94           6.420%             1.2308%         $4,516.95
      8047740         $362,839.19           6.295%             3.1538%        $11,443.39
      8047742         $227,336.92           6.420%             1.2308%         $2,797.99
      8050192         $691,895.07           6.420%             1.2308%         $8,515.63
      8073640         $312,529.14           6.420%             1.2308%         $3,846.51
      8093828         $345,548.84           6.420%             1.2308%         $4,252.91
      8093844         $642,825.87           6.420%             1.2308%         $7,911.70
      8093854         $419,090.71           6.420%             1.2308%         $5,158.04
      8093882         $541,739.86           6.420%             1.2308%         $6,667.57
      8093892         $468,516.05           6.420%             1.2308%         $5,766.35
      8093906         $427,511.71           6.420%             1.2308%         $5,261.68
      8121366         $349,802.53           6.295%             3.1538%        $11,032.23
      8125256         $394,622.55           6.170%             5.0769%        $20,034.68
      8171478         $431,446.03           6.420%             1.2308%         $5,310.11
      8236930         $542,379.90           6.420%             1.2308%         $6,675.44
      8246846         $330,780.05           6.170%             5.0769%        $16,793.45
      8246876         $405,252.74           6.420%             1.2308%         $4,987.73
      8246884         $394,908.86           5.920%             8.9231%        $35,238.02
      8260716         $392,627.35           6.420%             1.2308%         $4,832.34

 Wednesday, April 30, 2003                                                      Page 4 of 5

      8260736         $593,352.87           6.420%             1.2308%         $7,302.80

 Wednesday, April 30, 2003                                                      Page 5 of 5

</TABLE>

<PAGE>

                                        EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
        Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
        Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (vii) the related Subordinate  Principal  Distribution Amount and
        Prepayment Distribution Percentage, if applicable;

               (viii) on the basis of the most recent reports furnished to it by
        Sub-Servicers,  (a) the  number  and  aggregate  principal  balances  of
        Mortgage  Loans that are  Delinquent  (1) 30-59 days, (2) 60-89 days and
        (3) 90 or more days and the number and  aggregate  principal  balance of
        Mortgage  Loans that are in  foreclosure,  (b) the number and  aggregate
        principal  balances  of  Reportable  Modified  Mortgage  Loans  that are
        Delinquent  (1) 30-59  days,  (2) 60-89 days and (3) 90 or more days and
        the number  and  aggregate  principal  balance  of  Reportable  Modified
        Mortgage Loans that are in foreclosure and are REO Property,  indicating
        in each case capitalized  Mortgage Loans, other Servicing  Modifications
        and totals,  and (c) for all Reportable  Modified  Mortgage  Loans,  the
        number and aggregate  Stated  Principal  Balance of Reportable  Modified
        Mortgage  Loans that have been  liquidated,  the subject of pay-offs and
        that have been repurchased by the Master Servicer or Seller;

               (ix) the number,  aggregate  principal  balance and book value of
        any REO Properties;

               (x) the aggregate Accrued Certificate  Interest remaining unpaid,
        if any,  for each  Class of  Certificates,  after  giving  effect to the
        distribution made on such Distribution Date;

                                             -1-

<PAGE>

               (xi) the Special Hazard Amount,  Fraud Loss Amount and Bankruptcy
        Amount  as of the  close of  business  on such  Distribution  Date and a
        description of any change in the calculation of such amounts;

               (xii) the weighted average Pool Strip Rate for such  Distribution
        Date and the Class A-V Certificates and each Subclass, if any, thereof;

               (xiii)  the  Notional  Amount  with  respect  to  the  Class  A-V
        Certificates and each Subclass;

               (xiv) the occurrence of the Credit Support Depletion Date;

               (xv)  the  related  Senior  Accelerated  Distribution  Percentage
        applicable to such distribution;

               (xvi) the related Senior Percentage for such Distribution Date;

               (xvii)  the  aggregate   amount  of  Realized   Losses  for  such
        Distribution Date;

               (xviii)the  aggregate  amount  of any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xix) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date; and

               (xx) the weighted  average  Mortgage  Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                             -2-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

--------------------------------------------------------------------------------

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

--------------------------------------------------------------------------------

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................31

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................31
        Section 2.02  Acceptance by Trustee.................................................37
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................38
        Section 2.04  Representations and Warranties of Sellers.............................40
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................42
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee.............................................42
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............42
        Section 2.08  Purposes and Powers of the Trust......................................42

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................43
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................44
        Section 3.03  Successor Subservicers................................................45
        Section 3.04  Liability of the Master Servicer......................................46
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................46
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......46
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................47
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................49
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................51
        Section 3.10  Permitted Withdrawals from the Custodial Account......................51
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections
                      Thereunder............................................................53

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....54
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................55
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................57
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................61
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............62
        Section 3.17  Reports to the Trustee and the Company................................63
        Section 3.18  Annual Statement as to Compliance.....................................63
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............64
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............64
        Section 3.21  Administration of Buydown Funds.......................................64

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................65
        Section 4.02  Distributions.........................................................66
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies;
                      Exchange Act Reporting................................................66
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................68
        Section 4.05  Allocation of Realized Losses.........................................69
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........69
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................69
        Section 4.08  Surety Bond...........................................................70

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................70
        Section 5.02  Registration of Transfer and Exchange of Certificates.................72
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................78
        Section 5.04  Persons Deemed Owners.................................................78
        Section 5.05  Appointment of Paying Agent...........................................78

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........80
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................80
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and
                      Others................................................................81
        Section 6.04  Company and Master Servicer Not to Resign.............................82

                                          ii

<PAGE>

                                         ARTICLE VII

                                           DEFAULT
        Section 7.01  Events of Default.....................................................82
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................84
        Section 7.03  Notification to Certificateholders....................................85
        Section 7.04  Waiver of Events of Default...........................................85

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................86
        Section 8.02  Certain Matters Affecting the Trustee.................................87
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................89
        Section 8.04  Trustee May Own Certificates..........................................89
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...89
        Section 8.06  Eligibility Requirements for Trustee..................................90
        Section 8.07  Resignation and Removal of the Trustee................................91
        Section 8.08  Successor Trustee.....................................................92
        Section 8.09  Merger or Consolidation of Trustee....................................92
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................92
        Section 8.11  Appointment of Custodians.............................................93
        Section 8.12  Appointment of Office or Agency.......................................94

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage
                      Loans.................................................................94
        Section 9.02  Additional Termination Requirements...................................97
        Section 9.03  Termination of Multiple REMICs........................................98

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................98
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification.....102
        Section 10.03 Designation of REMIC(s)..............................................102

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment............................................................103
        Section 11.02 Recordation of Agreement; Counterparts...............................105

                                             iii

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders...........................106
        Section 11.04 Governing Law........................................................106
        Section 11.05 Notices..............................................................106
        Section 11.06 Required Notices to Rating Agency and Subservicer....................107
        Section 11.07 Severability of Provisions...........................................107
        Section 11.08 Supplemental Provisions for Resecuritization.........................108
        Section 11.09 Allocation of Voting Rights..........................................108

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter
Exhibit K:     Text of Amendment to Pooling and Servicing Agreement Pursuant to Section
               11.01(e) for a Limited Guaranty
Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form
Exhibit O:     Form of Form 10-K Certification
Exhibit P:     Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:     Information to be Provided by the Master Servicer to the Rating Agencies Relating
               to Reportable Modified Mortgage Loans

                                              iv
</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

        Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction wherein the related Mortgaged Property

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination  Date of (x) the  Amount  Held for  Future
Distribution,  and (y) amounts  permitted to be withdrawn by the Master Servicer
from the Custodial  Account in respect of the Mortgage Loans pursuant to clauses
(ii)-(x),  inclusive,  of  Section  3.10(a).  Such  amount  shall be  determined
separately for each Loan Group. Additionally,  with respect to any Mortgage Pool
that is  comprised  of two or more  Loan  Groups,  if on any  Distribution  Date
Compensating  Interest  provided  pursuant  to  Section  3.16(e)  is  less  than
Prepayment Interest Shortfalls incurred on the Mortgage Loans in connection with
Principal  Prepayments in Full received during the related Prepayment Period and
Curtailments made in the prior calendar month, such Compensating  Interest shall
be allocated on such Distribution Date to the Available  Distribution Amount for
each Loan Group on a pro rata basis in accordance with the respective amounts of
such Prepayment  Interest Shortfalls incurred on the Mortgage Loans in such Loan
Group in respect of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance  of the  related  Mortgage  Loans  during the prior  calendar  month and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution  Date  pursuant to Section  3.10(a)(vii),  plus the  Capitalization
Reimbursement   Shortfall   Amount   remaining   unreimbursed   from  any  prior
Distribution  Date and  reimbursed to the Master  Servicer or  Subservicer on or
prior to such Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

        Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the

                                              5

<PAGE>

purpose of giving any  consent or  direction  pursuant  to this  Agreement,  any
Certificate,  other than a Class R  Certificate,  registered  in the name of the
Company,  the Master Servicer or any Subservicer or any Affiliate  thereof shall
be deemed not to be  outstanding  and the  Percentage  Interest or Voting Rights
evidenced  thereby  shall not be taken into account in  determining  whether the
requisite  amount of Percentage  Interests or Voting Rights  necessary to effect
any such  consent or  direction  has been  obtained.  All  references  herein to
"Holders" or "Certificateholders" shall reflect the rights of Certificate Owners
as  they  may  indirectly  exercise  such  rights  through  the  Depository  and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

        Certificate  Principal Balance:  With respect to each Certificate (other
than any Interest Only  Certificate),  on any date of  determination,  an amount
equal to:

        (i)    the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iv)   the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the  Percentage  Interest  evidenced  by such  Certificate
multiplied  by the  excess,  if  any,  of (A)  the  then  aggregate  Certificate
Principal  Balance of all Classes of Certificates  then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.

        Certificate Register and Certificate Registrar:  The register maintained
and the registrar appointed pursuant to Section 5.02.

                                              6

<PAGE>

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

        Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission: The Securities and Exchange Commission.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

                                              7

<PAGE>

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

        Cooperative  Stock:  With  respect  to a  Cooperative  Loan,  the single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

        Cooperative Stock  Certificate:  With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

                                              8

<PAGE>

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-Off Date), whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

                                              9

<PAGE>

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

        Due Date: With respect to any  Distribution  Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.

                                              10

<PAGE>

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act: The Securities and Exchange Act of 1934, as amended.

                                              11

<PAGE>

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.     by any government or sovereign power, de jure or de facto,
                      or by any authority  maintaining or using military,  naval
                      or air forces; or

               2. by military, naval or air forces; or

               3. by an  agent  of any  such  government,  power,  authority  or
forces;

        (d) any weapon of war  employing  atomic  fission or  radioactive  force
whether in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

        Extraordinary  Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

        FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

                                              12

<PAGE>

        Fitch:  Fitch, Inc. or its successor in interest.

        Form 10-K Certification: As defined in Section 4.03(e).

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

        Fraud  Losses:  Losses on Mortgage  Loans as to which there was fraud in
the origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

                                              13

<PAGE>

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

        Insurer:  Any named  insurer under any Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

                                              14

<PAGE>

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a Certificate  Principal  Balance greater than zero, with later
priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

        MIN: The Mortgage  Identification  Number for Mortgage Loans  registered
with MERS on the MERS(R) System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

                                              15

<PAGE>

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

        Non-Discount  Mortgage  Loan:  A  Mortgage  Loan that is not a  Discount
Mortgage Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

     Nonrecoverable  Advance: Any Advance previously made or proposed to be made
by the Master  Servicer or Subservicer in respect of a Mortgage Loan (other than
a Deleted Mortgage Loan)

                                              16

<PAGE>

which, in the good faith judgment of the Master  Servicer,  will not, or, in the
case of a proposed Advance,  would not, be ultimately  recoverable by the Master
Servicer  from  related  Late  Collections,   Insurance  Proceeds,   Liquidation
Proceeds,  REO Proceeds or amounts  reimbursable to the Master Servicer pursuant
to Section  4.02(a)  hereof.  To the extent that any  Mortgagor is not obligated
under the related  Mortgage  documents  to pay or  reimburse  any portion of any
Servicing  Advances that are  outstanding  with respect to the related  Mortgage
Loan as a result of a modification of such Mortgage Loan by the Master Servicer,
which forgives  amounts which the Master  Servicer or Subservicer had previously
advanced,  and the Master Servicer determines that no other source of payment or
reimbursement  for such  advances is  available to it, such  Servicing  Advances
shall be deemed to be Nonrecoverable  Advances.  The determination by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

        Nonsubserviced  Mortgage  Loan:  Any Mortgage  Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                              17

<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  dollars  of any  U.S.  depository  institution  or trust
        company  incorporated  under the laws of the United  States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust company;  provided that the debt  obligations  of such  depository
        institution  or trust company (or, if the only Rating Agency is Standard
        &  Poor's,  in the case of the  principal  depository  institution  in a
        depository   institution  holding  company,   debt  obligations  of  the
        depository  institution  holding  company)  at the  date of  acquisition
        thereof have been rated by each Rating Agency in its highest  short-term
        rating  available;  and provided further that, if the only Rating Agency
        is  Standard  &  Poor's  and if the  depository  or trust  company  is a
        principal  subsidiary of a bank holding company and the debt obligations
        of such subsidiary are not separately rated, the applicable rating shall
        be that of the bank holding company;  and, provided further that, if the
        original maturity of such short-term obligations of a domestic branch of
        a foreign depository  institution or trust company shall exceed 30 days,
        the short-term  rating of such institution  shall be A-1+ in the case of
        Standard & Poor's if Standard & Poor's is the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

                                              18

<PAGE>

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

        Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

        Pledged  Amount:  With respect to any Pledged Asset Loan,  the amount of
money  remitted  to Combined  Collateral  LLC,  at the  direction  of or for the
benefit of the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

                                              19

<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

        Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

        Principal Only  Certificates:  A Class of  Certificates  not entitled to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

        Principal  Prepayment in Full:  Any  Principal  Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

                                              20

<PAGE>

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the

                                              21

<PAGE>

"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

     (a)  as to which a Cash  Liquidation or REO  Disposition  has occurred,  an
          amount (not less than zero) equal to (i) the Stated Principal  Balance
          of the  Mortgage  Loan  (or  REO  Property)  as of the  date  of  Cash
          Liquidation  or REO  Disposition,  plus (ii) interest (and REO Imputed
          Interest,  if any) at the Net  Mortgage  Rate  from the Due Date as to
          which interest was last paid or advanced to  Certificateholders  up to
          the Due Date in the Due  Period  related to the  Distribution  Date on
          which such Realized Loss will be allocated pursuant to Section 4.05 on
          the Stated  Principal  Balance of such Mortgage Loan (or REO Property)
          outstanding  during each Due Period that such interest was not paid or
          advanced,  minus (iii) the proceeds, if any, received during the month
          in which such Cash Liquidation (or REO Disposition)  occurred,  to the
          extent  applied as recoveries of interest at the Net Mortgage Rate and
          to  principal  of  the  Mortgage  Loan,  net of  the  portion  thereof
          reimbursable to the Master Servicer or any Subservicer with respect to
          related Advances, Servicing Advances or other expenses as to which the
          Master Servicer or Subservicer is entitled to reimbursement thereunder
          but which have not been previously reimbursed,

     (b)  which is the subject of a Servicing  Modification,  (i) (1) the amount
          by which the interest  portion of a Monthly  Payment or the  principal
          balance of such  Mortgage Loan was reduced or (2) the sum of any other
          amounts  owing under the  Mortgage  Loan that were  forgiven  and that
          constitute  Servicing  Advances  that are  reimbursable  to the Master
          Servicer or a Subservicer,  and (ii) any such amount with respect to a
          Monthly  Payment  that  was or  would  have  been  due  in  the  month
          immediately following the month in which a Principal Prepayment or the
          Purchase  Price of such Mortgage Loan is received or is deemed to have
          been received,

     (c)  which has become the subject of a Deficient Valuation,  the difference
          between  the  principal  balance  of  the  Mortgage  Loan  outstanding
          immediately prior to such

                                              22

<PAGE>

          Deficient  Valuation and the principal balance of the Mortgage Loan as
          reduced by the Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

                                              23

<PAGE>

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such
Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

        Residential  Funding:   Residential  Funding  Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily

                                              24

<PAGE>

performing  functions  similar to those performed by any of the above designated
officers to whom, with respect to a particular matter, such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

        Security  Agreement:  With respect to a Cooperative  Loan, the agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

        (v)    for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

                                              25

<PAGE>

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

        Series:  All  of the  Certificates  issued  pursuant  to a  Pooling  and
Servicing Agreement and bearing the same series designation.

                                              26

<PAGE>

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, in accordance with Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

                                              27

<PAGE>

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time,  (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance of the Mortgage Loan is increased pursuant to a Servicing  Modification,
minus (ii) the sum of (a) the principal portion of the Monthly Payments due with
respect to such  Mortgage  Loan or REO  Property  during each Due Period  ending
prior to the most recent  Distribution  Date which were received or with respect
to which an Advance was made, and (b) all Principal  Prepayments with respect to
such  Mortgage Loan or REO Property,  and all  Insurance  Proceeds,  Liquidation
Proceeds  and REO  Proceeds,  to the extent  applied by the Master  Servicer  as
recoveries  of  principal in  accordance  with Section 3.14 with respect to such
Mortgage Loan or REO Property,  in each case which were distributed  pursuant to
Section  4.02 on any  previous  Distribution  Date,  and (c) any  Realized  Loss
allocated  to   Certificateholders   with  respect   thereto  for  any  previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect

                                              28

<PAGE>

of the  qualification  of a  Subservicer  as of the  date of its  approval  as a
Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

        Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

                                              29

<PAGE>

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The segregated pool of assets consisting of:

        (i)    the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due after the Cut-off  Date (other than  Monthly  Payments due in
               the  month of the  Cut-Off  Date) as shall be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation   of  Additional   Collateral   for  any   Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01,

        (v)    the Initial Monthly Payment Fund, and

        (vi)   all proceeds of clauses (i) through (v) above.

        Underwriter:  As defined in the Series Supplement.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through

                                              30

<PAGE>

any entity  that is not a  corporation  for  United  States  federal  income tax
purposes are required by the applicable  operating agreement to be United States
Persons, any state thereof, or the District of Columbia (except in the case of a
partnership,  to the extent  provided in Treasury  regulations) or any political
subdivision thereof, or an estate that is described in Section 7701(a)(30)(D) of
the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates  which is  allocated  to any  Certificate,  and  more  specifically
designated in Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans in
the month of the Cut-off Date). In connection with such transfer and assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                                              31

<PAGE>

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                      (iv) The original recognition agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v) The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative Loan as secured

                                              32

<PAGE>

               party,  each with evidence of recording  thereof,  evidencing the
               interest of the originator  under the Security  Agreement and the
               Assignment of Proprietary Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee  as  assignee  and  a  duly  completed   UCC-1  financing
               statement  showing  the  Company  as debtor  and the  Trustee  as
               secured party,  each in a form sufficient for filing,  evidencing
               the interest of such debtors in the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

                                              33

<PAGE>

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With

                                              34

<PAGE>

respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,
payment intangibles,  accounts,  chattel paper, instruments,  documents,  money,
deposit accounts,  certificates of deposit, goods, letters of credit, advices of
credit  and  investment   property  and  other  property  of  whatever  kind  or
description  now existing or hereafter  acquired  consisting of, arising from or
relating to any of the  following:  (A) the Mortgage  Loans,  including (i) with
respect to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary  Lease,  Cooperative Stock Certificate and Cooperative
Lease,  (ii) with respect to each Mortgage  Loan other than a Cooperative  Loan,
the related Mortgage Note and Mortgage, and (iii) any insurance policies and all
other documents in the related  Mortgage File, (B) all amounts payable  pursuant
to  the  Mortgage  Loans  in  accordance   with  the  terms  thereof,   (C)  any
Uncertificated  REMIC Regular  Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property,  including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
payment intangibles,  negotiable documents,  goods, deposit accounts, letters of
credit,  advices of credit,  investment  property,  certificated  securities  or
chattel  paper  shall be deemed to be  "possession  by the  secured  party,"  or
possession  by a purchaser or a person  designated  by such secured  party,  for
purposes of perfecting the security  interest  pursuant to the Minnesota Uniform
Commercial  Code  and  the  Uniform  Commercial  Code  of any  other  applicable
jurisdiction as in effect (including, without limitation,  Sections 8-106, 9-313
and 9-106 thereof);  and (d) notifications to persons holding such property, and
acknowledgments,  receipts or confirmations  from persons holding such property,
shall be deemed notifications to, or

                                              35

<PAGE>

acknowledgments,  receipts or  confirmations  from,  securities  intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights

                                              36

<PAGE>

to exercise any election or option or to make any decision or  determination  or
to give or receive any notice, consent, approval or waiver thereunder, (iii) all
security  interests in and lien of the Company as owner of such Mortgage Loan in
the Pledged Amounts and all money, securities, security entitlements,  accounts,
general   intangibles,   instruments,   documents,   certificates   of  deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or  other  distributions  of cash or  other  property  that is  credited  to the
Custodial  Account,  (iv)  all  documents,  books  and  records  concerning  the
foregoing  (including  all computer  programs,  tapes,  disks and related  items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

                                              37

<PAGE>

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                                              38

<PAGE>

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) No litigation is pending or, to the best of the Master
               Servicer's  knowledge,  threatened  against  the Master  Servicer
               which  would   prohibit  its  entering  into  this  Agreement  or
               performing its obligations under this Agreement;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

                                              39

<PAGE>

               It  is  understood  and  agreed  that  the   representations  and
               warranties  set  forth  in this  Section  2.03(a)  shall  survive
               delivery of the  respective  Mortgage Files to the Trustee or any
               Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach under the

                                              40

<PAGE>

Assignment  Agreement  Residential Funding shall have the option to substitute a
Qualified  Substitute  Mortgage  Loan or Loans  for such  Mortgage  Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any  such  cure,
repurchase  or  substitution  must occur within 90 days from the date the breach
was  discovered.  In the event that  Residential  Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04,  Residential  Funding shall deliver to the Trustee for the
benefit of the  Certificateholders  with  respect to such  Qualified  Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an Assignment
of the Mortgage in recordable  form if required  pursuant to Section  2.01,  and
such other  documents and  agreements as are required by Section 2.01,  with the
Mortgage Note endorsed as required by Section 2.01. No substitution will be made
in any  calendar  month after the  Determination  Date for such  month.  Monthly
Payments due with respect to Qualified Substitute Mortgage Loans in the month of
substitution  shall not be part of the Trust  Fund and will be  retained  by the
Master  Servicer and remitted by the Master  Servicer to Residential  Funding on
the  next  succeeding   Distribution   Date.  For  the  month  of  substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect

                                              41

<PAGE>

that such  substitution  will not cause (a) any federal tax to be imposed on the
Trust Fund, including without limitation, any federal tax imposed on "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

        Section       2.05 Execution and Authentication of Certificates/Issuance
                      of Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.

        Section       2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

        (a) to sell the Certificates to the Company in exchange for the Mortgage
Loans;

        (b) to enter into and perform its obligations under this Agreement;

        (c) to  engage  in those  activities  that are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

                                              42

<PAGE>

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the case may be,  believes it is  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or re-  recording of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing or becoming unable to continue

                                              43

<PAGE>

operations in connection  with the MERS System,  it becomes  necessary to remove
any Mortgage  Loan from  registration  on the MERS System and to arrange for the
assignment of the related  Mortgages to the Trustee,  then any related  expenses
shall be reimbursable  to the Master  Servicer.  Notwithstanding  the foregoing,
subject  to  Section   3.07(a),   the  Master  Servicer  shall  not  permit  any
modification with respect to any Mortgage Loan that would both constitute a sale
or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code
and any proposed,  temporary or final regulations  promulgated thereunder (other
than in  connection  with a proposed  conveyance  or assumption of such Mortgage
Loan that is treated  as a  Principal  Prepayment  in Full  pursuant  to Section
3.13(d)  hereof) and cause any REMIC formed under the Series  Supplement to fail
to qualify as a REMIC  under the Code.  The  Trustee  shall  furnish  the Master
Servicer  with  any  powers  of  attorney  and  other  documents   necessary  or
appropriate to enable the Master Servicer to service and administer the Mortgage
Loans.  The  Trustee  shall not be liable  for any  action  taken by the  Master
Servicer or any  Subservicer  pursuant to such powers of attorney.  In servicing
and administering any  Nonsubserviced  Mortgage Loan, the Master Servicer shall,
to the extent not  inconsistent  with this  Agreement,  comply  with the Program
Guide as if it were the  originator  of such  Mortgage Loan and had retained the
servicing  rights  and  obligations  in  respect  thereof.  In  connection  with
servicing and  administering  the Mortgage  Loans,  the Master  Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage  services that are not  customarily  provided by servicers of mortgage
loans, and shall be entitled to reasonable  compensation  therefor in accordance
with  Section  3.10 and (ii)  may,  at its own  discretion  and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

        Section       3.02 Subservicing  Agreements  Between Master Servicer and
                      Subservicers;  Enforcement of  Subservicers'  and Sellers'
                      Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to

                                              44

<PAGE>

receive  and retain an amount  equal to the  Subservicing  Fee from  payments of
interest. Unless the context otherwise requires, references in this Agreement to
actions  taken or to be taken by the Master  Servicer in servicing  the Mortgage
Loans include  actions  taken or to be taken by a  Subservicer  on behalf of the
Master  Servicer.  Each  Subservicing  Agreement  will be upon  such  terms  and
conditions as are  generally  required or permitted by the Program Guide and are
not  inconsistent  with  this  Agreement  and as the  Master  Servicer  and  the
Subservicer  have agreed.  A  representative  form of Subservicing  Agreement is
attached  to this  Agreement  as  Exhibit  E. With the  approval  of the  Master
Servicer,  a Subservicer  may delegate its servicing  obligations to third-party
servicers,  but  such  Subservicer  will  remain  obligated  under  the  related
Subservicing  Agreement.  The Master  Servicer and a Subservicer  may enter into
amendments thereto or a different form of Subservicing  Agreement,  and the form
referred to or included in the Program Guide is merely  provided for information
and shall not be deemed to limit in any  respect  the  discretion  of the Master
Servicer to modify or enter into different  Subservicing  Agreements;  provided,
however,  that any such  amendments or different  forms shall be consistent with
and not violate the  provisions of either this Agreement or the Program Guide in
a manner  which would  materially  and  adversely  affect the  interests  of the
Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable  efforts to enforce the  obligations  of each  Subservicer  under the
related  Subservicing  Agreement  and of each Seller under the related  Seller's
Agreement  insofar as the Company's  rights with respect to such  obligation has
been assigned to the Trustee hereunder,  to the extent that the  non-performance
of any such Seller's  obligation  would have a material and adverse  effect on a
Mortgage  Loan,  including,  without  limitation,  the  obligation to purchase a
Mortgage  Loan on account of  defective  documentation,  as described in Section
2.02, or on account of a breach of a representation or warranty, as described in
Section  2.04.  Such  enforcement,  including,  without  limitation,  the  legal
prosecution  of claims,  termination  of  Subservicing  Agreements  or  Seller's
Agreements, as appropriate, and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer would employ in its good faith  business  judgment and which are normal
and usual in its general  mortgage  servicing  activities.  The Master  Servicer
shall  pay the  costs  of such  enforcement  at its own  expense,  and  shall be
reimbursed  therefor  only (i)  from a  general  recovery  resulting  from  such
enforcement to the extent, if any, that such recovery exceeds all amounts due in
respect of the related Mortgage Loan or (ii) from a specific  recovery of costs,
expenses or attorneys  fees against the party against whom such  enforcement  is
directed.  For  purposes  of  clarification  only,  the  parties  agree that the
foregoing  is not  intended  to, and does not,  limit the  ability of the Master
Servicer to be reimbursed for expenses that are incurred in connection  with the
enforcement  of a Seller's  obligations  (insofar as the  Company's  rights with
respect  to  such  Seller's  obligations  have  been  assigned  to  the  Trustee
hereunder) and are reimbursable pursuant to Section 3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor

                                              45

<PAGE>

Subservicer  which  will be  bound  by the  terms  of the  related  Subservicing
Agreement.  If the Master Servicer or any Affiliate of Residential  Funding acts
as servicer, it will not assume liability for the representations and warranties
of the  Subservicer  which it  replaces.  If the Master  Servicer  enters into a
Subservicing Agreement with a successor  Subservicer,  the Master Servicer shall
use reasonable  efforts to have the successor  Subservicer  assume liability for
the representations and warranties made by the terminated Subservicer in respect
of the related  Mortgage  Loans and, in the event of any such  assumption by the
successor Subservicer,  the Master Servicer may, in the exercise of its business
judgment,   release  the   terminated   Subservicer   from  liability  for  such
representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

                                              46

<PAGE>

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no such  extension  shall be made if any such advance  would be a
Nonrecoverable Advance.  Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the  interests of the  Certificateholders  (taking  into  account any  estimated
Realized Loss that might result absent such action); provided, however, that the
Master  Servicer may not modify  materially or permit any  Subservicer to modify
any Mortgage Loan,  including  without  limitation any  modification  that would
change the  Mortgage  Rate,  forgive  the payment of any  principal  or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the Mortgage Loan),  capitalize any amounts
owing on the Mortgage  Loan by adding such amount to the  outstanding  principal
balance of the Mortgage Loan, or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; provided, further, that (1) no
such  modification  shall  reduce the  interest  rate on a  Mortgage  Loan below
one-half of the  Mortgage  Rate as in effect on the Cut-Off  Date,  but not less
than the sum of the rates at which the  Servicing Fee and the  Subservicing  Fee
with  respect to such  Mortgage  Loan accrues plus the rate at which the premium
paid to the Certificate  Insurer,  if any, accrues,  (2) the final maturity date
for any Mortgage Loan shall not be extended  beyond the Maturity  Date,  (3) the
Stated Principal  Balance of all Reportable  Modified  Mortgage Loans subject to
Servicing  Modifications (measured at the time of the Servicing Modification and
after  giving  effect to any  Servicing  Modification)  can be no more than five
percent

                                              47

<PAGE>

of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date,
unless such limit is increased  from time to time with the consent of the Rating
Agencies and the Certificate Insurer, if any. In addition,  any amounts owing on
a Mortgage Loan added to the outstanding principal balance of such Mortgage Loan
must be fully  amortized over the remaining term of such Mortgage Loan, and such
amounts may be added to the  outstanding  principal  balance of a Mortgage  Loan
only once during the life of such  Mortgage  Loan.  Also,  the  addition of such
amounts  described in the preceding  sentence shall be implemented in accordance
with the Program Guide and may be  implemented  only by  Subservicers  that have
been approved by the Master  Servicer for such purpose.  In connection  with any
Curtailment  of a  Mortgage  Loan,  the  Master  Servicer,  to  the  extent  not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the  Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
recalculated  as an  amount  that  will  fully  amortize  the  remaining  Stated
Principal  Balance  thereof by the original  Maturity Date based on the original
Mortgage Rate; provided,  that such re-amortization shall not be permitted if it
would  constitute  a  reissuance  of the  Mortgage  Loan for federal  income tax
purposes,  except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                      (iii)  Insurance  Proceeds,   Subsequent   Recoveries  and
               Liquidation   Proceeds  (net  of  any  related  expenses  of  the
               Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                      (v) Any  amounts  required  to be  deposited  pursuant  to
               Section 3.07(c) or 3.21;

                      (vi) All amounts  transferred from the Certificate Account
               to the Custodial Account in accordance with Section 4.02(a);

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                      (vii) Any amounts realized by the Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                      (viii) Any  amounts  received  by the Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

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        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account.

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<PAGE>

Withdrawals of amounts related to the Mortgage Loans from the Servicing Accounts
may be made  only  to  effect  timely  payment  of  taxes,  assessments,  hazard
insurance  premiums,  Primary  Insurance  Policy  premiums,  if  applicable,  or
comparable items, to reimburse the Master Servicer or Subservicer out of related
collections for any payments made pursuant to Sections 3.11 (with respect to the
Primary  Insurance  Policy) and 3.12(a) (with respect to hazard  insurance),  to
refund to any  Mortgagors  any sums as may be determined to be overages,  to pay
interest,  if required, to Mortgagors on balances in the Servicing Account or to
clear and terminate the Servicing  Account at the  termination of this Agreement
in accordance with Section 9.01 or in accordance with the Program Guide. As part
of its servicing duties,  the Master Servicer shall, and the Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                      (i) to make deposits into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  Advances,  Servicing  Advances or other
               expenses made pursuant to Sections  3.01,  3.07(a),  3.08,  3.11,
               3.12(a), 3.14 and 4.04 or otherwise  reimbursable pursuant to the
               terms of this Agreement,  such withdrawal  right being limited to
               amounts  received on the related Mortgage Loans  (including,  for
               this purpose, REO

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<PAGE>

               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property  acquired in respect  thereof that has been purchased or
               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided  in  subsection  (c) below,  and any  Advance or
               Servicing  Advance made in  connection  with a modified  Mortgage
               Loan  that  is in  default  or,  in the  judgment  of the  Master
               Servicer,  default is reasonably  foreseeable pursuant to Section
               3.07(a),  to the extent the  amount of the  Advance or  Servicing
               Advance was added to the Stated Principal Balance of the Mortgage
               Loan in the prior calendar month, or any Advance  reimbursable to
               the Master Servicer pursuant to Section 4.02(a);

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<PAGE>

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  relating to an Advance pursuant to Section 4.04 on any such Certificate
Account  Deposit Date shall be limited to an amount not exceeding the portion of
such  advance  previously  paid  to  Certificateholders   (and  not  theretofore
reimbursed to the Master Servicer or the related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company gains knowledge that as of

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the Closing Date, a Mortgage Loan had a  Loan-to-Value  Ratio at  origination in
excess of 80% and is not the subject of a Primary  Insurance Policy (and was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the

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Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or
policy  ceases to be in effect,  the Master  Servicer  shall obtain a comparable
replacement  bond or  policy  from an  issuer  or  insurer,  as the case may be,
meeting the  requirements,  if any, of the Program  Guide and  acceptable to the
Company.  Coverage of the Master  Servicer under a policy or bond obtained by an
Affiliate of the Master  Servicer and  providing  the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law

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<PAGE>

and governmental regulations,  but only to the extent that such enforcement will
not adversely affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any),

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<PAGE>

or the  modification  or  supplement  to the  Mortgage  Note or  Mortgage  to be
delivered to the Trustee or the Custodian  and deposited  with the Mortgage File
for such Mortgage Loan. Any fee collected by the Master Servicer or such related
Subservicer  for  entering  into an  assumption  or  substitution  of  liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments pursuant to Section 3.07.  Alternatively,  the Master Servicer may take
other  actions in respect of a defaulted  Mortgage  Loan,  which may include (i)
accepting  a short sale (a payoff of the  Mortgage  Loan for an amount less than
the  total  amount  contractually  owed in  order  to  facilitate  a sale of the
Mortgaged Property by the Mortgagor) or permitting a short refinancing (a payoff
of the Mortgage Loan for an amount less than the total amount contractually owed
in order to facilitate refinancing transactions by the Mortgagor not involving a
sale of the

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<PAGE>

Mortgaged Property),  (ii) arranging for a repayment plan or (iii) agreeing to a
modification   in  accordance   with  Section  3.07.  In  connection  with  such
foreclosure or other  conversion,  the Master  Servicer  shall,  consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  provided
that the Master  Servicer  shall not be liable in any respect  hereunder  if the
Master  Servicer  is acting in  connection  with any such  foreclosure  or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not be required to expend its own funds or
incur  other  reimbursable  charges  in  connection  with  any  foreclosure,  or
attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee, obtain title to

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<PAGE>

any such Pledged Assets as a result of or in lieu of the disposition  thereof or
otherwise;  and provided  further that (i) the Master Servicer shall not proceed
with respect to such Pledged  Assets in any manner that would impair the ability
to recover against the related Mortgaged Property,  and (ii) the Master Servicer
shall proceed with any REO Acquisition in a manner that preserves the ability to
apply the  proceeds  of such  Pledged  Assets  against  amounts  owed  under the
defaulted  Mortgage Loan. Any proceeds  realized from such Pledged Assets (other
than  amounts to be  released  to the  Mortgagor  or the  related  guarantor  in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the proceeds of such Pledged  Assets) shall be deposited in
the Custodial Account, subject to withdrawal pursuant to Section 3.10. Any other
payment  received by the Master Servicer in respect of such Pledged Assets shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all

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<PAGE>

calculations hereunder so long as such REO Property shall be considered to be an
Outstanding  Mortgage  Loan it shall be assumed that,  notwithstanding  that the
indebtedness  evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and the related  amortization  schedule in effect at the time
of  any  such  acquisition  of  title  (after  giving  effect  to  any  previous
Curtailments  and before any  adjustment  thereto by reason of any bankruptcy or
similar  proceeding or any  moratorium or similar waiver or grace period) remain
in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the

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Subservicer  shall have no claims for any deficiencies with respect to such fees
which result from the foregoing allocation); and fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney, or to a public trustee or other public official as

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required by law, for purposes of  initiating  or pursuing  legal action or other
proceedings for the foreclosure of the Mortgaged  Property either  judicially or
non-judicially,  and the Master  Servicer  has  delivered  directly or through a
Subservicer to the Trustee a certificate of a Servicing Officer certifying as to
the name and address of the Person to which such  Mortgage File or such document
was delivered and the purpose or purposes of such delivery.  In the event of the
liquidation  of a Mortgage  Loan,  the  Trustee  shall  deliver  the Request for
Release with respect  thereto to the Master Servicer upon deposit of the related
Liquidation Proceeds in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

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        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate  Insurer  on or before  the  earlier  of (a) March 31 of each  year,
beginning  with the first  March 31 that  occurs at least six  months  after the
Cut-off Date or (b) with respect to any calendar year during which the Company's
annual  report  on Form  10-K is  required  to be filed in  accordance  with the
Exchange Act and the rules and regulations of the Commission,  the date on which
the annual  report on Form 10-K is required to be filed in  accordance  with the
Exchange  Act and the rules and  regulations  of the  Commission,  an  Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each Subservicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material obligations under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months after the Cut-off Date or (b)
with respect to any calendar  year during which the  Company's  annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and  regulations  of the  Commission,  the Master  Servicer at its expense
shall cause a firm of independent public accountants,  which shall be members of
the American Institute of Certified Public  Accountants,  to furnish a report to
the  Company  and the  Trustee  stating  its  opinion  that,  on the basis of an
examination  conducted by such firm  substantially  in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

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        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount  required to be paid  pursuant to Section 9.01 and (v) all other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in

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Permitted  Investments  designated in the name of the Trustee for the benefit of
the  Certificateholders,  which  shall  mature or be payable on demand not later
than the Business Day next  preceding the  Distribution  Date next following the
date of such investment  (except that (i) any investment in the institution with
which the  Certificate  Account is maintained may mature or be payable on demand
on such Distribution Date and (ii) any other investment may mature or be payable
on demand on such  Distribution  Date if the Trustee shall advance funds on such
Distribution  Date to the  Certificate  Account  in the  amount  payable on such
investment on such  Distribution  Date,  pending  receipt  thereof to the extent
necessary to make  distributions on the  Certificates)  and shall not be sold or
disposed of prior to maturity.  Subject to Section 3.16(e),  all income and gain
realized  from  any  such  investment  shall be for the  benefit  of the  Master
Servicer and shall be subject to its  withdrawal or order from time to time. The
amount of any  losses  incurred  in  respect  of any such  investments  shall be
deposited in the Certificate Account by the Master Servicer out of its own funds
immediately as realized without any right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

          Section 4.03  Statements to  Certificateholders;  Statements to Rating
               Agencies; Exchange Act Reporting.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master  Servicer.  Also, at the request of a Rating Agency,  the Master Servicer
shall provide the information relating to the Reportable Modified Mortgage Loans
substantially  in the form  attached  hereto as Exhibit Q to such Rating  Agency
within a reasonable period of time; provided,  however, that the Master Servicer
shall not be  required  to provide  such  information  more than four times in a
calendar year to any Rating Agency.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to

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the Series  Supplement  referred to in subsection (a) above  aggregated for such
calendar  year or  applicable  portion  thereof  during  which such Person was a
Certificateholder.  Such  obligation of the Master  Servicer  shall be deemed to
have been  satisfied  to the extent that  substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        (e) The  Trustee  will make the reports  referred to in Section  4.03(a)
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders,  any Certificate
Insurer and other parties to the Agreement via the Trustee's  website,  which is
presently  located at  www.abs.bankone.com.  Persons  that are unable to use the
above  website are  entitled to have a paper copy mailed to them via first class
mail by calling the Trustee at (800) 524-9472.  The Trustee shall have the right
to change the way the reports  referred to in Section 4.03(a) are distributed in
order to make such  distribution  more convenient  and/or more accessible to the
above parties, to the  Certificateholders  and to any Certificate  Insurer.  The
Trustee  shall  provide  timely and  adequate  notification  to all the  parties
mentioned above and to the Certificateholders regarding any such change.

        (f) The Master Servicer shall, on behalf of the Depositor and in respect
of the Trust Fund,  sign and cause to be filed with the  Commission any periodic
reports  required to be filed under the  provisions of the Exchange Act, and the
rules and  regulations  of the  Commission  thereunder.  In connection  with the
preparation  and filing of such  periodic  reports,  the  Trustee  shall  timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution to the  Certificateholders  as required pursuant to this Agreement.
Neither  the Master  Servicer  nor the  Trustee  shall have any  liability  with
respect  to the  Master  Servicer's  failure  to  properly  prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection with this clause (f)

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shall  include a  certification,  signed by the senior  officer in charge of the
servicing  functions of the Master  Servicer,  in the form attached as Exhibit O
hereto or such other form as may be required or permitted by the Commission (the
"Form 10-K Certification"),  in compliance with Rule 13a-14 and 15d-14 under the
Exchange Act and any additional directives of the Commission. In connection with
the Form 10-K Certification,  the Trustee shall provide the Master Servicer with
a back-up certification substantially in the form attached hereto as Exhibit P.

        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations shall be conclusive for

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purposes of  reimbursement  to the Master  Servicer  from  recoveries on related
Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

        Section  4.06  Reports of  Foreclosures  and  Abandonment  of  Mortgaged
Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the

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Trustee a certification signed by a Servicing Officer stating that the amount of
such payment has been  deposited in the  Certificate  Account,  then the Trustee
shall execute the  assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile signatures of

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<PAGE>

individuals  who were at any time the proper  officers of the Trustee shall bind
the Trustee, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the  authentication  and delivery of such Certificate
or did not hold such offices at the date of such  Certificates.  No  Certificate
shall be  entitled  to any  benefit  under this  Agreement,  or be valid for any
purpose,   unless  there  appears  on  such   Certificate   a   certificate   of
authentication  substantially  in the form  provided for herein  executed by the
Certificate  Registrar  by  manual  signature,  and  such  certificate  upon any
Certificate  shall be  conclusive  evidence,  and the only  evidence,  that such
Certificate  has  been  duly   authenticated   and  delivered   hereunder.   All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions.

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<PAGE>

Upon  the  issuance  of  Definitive   Certificates  all  references   herein  to
obligations  imposed upon or to be performed by the Company in  connection  with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated

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<PAGE>

transferee  or  transferees,  one or more new  Certificates  of a like Class (or
Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;  provided,  however, that such representation  letters will
not be required in connection  with any transfer of any such  Certificate by the
Company or any Affiliate  thereof to the Company or an Affiliate of the Company,
and the Trustee  shall be entitled to  conclusively  rely upon a  representation
(which, upon the request of the Trustee, shall be a written representation) from
the Company,  of the status of such transferee as an Affiliate of the Company or
(ii) the  prospective  transferee  of such a  Certificate  shall be  required to
provide the  Trustee,  the Company and the Master  Servicer  with an  investment
letter  substantially  in the form of Exhibit J  attached  hereto (or such other
form as the Company in its sole discretion deems  acceptable),  which investment
letter  shall not be an  expense  of the  Trustee,  the  Company  or the  Master
Servicer,  and which  investment  letter states that,  among other things,  such
transferee (A) is a "qualified  institutional buyer" as defined under Rule 144A,
acting for its own  account or the  accounts of other  "qualified  institutional
buyers"  as  defined  under  Rule  144A,  and (B) is  aware  that  the  proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A. The Holder of any
such  Certificate  desiring to effect any such transfer,  sale,  pledge or other
disposition shall, and does hereby agree to, indemnify the Trustee, the Company,
the Master Servicer and the

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<PAGE>

Certificate  Registrar  against any  liability  that may result if the transfer,
sale,  pledge or other disposition is not so exempt or is not made in accordance
with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or  paragraph  fifteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such  Certificate  (or interest  therein) that either (a) such
               Transferee  is not a Plan  Investor,  (b) it has  acquired and is
               holding such  Certificate  in reliance on Prohibited  Transaction
               Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as
               amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), and PTE
               2000-58, 65 Fed. Reg. 67765 (November 13, 2000), and PTE 2002-41,
               67 Fed. Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent permitted by law, to

                                              74

<PAGE>

               all  rights  and   obligations  as   Certificate   Owner  thereof
               retroactive  to the  date  of  such  Transfer  of  such  Class  M
               Certificate.  The  Trustee  shall be under  no  liability  to any
               Person for making any  payments due on such  Certificate  to such
               preceding Transferee.

                             (B)   Any   purported   Certificate   Owner   whose
                      acquisition  or  holding  of any Class M  Certificate  (or
                      interest   therein)  was  effected  in  violation  of  the
                      restrictions  in this Section  5.02(e) shall indemnify and
                      hold  harmless  the  Company,   the  Trustee,  the  Master
                      Servicer, any Subservicer,  each Underwriter and the Trust
                      Fund from and  against  any and all  liabilities,  claims,
                      costs or expenses  incurred by such parties as a result of
                      such acquisition or holding.

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from  the  proposed  Transferee,  in  form  and  substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that it is a Permitted
                      Transferee,   that  it  is  not  acquiring  its  Ownership
                      Interest in the Class R Certificate that is the subject of
                      the proposed  Transfer as a nominee,  trustee or agent for
                      any Person who is not a Permitted Transferee,  that for so
                      long as it retains  its  Ownership  Interest  in a Class R
                      Certificate,  it  will  endeavor  to  remain  a  Permitted
                      Transferee,  and that it has  reviewed the  provisions  of
                      this Section  5.02(f) and agrees to be bound by them,  and
                      (II) a certificate, in the form attached hereto as Exhibit
                      G-2,  from the  Holder  wishing  to  transfer  the Class R
                      Certificate,  in form and  substance  satisfactory  to the
                      Master Servicer,  representing and warranting, among other
                      things,  that no purpose of the  proposed  Transfer  is to
                      impede the assessment or collection of tax.

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<PAGE>

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R Certificate. If a Non-United States Person shall become a
               holder of a Class R Certificate,  then the last preceding  United
               States Person shall be restored,  to the extent permitted by law,
               to all rights and  obligations as Holder  thereof  retroactive to
               the  date of  registration  of  such  Transfer  of  such  Class R
               Certificate.   If  a  transfer  of  a  Class  R  Certificate   is
               disregarded  pursuant to the  provisions of Treasury  Regulations
               Section  1.860E-1 or Section  1.860G-3,  then the last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R  Certificate.  The Trustee shall be under no liability to
               any  Person  for  any  registration  of  Transfer  of a  Class  R
               Certificate that is in fact not permitted by this Section 5.02(f)
               or for making any payments due on such  Certificate to the holder
               thereof  or for  taking  any other  action  with  respect to such
               holder under the provisions of this Agreement.

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<PAGE>

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                                              77

<PAGE>

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

        (h) All  Certificates  surrendered  for transfer  and exchange  shall be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the

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Company,  the Master  Servicer,  the  Trustee,  any  Certificate  Insurer or the
Certificate  Registrar  shall be  affected by notice to the  contrary  except as
provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

        Section       6.02 Merger or  Consolidation of the Company or the Master
                      Servicer; Assignment of Rights and Delegation of Duties by
                      Master Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

        Section 6.03 Limitation on Liability of the Company, the Master Servicer
and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,

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               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a) Except as otherwise provided in Section 8.01:

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                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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<PAGE>

                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

        Section  8.05  Master  Servicer  to Pay  Trustee's  Fees  and  Expenses;
Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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<PAGE>

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee therein  designated where required pursuant
               to this  Agreement  or, in the case of the purchase by the Master
               Servicer of the outstanding  Certificates,  the Distribution Date
               on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution Date is not applicable, or in the case of the Senior
               Certificates,  or in the  case  of all  of  the  Certificates  in
               connection  with the exercise by the Master Servicer of its right
               to purchase the Certificates, that payment will be made only upon
               presentation  and surrender of the  Certificates at the office or
               agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the  case  of the  Senior  Certificates,  upon  presentation  and
surrender of the Certificates by the Certificateholders thereof, and in the case
of the Class M and Class B Certificates,  upon presentation and surrender of the
Certificates by the  Certificateholders  thereof in connection with the exercise
by the Master Servicer of its right to purchase the  Certificates and otherwise,
in  accordance  with  Section  4.01(a),  the  Trustee  shall  distribute  to the
Certificateholders  (i) the amount otherwise  distributable on such Distribution
Date, if not in connection with the Master Servicer's election to repurchase the
assets of the Trust Fund or the outstanding Certificates,  or (ii) if the Master
Servicer  elected  to so  repurchase  the  assets  of  the  Trust  Fund  or  the
outstanding  Certificates,  an amount determined as follows: (A) with respect to
each Certificate the outstanding  Certificate  Principal  Balance thereof,  plus
Accrued Certificate Interest for the related Interest Accrual Period thereon and
any previously unpaid Accrued Certificate Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately preceding clause (A).  Nothwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and

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the Master  Servicer  (if it  exercised  its right to purchase the assets of the
Trust  Fund),  or the Trustee  (in any other  case) shall give a second  written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed  by the Master  Servicer to contact  the  remaining  Certificateholders
concerning   surrender  of  their  Certificates.   The  costs  and  expenses  of
maintaining  the escrow  account and of contacting  Certificateholders  shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation,  the  Trustee  shall  pay  to  the  Master  Servicer  all  amounts
distributable  to the holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for final payment thereof in accordance with this
Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of each such REMIC to comply with the requirements

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of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section 860G of

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<PAGE>

the Code) in any REMIC  elected  in  respect  of the Trust  Fund  other than the
"regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1.  The REMIC Administrator,  as tax
matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set

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<PAGE>

forth  herein as shall be  necessary or desirable to maintain the status of each
REMIC as a REMIC under the REMIC  Provisions  (and the Trustee  shall assist the
Master Servicer and the REMIC Administrator,  to the extent reasonably requested
by the  Master  Servicer  and the  REMIC  Administrator  to do so).  The  Master
Servicer and the REMIC  Administrator  shall not knowingly or intentionally take
any action,  cause the Trust Fund to take any action or fail to take (or fail to
cause to be taken) any action reasonably  within their respective  control that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement  as a REMIC or (ii) result in the  imposition  of a tax upon any such
REMIC  (including  but not  limited  to the tax on  prohibited  transactions  as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC set forth in  Section  860G(d) of the Code)  (either  such  event,  in the
absence of an Opinion of  Counsel  or the  indemnification  referred  to in this
sentence,  an "Adverse  REMIC  Event")  unless the Master  Servicer or the REMIC
Administrator, as applicable, has received an Opinion of Counsel (at the expense
of the party  seeking to take such  action  or, if such party  fails to pay such
expense,  and the Master  Servicer or the REMIC  Administrator,  as  applicable,
determines that taking such action is in the best interest of the Trust Fund and
the Certificateholders, at the expense of the Trust Fund, but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the contemplated action will not, with respect to each REMIC created
hereunder,  endanger  such  status or,  unless the  Master  Servicer,  the REMIC
Administrator or both, as applicable,  determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax,  result in the
imposition of such a tax.  Wherever in this Agreement a contemplated  action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken  pursuant to an Opinion of Counsel
that such  action  would not  impose a tax on the Trust  Fund,  such  action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
any REMIC created  hereunder or any related assets thereof,  or causing any such
REMIC to take any action,  which is not expressly  permitted  under the terms of
this  Agreement,  the Trustee will consult with the Master Servicer or the REMIC
Administrator,  as  applicable,  or its  designee,  in writing,  with respect to
whether such action could cause an Adverse  REMIC Event to occur with respect to
any such REMIC, and the Trustee shall not take any such action or cause any such
REMIC to take any such  action  as to which  the  Master  Servicer  or the REMIC
Administrator,  as  applicable,  has advised it in writing that an Adverse REMIC
Event  could  occur.  The  Master  Servicer  or  the  REMIC  Administrator,   as
applicable,  may consult with counsel to make such written advice,  and the cost
of same shall be borne by the party  seeking  to take the  action not  expressly
permitted  by this  Agreement,  but in no event  at the  expense  of the  Master
Servicer  or the REMIC  Administrator.  At all times as may be  required  by the
Code, the Master Servicer will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the
assets of each REMIC created  hereunder as  "qualified  mortgages" as defined in
Section 860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.

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        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

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<PAGE>

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                             102

<PAGE>

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i) to cure any ambiguity,

                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                                             103

<PAGE>

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                      (vii) to amend any provision herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates with a Certificate
Principal  Balance greater than zero affected  thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or such Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or

                                             104

<PAGE>

other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit K, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

                                             105

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

                                             106

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  at such  time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below,  (ii)
shall notify the Subservicer at such time as it is otherwise  required  pursuant
to this  Agreement  to give  notice  of the  occurrence  of,  any of the  events
described in clause (a), (b), (c)(1),  (g)(1),  or (i) below, or (iii) provide a
copy to each Rating  Agency at such time as  otherwise  required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:

        (a) a material change or amendment to this Agreement,

        (b) the occurrence of an Event of Default,

        (c) (1) the termination or appointment of a successor Master Servicer or
(2) the  termination or  appointment  of a successor  Trustee or a change in the
majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

        (e) the statement  required to be delivered to the Holders of each Class
of Certificates pursuant to Section 4.03,

        (f) the  statements  required to be delivered  pursuant to Sections 3.18
and 3.19,

        (g) (1) a change  in the  location  of the  Custodial  Account  or (2) a
change in the location of the Certificate Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i) the occurrence of the Final Distribution Date, and

        (j) the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt written notice to each Rating Agency and the Subservicer,  if applicable,
of any such event known to the Master Servicer.

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants, agreements, provisions or terms

                                             107

<PAGE>

shall be deemed severable from the remaining covenants,  agreements,  provisions
or  terms  of  this  Agreement  and  shall  in no way  affect  the  validity  or
enforceability  of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             108

<PAGE>

                                    EXHIBIT A

       FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
                    AND [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% [Adjustable] [Variable] Pass-Through
                                                Rate [based on a Notional Amount]
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Interest Only/Class A-V] [Notional
[______________]                                Amount] [Subclass Notional Amount] of the
                                                Class [A-___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
[______________]                                [Interest Only/Class A-V] [Subclass] [Notional
                                                Amount] of this Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE
                                       SERIES ________

               evidencing a percentage  interest in the distributions  allocable
               To the Class  [A-___]  certificates  with respect to a trust fund
               Consisting   primarily  of  a  pool  of   conventional   one-  to
               Four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
certificate  nor the underlying  mortgage loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  residential  funding  mortgage
securities I, inc.,  the master  servicer,  the trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the company, the master servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the certificates.

        This certifies that is the registered  owner of the percentage  interest
evidenced by this  certificate  [(obtained by dividing the [initial  certificate
principal balance] [initial  [interest  only/Class A-V] notional amount] of this
certificate by the aggregate [initial certificate principal balance of all Class
A-  certificates]  [initial  [interest  only/Class A-V] notional  amounts of all
[interest only/Class

<PAGE>

A-v]  certificates],  both as specified  above)] in certain  distributions  with
respect to the trust  fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"mortgage loans"), formed and sold by residential funding mortgage securities I,
inc. (Hereinafter called the "company," which term includes any successor entity
under the agreement referred to below). The trust fund was created pursuant to a
series  supplement,  dated as specified  above, to the standard terms of pooling
and servicing agreement dated as of ________________ (together, the "pooling and
servicing  agreement" or the "agreement") among the company, the master servicer
and  _______________,  as trustee (the  "trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
agreement.  This  certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  agreement,  to which  agreement the holder of
this  certificate by virtue of the  acceptance  hereof assents and by which such
holder is bound.

        Pursuant to the terms of the agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  business  day,  the
business day  immediately  following (the  "distribution  date"),  commencing as
described  in the  agreement,  to the person in whose name this  certificate  is
registered  at the close of business on the last day (or if such last day is not
a business  day, the business day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "record date"),
from the available  distribution amount in an amount equal to the product of the
percentage  interest  evidenced by this certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  holders of Class A-
certificates on such distribution date. [the [interest  only/Class A-v] notional
amount  of  the  [interest  only/Class  A-v]  certificates  as of  any  date  of
determination is equal to the aggregate stated principal balance of the mortgage
loans corresponding to the uncertificated remic regular interests represented by
such [interest only/Class A-v] certificates.]

        Distributions  on this  certificate  will be made  either by the  master
servicer  acting on behalf of the trustee or by a paying agent  appointed by the
trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the person entitled thereto if such person shall have so notified the
master  servicer or such paying agent,  or by check mailed to the address of the
person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
certificate register.

        Notwithstanding  the above,  the final  distribution on this certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this certificate at the office or agency appointed
by the trustee for that purpose in the city and state of New York.  The [initial
certificate  principal  balance]  [initial  [interest  only/Class  A-v] notional
amount] of this  certificate  is set forth  above.] [the  certificate  principal
balance  hereof  will be  reduced to the extent of  distributions  allocable  to
principal and any realized losses allocable hereto.]

        This  certificate  is one of a duly  authorized  issue  of  certificates
issued in several classes  designated as mortgage  pass-through  certificates of
the series specified hereon (herein collectively called the "certificates").

        The certificates are limited in right of payment to certain  collections
and recoveries respecting the mortgage loans, all as more specifically set forth
herein and in the agreement. In the

<PAGE>

event master servicer funds are advanced with respect to any mortgage loan, such
advance is  reimbursable to the master  servicer,  to the extent provided in the
agreement, from related recoveries on such mortgage loan or from other cash that
would have been distributable to certificateholders.

        As provided in the  agreement,  withdrawals  from the custodial  account
and/or the certificate account created for the benefit of certificateholders may
be made by the  master  servicer  from  time to time  for  purposes  other  than
distributions to certificateholders,  such purposes including without limitation
reimbursement  to the company  and the master  servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The agreement permits,  with certain  exceptions  therein provided,  the
amendment of the agreement and the modification of the rights and obligations of
the  company,  the  master  servicer  and  the  trustee  and the  rights  of the
certificateholders  under the  agreement at any time by the company,  the master
servicer  and the  trustee  with the  consent  of the  holders  of  certificates
evidencing  in the aggregate  not less than 66% of the  percentage  interests of
each class of certificates  affected thereby.  Any such consent by the holder of
this  certificate  shall be  conclusive  and binding on such holder and upon all
future  holders  of this  certificate  and of any  certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  certificate.  The  agreement  also permits the
amendment thereof in certain circumstances without the consent of the holders of
any of the certificates and, in certain  additional  circumstances,  without the
consent of the holders of certain  classes of  certificates.  As provided in the
agreement and subject to certain  limitations therein set forth, the transfer of
this  certificate is registrable in the  certificate  register upon surrender of
this  certificate  for  registration  of  transfer  at the  offices or  agencies
appointed by the trustee in the city and state of New York, duly endorsed by, or
accompanied  by an assignment  in the form below or other written  instrument of
transfer in form satisfactory to the trustee and the certificate  registrar duly
executed by the holder  hereof or such  holder's  attorney  duly  authorized  in
writing, and thereupon one or more new certificates of authorized  denominations
evidencing  the same class and aggregate  percentage  interest will be issued to
the designated transferee or transferees.

        The  certificates are issuable only as registered  certificates  without
coupons in classes and in denominations  specified in the agreement. As provided
in  the  agreement  and  subject  to  certain  limitations  therein  set  forth,
certificates are  exchangeable for new certificates of authorized  denominations
evidencing the same Class and aggregate percentage interest, as requested by the
holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  company,  the master  servicer,  the  trustee  and the  certificate
registrar and any agent of the company, the master servicer,  the trustee or the
certificate  registrar  may treat the person in whose name this  certificate  is
registered  as the owner hereof for all purposes,  and neither the company,  the
master  servicer,  the trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

        This  certificate  shall be governed by and construed in accordance with
the laws of the state of New York.

        The obligations  created by the agreement in respect of the certificates
and the  trust  fund  created  thereby  shall  terminate  upon  the  payment  to
certificateholders  of all  amounts  held by or on  behalf  of the  trustee  and
required to be paid to them pursuant to the  agreement  following the earlier of
(i) the maturity or other  liquidation of the last mortgage loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any mortgage  loan and (ii) the purchase by the master  servicer
from the trust fund of all remaining mortgage loans and all property acquired in
respect of such  mortgage  loans,  thereby  effecting  early  retirement  of the
certificates.  The agreement permits,  but does not require, the master servicer
to (i) purchase at a price determined as provided in the agreement all remaining
mortgage loans and all property acquired in respect of any mortgage loan or (ii)
purchase in whole,  but not in part,  all of the  certificates  from the holders
thereof; provided, that any such option may only be exercised if the pool stated
principal  balance of the mortgage loans as of the distribution  date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the cut-off date principal balance of the mortgage loans.

        Reference is hereby made to the further  provisions of this  certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
certificate  registrar,  by  manual  signature,  this  certificate  shall not be
entitled to any benefit under the agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By: _____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By: ________________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT B

                                  FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS  CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT  MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY,  ON BEHALF OF OR PURCHASING
ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN  INVESTOR"),  (B) IT HAS
ACQUIRED AND IS HOLDING SUCH  CERTIFICATE IN RELIANCE ON PROHIBITED  TRANSACTION
EXEMPTION  ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 1994), AS AMENDED BY PTE
97-34, 62 FED. REG. 39021 (JULY 21, 1997),  AND PTE 2000-58,  65 FED. REG. 67765
(NOVEMBER 13, 2000) (THE "RFC  EXEMPTION"),  AND THAT IT UNDERSTANDS  THAT THERE
ARE CERTAIN  CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION  INCLUDING THAT
SUCH CERTIFICATE  MUST BE RATED, AT THE TIME OF PURCHASE,  NOT LOWER THAN "BBB-"
(OR ITS  EQUIVALENT)  BY  STANDARD  & POOR'S,  FITCH OR  MOODY'S  OR (C)(I)  THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE  COMPANY GENERAL  ACCOUNT" (WITHIN THE
MEANING OF U.S.  DEPARTMENT  OF LABOR  PROHIBITED  TRANSACTION  CLASS  EXEMPTION
("PTCE")  95-60),  AND (III) THE  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").

<PAGE>

        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH,  THEN THE LAST PRECEDING
TRANSFEREE  THAT  EITHER  (I)  IS  NOT  A  PLAN  INVESTOR,  (II)  ACQUIRED  SUCH
CERTIFICATE  IN  COMPLIANCE  WITH THE RFC  EXEMPTION  OR  (III)  IS A  COMPLYING
INSURANCE  COMPANY  SHALL BE  RESTORED,  TO THE EXTENT  PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE  OWNER THEREOF  RETROACTIVE TO THE DATE OF
SUCH  TRANSFER OF THIS  CERTIFICATE.  THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS  DUE ON THIS  CERTIFICATE  TO SUCH  PRECEDING
TRANSFEREE.

        ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION  OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class M Certificates:
Cut-off Date:                                   $_______________
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                       SERIES ________

               evidencing a percentage  interest in any distributions  allocable
               to the Class M-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained by dividing the Certificate  Principal
Balance of this Certificate by the aggregate  Certificate  Principal  Balance of
all Class M-___ Certificates,  both as specified above) in certain distributions
with respect to a Trust Fund consisting primarily of a pool of conventional one-
to four-family fixed interest rate first mortgage loans (the "Mortgage  Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc.  (hereinafter
called the  "Company,"  which  term  includes  any  successor  entity  under the
Agreement  referred to below).  The Trust Fund was created  pursuant to a Series
Supplement, dated as specified above, to the Standard Terms of Pooling and

<PAGE>

Servicing  Agreement dated as of  ________________  (together,  the "Pooling and
Servicing  Agreement" or the "Agreement") among the Company, the Master Servicer
and  ___________,  as  trustee  (the  "Trustee"),  a summary  of  certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required to be  distributed  to Holders of Class M-___
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        As described above, any transferee of this Certificate will be deemed to
have  represented by virtue of its purchase or holding of this  Certificate  (or
interest herein) that either (A) such transferee is not a Plan Investor,  (B) it
has acquired and is holding this  Certificate  in reliance on the RFC  Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption  including that this Certificate must be rated, at the time of
purchase,  not lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
or Moody's or (C) the transferee is a Complying  Insurance Company. In addition,
any purported Certificate Owner whose acquisition or holding of this Certificate
(or interest  herein) was effected in violation of the  restrictions  in Section
5.02(e) of the Agreement  shall  indemnify  and hold  harmless the Company,  the
Trustee,  the  Master  Servicer,  any  Subservicer,  and the Trust Fund from and
against any and all  liabilities,  claims,  costs or  expenses  incurred by such
parties as a result of such acquisition or holding.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

<PAGE>

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered as the owner hereof for all purposes, and neither the

<PAGE>

Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:______________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT C

                                  FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES AND CLASS M CERTIFICATES  [AND CLASS B-1] [CLASS B-2  CERTIFICATES]
DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class B-___
Cut-off Date:                                   Certificates as of the Cut-off Date: $________
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class B-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that  _______________________  is the registered owner of
the Percentage Interest evidenced by this Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal Balance of all Class B-___  Certificates,  both as specified above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day immediately following (the "Distribution Date"),  commencing on the
first  Distribution  Date  specified  above,  to the  Person in whose  name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        No  transfer  of this  Class B  Certificate  will  be made  unless  such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by Section  5.02(e) of the  Agreement.  The Holder hereof
desiring to effect such transfer shall,  and does hereby agree to, indemnify the
Trustee, the Company,  the Master Servicer and the Certificate  Registrar acting
on behalf of the Trustee  against any liability  that may result if the transfer
is not so exempt or is not made in accordance  with such Federal and state laws.
In connection  with any such transfer,  the Trustee will also require either (i)
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Trustee,   the  Company  and  the  Master  Servicer  with  respect  to  the
permissibility  of such transfer under the Employee  Retirement  Income Security
Act of 1974, as amended

<PAGE>

("ERISA"),  and  Section  4975 of the  Internal  Revenue  Code (the  "Code") and
stating,  among other things,  that the  transferee's  acquisition  of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate Registrar duly executed

<PAGE>

by the Holder hereof or such Holder's  attorney duly authorized in writing,  and
thereupon one or more new  Certificates of authorized  denominations  evidencing
the  same  Class  and  aggregate  Percentage  Interest  will  be  issued  to the
designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By: _____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:  ____________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT D

                                 FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

        ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS  CERTIFICATE  MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH  TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR  ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN  AN
INSTRUMENTALITY  WHICH IS A CORPORATION  IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR  FREDDIE  MAC, A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,  (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION
521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE  INCOME),  (D) RURAL  ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(A)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON  DESCRIBED IN THE FOREGOING  CLAUSES
(A),  (B),  (C),  (D)  OR  (E)  BEING  HEREIN  REFERRED  TO  AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE
OF SUCH  TRANSFER IS TO IMPEDE THE  ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE.

<PAGE>

NOTWITHSTANDING  THE  REGISTRATION IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED  ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO,
THE  RECEIPT  OF  DISTRIBUTIONS  ON  THIS  CERTIFICATE.   EACH  HOLDER  OF  THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [R-___] Senior
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: $100.00
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class R[-__]  Certificates  with respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained  by dividing  the Initial  Certificate
Principal  Balance of this  Certificate  by the  aggregate  Initial  Certificate
Principal Balance of all Class R[-__] Certificates,  both as specified above) in
certain  distributions with respect to the Trust Fund consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

        Each  Holder of this  Certificate  will be  deemed to have  agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United  States  Person and a  Permitted  Transferee,  (ii) the  transfer  of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate   Principal  Balance  hereof  will  be  reduced  to  the  extent  of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

        No transfer  of this Class  R[-__]  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of

<PAGE>

the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's  acquisition of a Class R Certificate will not constitute or result
in a non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section
4975 of the Code or (ii) a  representation  letter,  in the form as described by
the Agreement,  stating that the transferee is not an employee  benefit or other
plan subject to the prohibited  transaction  provisions of ERISA or Section 4975
of the Code (a "Plan"),  or any other person (including an investment manager, a
named  fiduciary or a trustee of any Plan) acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate with "plan assets" of any Plan.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

<PAGE>

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Reference is hereby made to the further  provisions of this  Certificate
set forth on the reverse hereof,  which further provisions shall for all purpose
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT E

                               FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified  from  time to time,  this  "Contract")  is made this day of
_____________,  20__,  by  and  between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and (the "Seller/Servicer," and,
together with  Residential  Funding,  the "parties"  and each,  individually,  a
"party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1. INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3. REPRESENTATIONS AND WARRANTIES.

        a. Reciprocal Representations and Warranties.

        The Seller/Servicer and Residential Funding each represents and warrants
to the other that as of the date of this Contract:

<PAGE>

               (1)    Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

               (2)    This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

               (3)    There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

               (4)    Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

        b. Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4. REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5. SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

<PAGE>

6. PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

        Attention:
        Telefacsimile Number: (_____) _____-_________

9. JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be

<PAGE>

enforced  in any  other  jurisdiction  by suit on the  judgment  or in any other
manner  provided by law. Each of the parties further agrees not to institute any
legal actions or proceedings  against the other party or any director,  officer,
employee,  attorney,  agent or  property of the other  party,  arising out of or
relating to this  Contract in any court other than as  hereinabove  specified in
this paragraph 9.

10. MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                      SELLER/SERVICER
[Corporate Seal]

                                             (Name of Seller/Servicer)
By:                                          By:
             (Signature) (Signature) By: By:
            (Typed Name)                                        (Typed Name)
Title:                                       Title:

==================================== ======= ===================================
ATTEST:                                      RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By:                                          By:
             (Signature) (Signature) By: By:
            (Typed Name)                                        (Typed Name)
Title:                                       Title:

<PAGE>

                                          EXHIBIT F

                                 FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):

Reason for Document Request: (circle one)

        Mortgage Loan Prepaid in Full       Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature
******************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:   [ ] Promissory Note
                      [ ] Primary Insurance Policy
                      [ ] Mortgage or Deed of Trust
                      [ ] Assignment(s) of Mortgage or Deed of Trust
                      [ ] Title Insurance Policy
                      [ ] Other:

Name:
Title:
Date:

<PAGE>

                                         EXHIBIT G-1

                           FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF              )
                      ) ss.:
COUNTY OF             )

                 [NAME OF OFFICER], being first duly sworn, deposes and says:

        1.  That he is  [Title  of  Officer]  of  [Name  of  Owner]  (record  or
beneficial  owner of the Mortgage  Pass-Through  Certificates,  Series  _______,
Class  R[-__]  (the  "Owner")),  a  [savings  institution]   [corporation]  duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.

        2.  That  the  Owner  (i)  is  not  and  will  not  be  a  "disqualified
organization"  or an electing large  partnership as of [date of transfer] within
the  meaning of  Sections  860E(e)(5)  and 775,  respectively,  of the  Internal
Revenue Code of 1986, as amended (the "Code") or an electing  large  partnership
under  Section  775(a) of the Code,  (ii) will  endeavor to remain  other than a
disqualified  organization  for so long as it retains its ownership  interest in
the  Class  R[-__]  Certificates,  and  (iii)  is  acquiring  the  Class  R[-__]
Certificates  for its own account or for the account of another Owner from which
it has received an affidavit  and  agreement in  substantially  the same form as
this affidavit and agreement.  (For this purpose, a "disqualified  organization"
means an electing  large  partnership  under Section 775 of the Code, the United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality  of any of the foregoing (other than an  instrumentality  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  any rural electric or telephone cooperative,  or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated  business
taxable income).

        3.  That the  Owner is aware  (i) of the tax that  would be  imposed  on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large  partnerships,  under the Code,  that  applies to all  transfers  of Class
R[-__]  Certificates  after March 31,  1988;  (ii) that such tax would be on the
transferor  (or, with respect to transfers to electing  large  partnerships,  on
each such  partnership),  or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent;  (iii) that the person  (other than with respect to transfers to electing
large partnerships)  otherwise liable for the tax shall be relieved of liability
for the tax if the  transferee  furnishes to such person an  affidavit  that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

<PAGE>

        4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding  Class  R[-__]  Certificates  if either  the  pass-through  entity is an
electing  large  partnership  under  Section  775 of the  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5. The Owner is either (i) a citizen or resident  of the United  States,
(ii) a  corporation,  partnership  or other entity treated as a corporation or a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

        6. The Owner hereby  agrees that it will not cause income from the Class
R[-__]  Certificates to be attributable to a foreign permanent  establishment or
fixed base (within the meaning of an applicable  income tax treaty) of the Owner
of another United States taxpayer.

        7.  That the  Owner is aware  that the  Trustee  will not  register  the
transfer  of any  Class  R[- __]  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

        8. That the Owner has reviewed the restrictions set forth on the face of
the Class  R[-__]  Certificates  and the  provisions  of Section  5.02(f) of the
Pooling and Servicing  Agreement under which the Class R[-__]  Certificates were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

        9.  That  the  Owner   consents  to  any  additional   restrictions   or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R[-__] Certificates will only
be  owned,  directly  or  indirectly,  by an  Owner  that is not a  disqualified
organization.

        10.    The Owner's Taxpayer Identification Number is ________________.

        11.  This  affidavit  and  agreement  relates  only to the Class  R[-__]
Certificates  held by the Owner and not to any other  holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.

        12. That no purpose of the Owner  relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax; in making

<PAGE>

this  representation,  the Owner  warrants  that the Owner is familiar  with (i)
Treasury Regulation Section 1.860E-1(c) and recent amendments thereto, effective
as of July 19,  2002,  and (ii) the  preamble  describing  the  adoption  of the
amendments to such regulation, which is attached hereto as Exhibit 1.

        13. That the Owner has no present  knowledge or expectation that it will
be  unable  to pay  any  United  States  taxes  owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the  benefit  of the  person  from whom it  acquired  the  Class  R[-__]
Certificate  that the Owner  intends to pay taxes  associated  with holding such
Class R[- __]  Certificate as they become due, fully  understanding  that it may
incur tax  liabilities in excess of any cash flows generated by the Class R[-__]
Certificate.

        14. That the Owner has no present  knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.

        15. (a) The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  of the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with an  opinion  of  counsel  acceptable  to and in form  and
substance  satisfactory  to the Trustee,  the Company and the Master Servicer to
the effect that the purchase of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code and will not subject the  Trustee,  the
Company  or the  Master  Servicer  to any  obligation  or  liability  (including
obligations or liabilities  under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser  will not  transfer  such  Certificates  to any Plan or person  unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

<PAGE>

     IN WITNESS WHEREOF,  the Owner has caused this instrument to be executed on
its behalf,  pursuant to the authority of its Board of Directors,  by its [Title
of Officer]  and its  corporate  seal to be hereunto  attached,  attested by its
[Assistant] Secretary, this day of _____,___ 200__.

                                                   [NAME OF OWNER]

                                                   By:
                                                   [Name of Officer]
                                                   [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

        Personally  appeared before me the above-named [Name of Officer],  known
or proved to me to be the same person who executed the foregoing  instrument and
to be the  [Title of  Officer]  of the  Owner,  and  acknowledged  to me that he
executed  the  same as his  free  act and  deed and the free act and deed of the
Owner.

        Subscribed and sworn before me this ___ day of ________, 200 __.

                                     NOTARY PUBLIC

                                     COUNTY OF

                                     STATE OF

                                     My Commission expires the ____ day of
                                     _____, 20__ .

<PAGE>

                                           EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

-----------------------------------------------------------------------

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
   Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

   The  collection  of  information  in this final rule has been  reviewed  and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
   The collection of information in this regulation is in Sec. 1.860E -
1(c)(5)(ii). This information is required to enable the IRS to verify
that a taxpayer is complying with the conditions of this regulation.
The collection of information is mandatory and is required. Otherwise,

<PAGE>

the taxpayer  will not receive the benefit of safe harbor  treatment as provided
in the regulation.  The likely  respondents are businesses and other  for-profit
institutions.
   Comments on the  collection  of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
   Whether the collection of information is necessary for the proper performance
of  the  functions  of the  Internal  Revenue  Service,  including  whether  the
information will have practical utility;
   The  accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
   How the quality, utility, and clarity of the information to be
collected may be enhanced;
   How the  burden  of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
   Estimates of capital or start-up  costs and costs of operation,  maintenance,
and purchase of service to provide information.
   An agency may not conduct or sponsor, and a person is not required to respond
to, a  collection  of  information  unless it  displays a valid  control  number
assigned by the Office of Management and Budget.
   The  estimated  total  annual  reporting  burden  is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
   Books or records  relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

   This document contains final regulations regarding the proposed amendments to
26 CFR part 1 under  section  860E of the  Internal  Revenue  Code  (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
   Final regulations  governing REMICs,  issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

<PAGE>

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.
   Under a safe harbor, the transferor of a REMIC noneconomic  residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
   The IRS and Treasury have been concerned that some transferors of noneconomic
residual  interests claim they satisfy the safe harbor even in situations  where
the economics of the transfer  clearly  indicate the  transferee is unwilling or
unable to pay the tax associated with holding the interest.  For this reason, on
February  7, 2000,  the IRS  published  in the Federal  Register  (65 FR 5807) a
notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to clarify
the safe harbor by adding the  "formula  test," an economic  test.  The proposed
regulation provides that the safe harbor is unavailable unless the present value
of the anticipated tax liabilities associated with holding the residual interest
does not exceed the sum of: (1) The present value of any consideration  given to
the  transferee to acquire the  interest;  (2) the present value of the expected
future  distributions  on  the  interest;  and  (3)  the  present  value  of the
anticipated  tax  savings  associated  with  holding  the  interest as the REMIC
generates losses.
   The notice of proposed  rulemaking also contained  rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
   In January 2001, the IRS published Rev. Proc.  2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee

<PAGE>

generally  meets  the  second  prong of this test if it is a  domestic,  taxable
corporation  and agrees in writing  not to transfer  the  interest to any person
other  than  another  domestic,  taxable  corporation  that also  satisfies  the
requirements  of the asset test. A  transferor  cannot rely on the asset test if
the transferor knows, or has reason to know, that the transferee will not comply
with its written agreement to limit the restrictions on subsequent  transfers of
the residual interest.
   Rev. Proc.  2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
   The Treasury and the IRS have  learned  that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
   Section 1.860E -1(c)(8) provides  computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
   Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present

values in the formula test are to be computed using a discount rate

<PAGE>

equal to the applicable  Federal  short-term rate prescribed by section 1274(d).
This is a change from the proposed  regulation and Rev. Proc.  2001-12. In those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
   It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

   Rev.  Proc.  2001-12  (2001-3  I.R.B.  335)  is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

<PAGE>

   It is hereby  certified  that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

   The principal author of these  regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

   Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

   Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

   Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

   Paragraph 1. The  authority  citation for part 1 continues to read in part as
follows:

   Authority: 26 U.S.C. 7805 * * *

<PAGE>

                                         EXHIBIT G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series _______

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, Class R[-__]

Ladies and Gentlemen:

        This  letter is  delivered  to you in  connection  with the  transfer by
_____________________ (the "Seller") to  _____________________(the  "Purchaser")
of   $______________   Initial   Certificate   Principal   Balance  of  Mortgage
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

        1. No purpose of the Seller  relating to the transfer of the Certificate
by the  Seller  to the  Purchaser  is or will be to  impede  the  assessment  or
collection of any tax.

        2. The  Seller  understands  that the  Purchaser  has  delivered  to the
Trustee and the Master  Servicer a transfer  affidavit and agreement in the form
attached to the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.

        3. The Seller has at the time of the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-  1(c)(4)(i)  and,  as a  result  of that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the future.  The Seller  understands  that the transfer of a Class R[-__]
Certificate may not be respected for United States

<PAGE>

income tax purposes  (and the Seller may continue to be liable for United States
income  taxes  Associated  therewith)  unless the Seller has  conducted  such an
investigation.

        4. The Seller has no actual  knowledge  that the proposed  Transferee is
not both a United States Person and a Permitted Transferee.

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT H

                            FORM OF INVESTOR REPRESENTATION LETTER

                                                   ______________ , 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

                                   [Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        _________________-   (the   "Purchaser")   intends  to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________,  as  trustee  (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

        1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state  securities  law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered  and  qualified  pursuant to the  provisions  of the Act or any state
securities law, or if an exemption from such  registration and  qualification is
available,  (d)  the  Pooling  and  Servicing  Agreement  contains  restrictions
regarding the transfer of the Certificates and (e) the Certificates  will bear a
legend to the foregoing effect.

<PAGE>

        2. The Purchaser is acquiring the  Certificates  for its own account for
investment  only  and not  with a view to or for  sale in  connection  with  any
distribution  thereof in any manner that would violate the Act or any applicable
state securities laws.

        3.  The  Purchaser  is (a) a  substantial,  sophisticated  institutional
investor having such knowledge and experience in financial and business matters,
and,  in  particular,  in such  matters  related  to  securities  similar to the
Certificates,  such that it is  capable  of  evaluating  the merits and risks of
investment in the  Certificates,  (b) able to bear the economic risks of such an
investment  and (c) an "accredited  investor"  within the meaning of Rule 501(a)
promulgated pursuant to the Act.

        4. The Purchaser has been furnished  with, and has had an opportunity to
review  (a) [a copy of the  Private  Placement  Memorandum,  dated  ___________,
20___,  relating to the  Certificates  (b)] a copy of the Pooling and  Servicing
Agreement and [b] [c] such other information  concerning the  Certificates,  the
Mortgage  Loans and the Company as has been  requested by the Purchaser from the
Company or the Seller and is  relevant to the  Purchaser's  decision to purchase
the  Certificates.  The Purchaser has had any questions arising from such review
answered by the Company or the Seller to the satisfaction of the Purchaser.  [If
the  Purchaser did not purchase the  Certificates  from the Seller in connection
with the initial  distribution of the  Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum")  relating to the original
sale (the "Original  Sale") of the  Certificates  by the Company,  the Purchaser
acknowledges  that such  Memorandum  was provided to it by the Seller,  that the
Memorandum  was prepared by the Company  solely for use in  connection  with the
Original  Sale and the Company did not  participate  in or facilitate in any way
the  purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
Purchaser  agrees  that it will look solely to the Seller and not to the Company
with  respect  to any  damage,  liability,  claim  or  expense  arising  out of,
resulting from or in connection with (a) error or omission,  or alleged error or
omission,  contained in the Memorandum,  or (b) any information,  development or
event arising after the date of the Memorandum.]

        5. The  Purchaser  has not and will not nor has it authorized or will it
authorize  any  person to (a)  offer,  pledge,  sell,  dispose  of or  otherwise
transfer any  Certificate,  any interest in any Certificate or any other similar
security to any person in any manner,  (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate,  any interest in any
Certificate  or any other similar  security  from any person in any manner,  (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general  solicitation  by means of general  advertising or in any other
manner or (e) take any other  action,  that (as to any of (a) through (e) above)
would  constitute a distribution  of any  Certificate  under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state  securities law, or that would require  registration or  qualification
pursuant thereto.  The Purchaser will not sell or otherwise  transfer any of the
Certificates,  except in  compliance  with the  provisions  of the  Pooling  and
Servicing Agreement.

        6. The Purchaser

        (a) is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of the Employee  Retirement Income Security Act of 1974,
as amended  ("ERISA),  or Section 4975 of the Internal  Revenue Code of 1986, as
amended ("Plan"), or any other person

<PAGE>

(including an investment  manager,  a named  fiduciary or a trustee of any Plan)
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the  Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101;

        (b) is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificates is an "insurance  company general account" (within the
meaning of DOL Prohibited  Transaction Class Exemption  ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60; or

        (c) has provided the Trustee,  the Company and the Master  Servicer with
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the Trustee, the Company and the Master Servicer to the effect that the purchase
of  Certificates  is permissible  under  applicable  law, will not constitute or
result in any non-exempt  prohibited  transaction under ERISA or Section 4975 of
the Code and will not subject the Trustee, the Company or the Master Servicer to
any obligation or liability (including obligations or liabilities under ERISA or
Section  4975 of the Code) in  addition to those  undertaken  in the Pooling and
Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person  meets the  requirements  set  forth in either  6(a),  (b) or (c)
above.

                                                   Very truly yours,

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT I

                           FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        In connection  with the sale by  ____________________  (the "Seller") to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification  pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate.  The
Seller has not and will not sell or otherwise  transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

<PAGE>

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT J

                        [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                   Description of Rule 144A Securities, including numbers:

                     ---------------------------------------------------

                     ---------------------------------------------------

                     ---------------------------------------------------

                     ---------------------------------------------------

        The undersigned seller, as registered holder (the "Seller"),  intends to
transfer the Rule 144A Securities  described above to the undersigned buyer (the
"Buyer").

        1.  In  connection  with  such  transfer  and  in  accordance  with  the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

        2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, Inc.
as  depositor  pursuant to Section  5.02 of the  Agreement  and  __________,  as
trustee, as follows:

               (a) The Buyer  understands that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

               (b) The  Buyer  considers  itself  a  substantial,  sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

               (c) The Buyer has been furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Trustee or the Servicer.

<PAGE>

               (d)  Neither  the  Buyer nor  anyone  acting  on its  behalf  has
        offered,  transferred,  pledged,  sold or otherwise disposed of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

               (e) The Buyer is a "qualified  institutional  buyer" as that term
        is defined in Rule 144A under the 1933 Act and has  completed  either of
        the forms of  certification to that effect attached hereto as Annex 1 or
        Annex 2.  The  Buyer  is  aware  that  the  sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers,  understands  that  such  Rule 144A  Securities  may be  resold,
        pledged or transferred only (i) to a person reasonably  believed to be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

        [3. The Buyer

               (a) is not an  employee  benefit  or other  plan  subject  to the
        prohibited  transaction  provisions  of the Employee  Retirement  Income
        Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
        Internal  Revenue  Code of 1986,  as  amended (a  "Plan"),  or any other
        person (including an investment  manager, a named fiduciary or a trustee
        of any Plan) acting, directly or indirectly,  on behalf of or purchasing
        any Certificate with "plan assets" of any Plan within the meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

               (b) is an insurance company, the source of funds to be used by it
        to purchase the  Certificates is an "insurance  company general account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with an  opinion  of  counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect that the purchase of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under

<PAGE>

        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

        4. This document may be executed in one or more  counterparts and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

        IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

Print Name of Seller                         Print Name of Buyer

By:                                          By:
Name:                                        Name:
Title:                                       Title:
Taxpayer Identification                      Taxpayer Identification:
No.                                          No:
Date:                                       Date:

<PAGE>

                              ANNEX 1 TO EXHIBIT J

          QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
               Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution),  Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.

        Bank. The Buyer (a) is a national bank or banking institution  organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially  confined to banking and is supervised by the State or
territorial  banking  commission  or similar  official  or is a foreign  bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual  financial  statements,  a copy of which is
attached hereto.

        Savings  and Loan.  The Buyer  (a) is a  savings  and loan  association,
building  and loan  association,  cooperative  bank,  homestead  association  or
similar  institution,  which is  supervised  and  examined by a State or Federal
authority having  supervision over any such institutions or is a foreign savings
and loan association or equivalent  institution and (b) has an audited net worth
of  at  least  $25,000,000  as  demonstrated  in  its  latest  annual  financial
statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
of the Securities Exchange Act of 1934.

        Insurance  Company.  The Buyer is an insurance company whose primary and
predominant  business  activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the  insurance  commissioner  or a  similar  official  or  agency  of a State or
territory or the District of Columbia.

        State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.

<PAGE>

        ERISA Plan. The Buyer is an employee  benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

        Investment Adviser.  The Buyer is an investment adviser registered under
the Investment Advisers Act of 1940.

        SBIC. The Buyer is a Small Business  Investment  Company licensed by the
U.S.  Small  Business  Administration  under Section  301(c) or (d) of the Small
Business Investment Act of 1958.

        Business  Development  Company.  The  Buyer  is a  business  development
company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

        Trust Fund.  The Buyer is a trust fund whose  trustee is a bank or trust
company  and  whose  participants  are  exclusively  (a) plans  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its  employees,  or (b) employee  benefit plans within the meaning of Title I of
the Employee  Retirement  Income  Security Act of 1974,  but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

                          Will the Buyer be purchasing the Rule 144A
Yes            No            Securities only for the Buyer's own account?

        6. If the answer to the  foregoing  question is "no",  the Buyer  agrees
that,  in connection  with any purchase of securities  sold to the Buyer for the
account of a third party  (including  any separate  account) in reliance on Rule
144A,  the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In

<PAGE>

addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                                                   Print Name of Buyer

                                                   By:
                                                   Name:
                                                   Title:

                                                   Date:

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice  President  of the Buyer or, if the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

        2. In  connection  with  purchases  by Buyer,  the Buyer is a "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

        The Buyer  owned $ in  securities  (other than the  excluded  securities
referred  to below) as of the end of the Buyer's  most recent  fiscal year (such
amount being calculated in accordance with Rule 144A).

        The Buyer is part of a Family of Investment Companies which owned in the
aggregate $ in securities (other than the excluded securities referred to below)
as of the  end of the  Buyer's  most  recent  fiscal  year  (such  amount  being
calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated  with the Buyer or are part of the Buyer's Family
of Investment  Companies,  (ii) bank deposit notes and  certificates of deposit,
(iii) loan participations,  (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

        5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

<PAGE>

        6. The  undersigned  will  notify  each of the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

                                                   Print Name of Buyer

                                                   By:
                                                   Name:
                                                   Title:

                                                   IF AN ADVISOR:

                                                   Print Name of Buyer

                                                   Date:

<PAGE>

                                          EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                         AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                         ARTICLE XII
                   Subordinate Certificate Loss Coverage; Limited Guaranty

        Section 12.01. Subordinate Certificate Loss Coverage;  Limited Guaranty.
(a) Subject to subsection  (c) below,  prior to the later of the third  Business
Day prior to each  Distribution  Date or the  related  Determination  Date,  the
Master Servicer shall determine  whether it or any Sub-Servicer will be entitled
to any  reimbursement  pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer  Advances  previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses)  and,  if so,  the  Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer  Advances  reimbursed pursuant to Section
4.02(a),  to the extent such  Advances or  Sub-Servicer  Advances  have not been
included in the amount of the Realized Loss in the related  Mortgage  Loan,  and
shall distribute the same to the Class B  Certificateholders  in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).

        (b)  Subject to  subsection  (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether any Realized  Losses (other than
Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary  Losses)  will be allocated  to the Class B  Certificates  on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

        (c) Demands for payments pursuant to this Section shall be made prior to
the  later of the third  Business  Day  prior to each  Distribution  Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee.  The maximum amount that  Residential  Funding shall be required to
pay pursuant to this Section on any Distribution  Date (the "Amount  Available")
shall be equal to the lesser of (X) minus the sum of (i) all  previous  payments
made under  subsections  (a) and (b) hereof and (ii) all draws under the Limited
Guaranty made in lieu of such payments as

<PAGE>

described  below  in  subsection  (d) and (Y) the then  outstanding  Certificate
Principal  Balances of the Class B Certificates,  or such lower amount as may be
established  pursuant to Section  12.02.  Residential  Funding's  obligations as
described in this Section are referred to herein as the "Subordinate Certificate
Loss Obligation."

        (d)  The  Trustee  will  promptly   notify  General  Motors   Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

        (e) All payments made by Residential Funding pursuant to this Section or
amounts  paid under the  Limited  Guaranty  shall be  deposited  directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.

        (f) The  Company  shall  have the  option,  in its sole  discretion,  to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master

<PAGE>

Servicer and the Trustee, that such substitute  instrument  constitutes a legal,
valid and binding obligation of the substitute guarantor or obligor, enforceable
in accordance  with its terms,  and concerning  such other matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

        Section   12.02.   Amendments   Relating   to  the   Limited   Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supersession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supersession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<PAGE>

                                          EXHIBIT L

                                  [FORM OF LIMITED GUARANTY]
                                       LIMITED GUARANTY
                       RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
                              Mortgage Pass-Through Certificates
                                       Series ________

                                                   ___________, 20____

[Trustee]

Attention: Residential Funding Corporation Series ________
Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  Pass-Through  Certificates,  Series
________ (the "Certificates"); and

        WHEREAS,   pursuant  to  Section  12.01  of  the  Servicing   Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

        WHEREAS,  GMAC desires to provide certain assurances with respect to the
ability of  Residential  Funding to secure  sufficient  funds and  faithfully to
perform its Subordinate Certificate Loss Obligation;

        NOW THEREFORE,  in  consideration  of the premises herein  contained and
certain  other good and valuable  consideration,  the receipt of which is hereby
acknowledged, GMAC agrees as follows:

        1. Provision of Funds.  (a) GMAC agrees to contribute and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

        (b) The  agreement  set  forth  in the  preceding  clause  (a)  shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any

<PAGE>

part  of its or  their  interest  in  Residential  Funding,  by any  insolvency,
bankruptcy, dissolution or other proceeding affecting Residential Funding or any
other  person,  by any defense or right of  counterclaim,  set-off or recoupment
that GMAC may have  against  Residential  Funding or any other  person or by any
other fact or circumstance.  Notwithstanding  the foregoing,  GMAC's obligations
under clause (a) shall terminate upon the earlier of (x)  substitution  for this
Limited Guaranty pursuant to Section 12.01(f) of the Servicing Agreement, or (y)
the termination of the Trust Fund pursuant to the Servicing Agreement.

        2.  Waiver.  GMAC  hereby  waives  any  failure  or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

        3. Modification, Amendment and Termination. This Limited Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

        4.  Successor.  Except  as  otherwise  expressly  provided  herein,  the
guarantee  herein  set  forth  shall be  binding  upon  GMAC and its  respective
successors.

        5. Governing Law. This Limited Guaranty shall be governed by the laws of
the State of New York.

        6.  Authorization  and Reliance.  GMAC  understands  that a copy of this
Limited  Guaranty  shall be  delivered  to the  Trustee in  connection  with the
execution  of  Amendment  No.  1 to the  Servicing  Agreement  and  GMAC  hereby
authorizes  the Company and the Trustee to rely on the covenants and  agreements
set forth herein.

        7. Definitions.  Capitalized terms used but not otherwise defined herein
shall have the meaning given them in the Servicing Agreement.

        8. Counterparts.  This Limited Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

        IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be executed
and delivered by its respective officers thereunto duly authorized as of the day
and year first above written.

                                                   GENERAL MOTORS ACCEPTANCE
                                                   CORPORATION

                                                   By:
                                                   Name:
                                                   Title:

Acknowledged by:
[Trustee], as Trustee

By:
Name:
Title:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

By:
Name:
Title:

<PAGE>

                                          EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   _____________, 20______

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates, Series ________
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

        This letter is delivered to you in  connection  with the  assignment  by
___________   (the  "Trustee")  to   _____________________   (the  "Lender")  of
__________________(the  "Mortgage  Loan")  pursuant  to  Section  3.13(d) of the
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"),  Residential Funding Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

        the  Mortgage  Loan  is  secured  by  Mortgaged  Property  located  in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

        the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the  transaction is solely to comply with,
or facilitate the transaction under, such local laws;

        the Mortgage Loan following the proposed  assignment will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest  on such  Mortgage  Loan prior to such  proposed  assignment;  and such
assignment is at the request of the borrower under the related Mortgage Loan.

<PAGE>

                                                   Very truly yours,

                                                   (Lender)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT N

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126

               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

        Residential  Funding  Corporation,  as the Holder of a ____%  Percentage
Interest of the [Class/Subclass] of Class A-V Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

        1.     Class   A-V   Certificates,   corresponding   to  the   following
               Uncertificated    REMIC   Regular   Interests:    [List   numbers
               corresponding  to the related loans and Pool Strip Rates from the
               Mortgage Loan Schedule]. The Initial Subclass Notional Amount and
               the initial  Pass-Through Rate on the Class A-V Certificates will
               be $___________ and _____%, respectively.

        [2.    Repeat as appropriate.]

        The  Subclasses  requested  above will represent in the aggregate all of
the  Uncertificated  REMIC  Regular  Interests  represented  by  the  Class  A-V
Certificates surrendered for exchange.

        The  capitalized  terms  used  but not  defined  herein  shall  have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association, as trustee.

                                   RESIDENTIAL FUNDING CORPORATION

                                   By:
                                   Name:
                                   Title:

<PAGE>

                                          EXHIBIT O

                                FORM OF FORM 10-K CERTIFICATE

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing  distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the  [Pooling  and  Servicing
Agreement dated February 1, 2003] (the "Agreement")  among  Residential  Funding
Mortgage  Securities I, Inc. (the "Company"),  Residential  Funding  Corporation
(the "Master Servicer") and Bank One, National Association (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided to the Trustee by the Master Servicer under the Agreement for inclusion
in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under  the  Agreement  and  based  upon my  knowledge  and the  annual
compliance  review required under the Agreement,  and except as disclosed in the
report,  the Master Servicer has fulfilled its obligations  under the Agreement;
and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:____________

_________________________________*
[Signature]
Name:
Title:

* - to be signed by the senior  officer in charge of the servicing  functions of
the Master Servicer

<PAGE>

                                           EXHIBIT P

                    FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

        The undersigned, a Responsible Officer of Bank One, National Association
(the "Trustee") certifies that:

        1. The Trustee has performed all of the duties specifically  required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated [February 1, 2003] (the  "Agreement") by and among  Residential
Funding  Mortgage  Securities  I,  Inc.  (the  "Company"),  Residential  Funding
Corporation (the "Master Servicer") and Trustee in accordance with the standards
set forth therein.

        2.  Based on my  knowledge,  the  information  that is  provided  by the
Trustee  pursuant to Section  4.03(f)(I)  of the Agreement is accurate as of the
last day of the 20___ calendar year.

        Capitalized  terms used and not defined  herein  shall have the meanings
given such terms in the Agreement.

     IN  WITNESS   THEREOF,   I  have  duly  executed  this  certificate  as  of
____________, 20___

                                                          Name:
                                                          Title:

<PAGE>

<PAGE>

<PAGE>

                                         EXHIBIT FIVE

                                  Planned Principal Balances

                          PLANNED PRINCIPAL
DISTRIBUTION DATE       -------BALANCES-------
-----------------------------------------------
Initial Balance........        $265,601,000.00
July 25, 2003..........         265,021,581.10
August 25, 2003 .......         264,354,578.44
September 25, 2003.....         263,600,395.36
October 25, 2003.......         262,759,291.38
November 25, 2003......         261,831,582.18
December 25, 2003......         260,817,639.51
January 25, 2004.......         259,717,891.03
February 25, 2004......         258,532,820.12
March 25, 2004.........         257,262,965.57
April 25, 2004.........         255,908,921.31
May 25, 2004...........         254,471,335.95
June 25, 2004..........         252,950,912.38
July 25, 2004..........         251,348,407.26
August 25, 2004 .......         249,664,630.42
September 25, 2004.....         247,900,444.24
October 25, 2004.......         246,056,763.00
November 25, 2004......         244,134,552.08
December 25, 2004......         242,134,827.22
January 25, 2005.......         240,058,653.62
February 25, 2005......         237,907,145.04
March 25, 2005.........         235,681,462.86
April 25, 2005.........         233,382,815.01
May 25, 2005...........         231,012,454.98
June 25, 2005..........         228,571,680.61
July 25, 2005..........         226,061,833.02
August 25, 2005 .......         223,484,295.30
September 25, 2005.....         220,840,491.31
October 25, 2005.......         218,131,884.37
November 25, 2005......         215,359,975.88
December 25, 2005......         212,606,832.40
January 25, 2006.......         209,872,332.02
February 25, 2006......         207,156,353.62
March 25, 2006.........         204,458,776.85
April 25, 2006.........         201,779,482.18
May 25, 2006...........         199,118,350.84
June 25, 2006..........         196,475,264.82
July 25, 2006..........         193,870,106.92
August 25, 2006........         191,282,760.65
September 25, 2006.....         188,713,110.32
October 25, 2006.......         186,161,040.99
November 25, 2006......         183,626,438.45
December 25, 2006......         181,109,189.25
January 25, 2007.......         178,609,180.68
February 25, 2007......         176,126,300.75
March 25, 2007.........         173,660,438.22
April 25, 2007.........        $171,211,482.57

                                             -4-

<PAGE>

May 25, 2007...........         168,779,323.99
June 25, 2007..........         166,363,853.39
July 25, 2007..........         163,964,962.41
August 25, 2007........         161,582,543.37
September 25, 2007.....         159,216,489.31
October 25, 2007.......         156,866,693.97
November 25, 2007......         154,533,051.76
December 25, 2007......         152,215,457.80
January 25, 2008.......         149,913,807.90
February 25, 2008......         147,627,998.54
March 25, 2008.........         145,357,926.86
April 25, 2008.........         143,103,490.70
May 25, 2008...........         140,864,588.56
June 25, 2008..........         138,641,119.57
July 25, 2008..........         136,451,129.37
August 25, 2008........         134,276,283.50
September 25, 2008.....         132,116,482.91
October 25, 2008.......         129,971,629.18
November 25, 2008......         127,841,624.55
December 25, 2008......         125,726,371.87
January 25, 2009.......         123,625,774.66
February 25, 2009......         121,539,737.03
March 25, 2009.........         119,468,163.73
April 25, 2009.........         117,410,960.13
May 25, 2009...........         115,368,032.22
June 25, 2009..........         113,339,286.58
July 25, 2009..........         111,330,431.24
August 25, 2009........         109,335,528.30
September 25, 2009.....         107,354,486.26
October 25, 2009.......         105,387,214.18
November 25, 2009......         103,433,621.74
December 25, 2009......         101,493,619.20
January 25, 2010.......          99,567,117.40
February 25, 2010......          97,654,027.76
March 25, 2010.........          95,754,262.29
April 25, 2010.........          93,867,733.56
May 25, 2010...........          91,994,354.70
June 25, 2010..........          90,134,039.42
July 25, 2010..........          88,297,725.40
August 25, 2010........          86,474,194.47
September 25, 2010.....          84,663,362.45
October 25, 2010.......          82,865,145.71
November 25, 2010......          81,079,461.17
December 25, 2010......          79,306,226.26
January 25, 2011.......          77,545,359.00
February 25, 2011......          75,796,777.90
March 25, 2011.........          74,060,402.01
April 25, 2011.........          72,336,150.94
May 25, 2011...........          70,623,944.77
June 25, 2011..........          68,936,641.54
July 25, 2011..........          67,297,934.29
August 25, 2011........          65,686,101.01
September 25, 2011.....         $64,100,718.35

                                             -5-

<PAGE>

October 25, 2011.......          62,541,369.52
November 25, 2011......          61,007,644.19
December 25, 2011......          59,499,138.35
January 25, 2012.......          58,015,454.28
February 25, 2012......          56,556,200.41
March 25, 2012.........          55,120,991.22
April 25, 2012.........          53,709,447.18
May 25, 2012...........          52,321,194.63
June 25, 2012..........          50,955,865.70
July 25, 2012..........          49,630,665.72
August 25, 2012........          48,327,128.08
September 25, 2012.....          47,044,913.63
October 25, 2012.......          45,783,688.43
November 25, 2012......          44,543,123.70
December 25, 2012......          43,322,895.72
January 25, 2013.......          42,122,685.75
February 25, 2013......          40,942,179.95
March 25, 2013.........          39,781,069.33
April 25, 2013.........          38,639,049.65
May 25, 2013...........          37,515,821.36
June 25, 2013..........          36,411,089.53
July 25, 2013..........          35,324,563.77
August 25, 2013........          34,255,958.17
September 25, 2013.....          33,204,991.23
October 25, 2013.......          32,171,385.79
November 25, 2013......          31,154,868.96
December 25, 2013......          30,155,172.07
January 25, 2014.......          29,172,030.60
February 25, 2014......          28,205,184.09
March 25, 2014.........          27,254,376.12
April 25, 2014.........          26,319,354.23
May 25, 2014...........          25,399,869.84
June 25, 2014..........          24,495,678.22
July 25, 2014..........          23,606,538.43
August 25, 2014........          22,732,213.24
September 25, 2014.....          21,872,469.10
October 25, 2014.......          21,027,076.04
November 25, 2014......          20,195,807.68
December 25, 2014......          19,378,441.13
January 25, 2015.......          18,574,756.93
February 25, 2015......          17,784,539.03
March 25, 2015.........          17,007,574.73
April 25, 2015.........          16,243,654.61
May 25, 2015...........          15,492,572.48
June 25, 2015..........          14,754,125.37
July 25, 2015..........          14,028,113.43
August 25, 2015........          13,314,339.92
September 25, 2015.....          12,612,611.14
October 25, 2015.......          11,922,736.39
November 25, 2015......          11,244,527.92
December 25, 2015......          10,577,800.91
January 25, 2016.......           9,922,373.39
February 25, 2016......          $9,278,066.20

                                             -6-

<PAGE>

March 25, 2016.........           8,644,703.00
April 25, 2016.........           8,022,110.14
May 25, 2016...........           7,410,116.68
June 25, 2016..........           6,808,554.35
July 25, 2016..........           6,217,257.48
August 25, 2016........           5,636,062.95
September 25, 2016.....           5,064,810.21
October 25, 2016.......           4,503,341.19
November 25, 2016......           3,951,500.27
December 25, 2016......           3,409,134.25
January 25, 2017.......           2,876,092.31
February 25, 2017......           2,352,225.99
March 25, 2017.........           1,837,389.12
April 25, 2017.........           1,331,437.81
May 25, 2017...........             834,230.41
June 25, 2017..........             345,627.47
July 25, 2017 and
thereafter ............                   0.00

                                             -7-

<PAGE>

                                         EXHIBIT SIX

                CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

                                             -8-

<PAGE>================================================================================

                          CENDANT MORTGAGE CAPITAL LLC,
                                    Depositor

                          CENDANT MORTGAGE CORPORATION,
                                 Master Servicer

                                 CITIBANK, N.A.,
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                            Dated as of June 1, 2003

             CDMC Mortgage Pass-Through Certificates, Series 2003-6

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

<S>  <C> <C>
ARTICLE I

     DEFINITIONS.............................................................................3
         Section 1.01  DEFINED TERMS.........................................................3
         Section 1.02  ACCOUNTING...........................................................41

     Section 1.03  DETERMINATION OF LIBOR...................................................41

ARTICLE II

    CONVEYANCE OF MORTGAGE LOANS;
    ORIGINAL ISSUANCE OF CERTIFICATES.......................................................42
         Section 2.01  CONVEYANCE OF MORTGAGE LOANS.........................................42
         Section 2.02  ACCEPTANCE OF TRUST FUND BY THE TRUSTEE..............................46
         Section 2.03  REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS BY THE SELLERS-
                       ASSIGNMENT OF INTEREST IN ADDITIONAL COLLATERAL......................47
         Section 2.04  REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER SERVICER
                       .....................................................................51
         Section 2.05  REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR......................52
         Section 2.06  PURPOSE AND POWERS OF THE TRUST......................................54

ARTICLE III

    ADMINISTRATION AND SERVICING OF THE TRUST FUND..........................................55
         Section 3.01  MASTER SERVICER TO ACT AS MASTER SERVICER............................55
         Section 3.02  SUB-SERVICING AGREEMENTS BETWEEN THE MASTER SERVICER AND SUB-
                       SERVICERS............................................................57
         Section 3.03  SUCCESSOR SUB-SERVICERS..............................................58
         Section 3.04  LIABILITY OF THE MASTER SERVICER.....................................59
         Section 3.05  NO CONTRACTUAL RELATIONSHIP BETWEEN SUB-SERVICERS AND TRUSTEE OR ....59
         Section 3.06  ASSUMPTION OR TERMINATION OF SUB-SERVICING AGREEMENTS BY TRUSTEE
                       .....................................................................59
         Section 3.07  COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS.........................60
         Section 3.08  SUB-SERVICING ACCOUNTS...............................................60
         Section 3.09  COLLECTION OF TAXES, ASSESSMENTS AND SIMILAR ITEMS; SERVICING .......61
         Section 3.10  COLLECTION ACCOUNT AND DISTRIBUTION ACCOUNT..........................61
         Section 3.11  WITHDRAWALS FROM THE COLLECTION ACCOUNT AND DISTRIBUTION ACCOUNT
                       .....................................................................64
         Section 3.12  INVESTMENT OF FUNDS IN THE COLLECTION ACCOUNT, SERVICING ACCOUNTS
                       AND THE DISTRIBUTION ACCOUNT.........................................65
</TABLE>

                                        i
<PAGE>

<TABLE>
<CAPTION>

<S>  <C> <C>
         Section 3.13  MAINTENANCE OF THE PRIMARY INSURANCE POLICIES; COLLECTIONS
                       THEREUNDER...........................................................66
         Section 3.14  MAINTENANCE OF HAZARD INSURANCE AND ERRORS AND OMISSIONS AND
                       FIDELITY COVERAGE....................................................67
         Section 3.15  ENFORCEMENT OF DUE-ON-SALE CLAUSES. ASSUMPTION AGREEMENTS
                       .....................................................................69
         Section 3.16  REALIZATION UPON DEFAULTED MORTGAGE LOANS............................70
         Section 3.17  TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES......................72
         Section 3.18  SERVICING COMPENSATION...............................................73
         Section 3.19  REPORTS TO THE TRUSTEE; COLLECTION ACCOUNT STATEMENTS................74
         Section 3.20  STATEMENT AS TO COMPLIANCE...........................................74
         Section 3.21  INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.....................75
         Section 3.22  ACCESS TO CERTAIN DOCUMENTATION......................................75
         Section 3.23  TITLE, MANAGEMENT AND DISPOSITION OF REO PROPERTY....................75
         Section 3.24  OBLIGATIONS OF THE MASTER SERVICER IN RESPECT OF PREPAYMENT INTEREST
                       SHORTFALLS...........................................................78
         Section 3.25  ADMINISTRATION OF BUYDOWN FUNDS......................................79
         Section 3.26  OBLIGATIONS OF THE MASTER SERVICER IN RESPECT OF LOAN RATES AND
                       MONTHLY PAYMENTS.....................................................79

ARTICLE IV

    PAYMENTS TO CERTIFICATEHOLDERS..........................................................80
         Section 4.01  DISTRIBUTION ACCOUNT; DISTRIBUTIONS..................................80
         Section 4.02  STATEMENTS TO CERTIFICATEHOLDERS.....................................85
         Section 4.03  REMITTANCE REPORTS; ADVANCES BY THE MASTER SERVICER..................87
         Section 4.04  ALLOCATION OF REALIZED LOSSES........................................89
         Section 4.05  INFORMATION REPORTS TO BE FILED BY THE MASTER SERVICER...............90
         Section 4.06  COMPLIANCE WITH WITHHOLDING REQUIREMENTS.............................90
         Section 4.07  [RESERVED]...........................................................90
         Section 4.08  LIMITED PURPOSE SURETY BOND..........................................90

ARTICLE V

    THE CERTIFICATES........................................................................92
         Section 5.01  THE CERTIFICATES.....................................................92
         Section 5.02  REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES................92
         Section 5.03  MUTILATED. DESTROYED. LOST OR STOLEN CERTIFICATES....................97
         Section 5.04  PERSONS DEEMED OWNERS................................................98
         Section 5.05  APPOINTMENT OF PAYING AGENT..........................................98

ARTICLE VI

    THE MASTER SERVICER AND THE DEPOSITOR...................................................99
         Section 6.01  LIABILITY OF THE MASTER SERVICER AND THE DEPOSITOR...................99
</TABLE>

                                       ii
<PAGE>

<TABLE>
<CAPTION>

<S>  <C> <C>
         Section 6.02  MERGER OR CONSOLIDATION OF OR ASSUMPTION OF THE OBLIGATIONS OF THE
                       MASTER SERVICER OR THE DEPOSITOR.....................................99
         Section 6.03  LIMITATION ON LIABILITY OF THE MASTER SERVICER AND OTHERS............99
         Section 6.04  MASTER SERVICER NOT TO RESIGN.......................................100
         Section 6.05  DELEGATION OF DUTIES................................................100

ARTICLE VII

    DEFAULT................................................................................101
         Section 7.01  MASTER SERVICER EVENTS OF TERMINATION...............................101
         Section 7.02  TRUSTEE TO ACT: APPOINTMENT OF SUCCESSOR............................103
         Section 7.03  WAIVER OF MASTER SERVICER EVENTS OF TERMINATION.....................104
         Section 7.04  NOTIFICATION TO CERTIFICATEHOLDERS..................................104
         Section 7.05  SURVIVABILITY OF MASTER SERVICER LIABILITIES........................105

ARTICLE VIII

    THE TRUSTEE............................................................................106
         Section 8.01  DUTIES OF TRUSTEE...................................................106
         Section 8.02  CERTAIN MATTERS AFFECTING THE TRUSTEE...............................108
         Section 8.03  TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS...............109
         Section 8.04  TRUSTEE MAY OWN CERTIFICATES........................................110
         Section 8.05  MASTER SERVICER TO PAY TRUSTEE EXPENSES; TRUSTEE FEES...............110
         Section 8.06  ELIGIBILITY REQUIREMENTS FOR TRUSTEE................................111
         Section 8.07  RESIGNATION OR REMOVAL OF TRUSTEE...................................111
         Section 8.08  SUCCESSOR TRUSTEE...................................................112
         Section 8.09  MERGER OR CONSOLIDATION OF TRUSTEE..................................112
         Section 8.10  APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.......................112
         Section 8.11  LIMITATION OF LIABILITY.............................................114
         Section 8.12  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF CERTIFICATES
                       ....................................................................114
         Section 8.13  SUITS FOR ENFORCEMENT...............................................114
         Section 8.14  WAIVER OF BOND REQUIREMENT..........................................114
         Section 8.15  WAIVER OF INVENTORY. ACCOUNTING AND APPRAISAL REQUIREMENT...........115
         Section 8.16  RIGHT OF TRUSTEE IN CAPACITY OF CERTIFICATE REGISTRAR OR PAYING AGENT
                       ....................................................................115
         Section 8.17  PERIODIC FILINGS....................................................115

ARTICLE IX

    REMIC ADMINISTRATION...................................................................116
         Section 9.01  REMIC ADMINISTRATION................................................116
         Section 9.02  PROHIBITED TRANSACTIONS AND ACTIVITIES..............................118
         Section 9.03  MASTER SERVICER AND TRUSTEE INDEMNIFICATION.........................119
</TABLE>

                                       iii
<PAGE>

<TABLE>
<CAPTION>

<S>  <C> <C>
ARTICLE X

    TERMINATION............................................................................120
         Section 10.01 TERMINATION.........................................................120
         Section 10.02 ADDITIONAL TERMINATION REQUIREMENTS.................................121

ARTICLE XI

    [RESERVED].............................................................................123

ARTICLE XII

    MISCELLANEOUS PROVISIONS...............................................................124
         Section 12.01 AMENDMENT...........................................................124
         Section 12.02 RECORDATION OF AGREEMENT: COUNTERPARTS..............................125
         Section 12.03 LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS..........................125
         Section 12.04 GOVERNING LAW: JURISDICTION.........................................126
         Section 12.05 NOTICES.............................................................126
         Section 12.06 SEVERABILITY OF PROVISIONS..........................................127
         Section 12.07 ARTICLE AND SECTION REFERENCES......................................127
         Section 12.08 NOTICE TO THE RATING AGENCIES.......................................127
         Section 12.09 FURTHER ASSURANCES..................................................128
         Section 12.10 BENEFITS OF AGREEMENT...............................................128
         Section 12.11 ACTS OF CERTIFICATEHOLDERS..........................................128
</TABLE>

                                       iv
<PAGE>

<TABLE>
<CAPTION>

EXHIBITS:
---------

<S>          <C>
Exhibit A    Form of Class A, Class P and Class X Certificates
Exhibit B    [reserved]
Exhibit C-1  Form of Class R Certificates
Exhibit C-2  Form of Class B-1, Class B-2 and Class B-3 Certificates
Exhibit C-3  Form of Class B-4, Class B-5 and Class B-6 Certificates
Exhibit D    Mortgage Loan Schedule
Exhibit E    Form of Request for Release
Exhibit F-1  Form of Rule 144A Representation Letter
Exhibit F-2  Form of Transferor Certificate
Exhibit F-3  Form of Transferee Representation Letter
Exhibit F-4  Form of Transfer Affidavit and Agreement and Form of Transferor Affidavit
Exhibit G    Form of ERISA Representation Letter
Exhibit H    Form of Lost Note Affidavit
Exhibit I-1  Form of Trustee's Initial Certification
Exhibit I-2  Form of Trustee's Final Certification
Exhibit J    Mortgage Loan Purchase Agreement
Exhibit K    Assignment, Assumption and Recognition Agreement (Additional Collateral Servicing Agreement)
Exhibit L    Aggregate Planned Principal Balances
Exhibit M    Form of Form 10-K Certificate
Exhibit N    Form of Back-up Certification to Form 10-K Certificate
</TABLE>

                                        v
<PAGE>

     This Pooling and Servicing Agreement is dated as of June 1, 2003 (the
"Agreement"), among CENDANT MORTGAGE CAPITAL LLC, as depositor (the
"Depositor"), CENDANT MORTGAGE CORPORATION, as master servicer (the "Master
Servicer") and CITIBANK, N.A., as trustee (the "Trustee").

                             PRELIMINARY STATEMENT:

     The Depositor intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein). As provided herein, the Trustee will
make, in accordance with Section 9.01, an election to treat the entire
segregated pool of assets described in the definition of Trust Fund (as defined
herein), and subject to this Agreement (including the Mortgage Loans), as two
real estate mortgage investment conduits (each a "REMIC") for federal income tax
purposes.

                                     REMIC I

The following table sets forth (or describes) the Class designation,
Pass-Through Rate and Uncertificated Principal Balance, for each Class of REMIC
I Regular Interests comprising the interests in REMIC I created hereunder:

<TABLE>
<CAPTION>
            Designation                  Uncertificated          Uncertificated          Assumed Final Maturity
                                       Principal Balance        Pass-Through Rate               Dates(1)
<S>                                      <C>                          <C>                         <C> <C>
REMIC I Regular Interest V               $46,605,000.00               5.50%                  July 25, 2033
REMIC I Regular Interest W               $36,134,000.00               5.50%                  July 25, 2033
REMIC I Regular Interest X               $15,575,000.00               5.50%                  July 25, 2033
REMIC I Regular Interest Y              $179,794,507.56               5.50%                  July 25, 2033
REMIC I Regular Interest Z                $1,028,870.78               0.00%                  July 25, 2033
REMIC I Regular Interest IO                   (2)                      (3)
</TABLE>

(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the Distribution Date immediately following the maturity date for
the Mortgage Loan with the latest maturity date has been designated as the
"latest possible maturity date" for each REMIC I Regular Interest.

(2)  The Uncertificated REMIC I Regular Interests IO have no Uncertificated
     Principal Balance.

(3)  Calculated in accordance with the definition of "Uncertificated
     Pass-Through Rate" herein.

<PAGE>

                                    REMIC II

The following table sets forth (or describes) the Class designation,
Pass-Through Rate and Original Certificate Principal Balance or Original
Notional Amount, as the case may be, for each Class of Certificates comprising
the interests in the Trust Fund created hereunder:

<TABLE>
<CAPTION>
                                  Original Certificate
                                  Principal Balance or                                    Assumed Final Maturity
            Class                    Notional Amount        Initial Pass-Through Rate              Dates
            -----                    ---------------        -------------------------              -----
<S>                                 <C>                        <C>                      <C>
   A-1                              $46,605,000.00             3.50%                    July 25, 2033
   A-2                              $36,134,000.00             4.50%                    July 25, 2033
   A-3                              $15,575,000.00             5.25%                    July 25, 2033
   A-4                              $17,483,813.00             5.50%                    July 25, 2033
   A-5                              $43,284,266.00             Adjustable Rate (1)      July 25, 2033
   A-6                              $15,739,734.00             Adjustable Rate (1)      July 25, 2033
   A-7                              $         0(2)             5.50%                    July 25, 2033
   P                                $  1,028,870.78            0.00%                    July 25, 2033
   X                                $         0(3)             5.50%                    July 25, 2033
   R-I                              $        50.00             5.50%                    July 25, 2033
   R-II                             $        50.00             5.50%                    July 25, 2033
   B-1                              $ 2,441,117.00             5.50%                    July 25, 2033
   B-2                              $ 1,084,941.00             5.50%                    July 25, 2033
   B-3                              $    542,470.00            5.50%                    July 25, 2033
   B-4                              $    361,647.00            5.50%                    July 25, 2033
   B-5                              $    271,235.00            5.50%                    July 25, 2033
   B-6                              $    271,234.56            5.50%                    July 25, 2033

(1)

Adjustable Rates  Initial       Formula                              Maximum         Minimum

Class A-5         2.30375%      LIBOR + 1.20%                         7.50%           1.20%

Class A-6         14.28968699%  17.32499931% - (LIBOR x 2.74999984)  17.32499931%    0.00%

(2)Original Notional Amount of approximately $24,225,045. Interest will accrue
     on a Notional Amount that varies as described herein. No principal will be
     paid on the Class A-7 Certificates.

(3)Original Notional Amount of approximately $5,253,152. Interest will accrue on
     a Notional Amount that varies as described herein. No principal will be
     paid on the Class X Certificates.
</TABLE>

                                       2
<PAGE>

                                    ARTICLE I

                                  DEFINITIONS

     Section 1.01 DEFINED TERMS.

     Whenever used in this Agreement or in the Preliminary Statement, the
following words and phrases, unless the context otherwise requires, shall have
the meanings specified in this Article. Unless otherwise specified, interest
will be calculated for all Certificates on the basis of a 360-day year
consisting of twelve 30-day months.

     "1933 Act": The Securities Act of 1933, as amended.

     "Account": Any of the Collection Account and Distribution Account.

     "Additional Collateral": (i) With respect to any Mortgage 100(sm) Loan, the
Securities Account and the financial assets held therein subject to a security
interest pursuant to the related Mortgage 100(sm) Pledge Agreement, or (ii) with
respect to any Parent Power(R) Mortgage Loan, the related Parent Power(R)
Agreement and collateral pledged pursuant thereto.

     "Additional Collateral Agreements": Each Mortgage 100(sm) Pledge Agreement,
Parent Power(R)Guaranty and Security Agreement for Securities Account and
Control Agreement, as applicable, for each Additional Collateral Mortgage Loan.

     "Additional Collateral Mortgage Loan": A Mortgage Loan that is supported by
Additional Collateral.

     "Additional Collateral Servicer": MLCC.

     "Additional Collateral Servicing Agreement": The Additional Collateral
Transfer and Servicing Agreement, dated as of November 1, 2001, between MLCC and
the Master Servicer.

     "Adjustable Rate Certificates": Any of the Class A-5 Certificates or Class
A-6 Certificates.

     "Advance": As to any Mortgage Loan or REO Property, any advance made by the
Master Servicer in respect of any Distribution Date pursuant to Section 4.03.

     "Adverse REMIC Event": As defined in Section 9.01(f) hereof.

     "Affiliate": With respect to any Person, any other Person controlling,
controlled by or under common control with such Person. For purposes of this
definition, "control" means the power to direct the management and policies of a
Person, directly or indirectly, whether through ownership of voting securities,
by contract or otherwise and "controlling" and "controlled" shall have meanings
correlative to the foregoing.

                                       3
<PAGE>

     "Aggregate Planned Principal Balance": With respect to the Class A-1, Class
A-2 and Class A-3 Certificates and each Distribution Date, the amount set forth
for such Distribution Date on Exhibit L hereto.

     "Agreement": This Pooling and Servicing Agreement and all amendments and
supplements hereto.

     "Assignment": An assignment of Mortgage, notice of transfer or equivalent
instrument, in recordable form, which is sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect or
record the sale of the Mortgage.

     "Assumed Final Maturity Date": As to each Class of Certificates, the date
set forth as such in the Preliminary Statement.

     "Available Distribution Amount": With respect to any Distribution Date and
the Mortgage Loans, an amount equal to the excess of (i) the sum of (a) the
aggregate of the related Monthly Payments received on or prior to the related
Determination Date, (b) Liquidation Proceeds, Insurance Proceeds, Principal
Prepayments and other unscheduled recoveries of principal and interest in
respect of the Mortgage Loans during the related Prepayment Period, (c) the
aggregate of any amounts received in respect of a related REO Property withdrawn
from any REO Account and deposited in the Collection Account for such
Distribution Date, (d) the aggregate of any amounts deposited in the Collection
Account by the Master Servicer in respect of related Prepayment Interest
Shortfalls for such Distribution Date and (e) the aggregate of any related
Advances made by the Master Servicer for such Distribution Date, over (ii) the
sum of (a) related amounts reimbursable or payable to the Master Servicer
pursuant to Section 3.10, (b) related Stayed Funds, (c) related amounts
deposited in the Collection Account or the Distribution Account, as the case may
be, in error, (d) any Extraordinary Trust Fund Expenses and (e) the Trustee Fee.
The Available Distribution Amount shall also be increased by any Required Surety
Payment.

     "Bankruptcy Code": The Bankruptcy Reform Act of 1978 (Title 11 of the
United States Code), as amended.

     "Bankruptcy Amount": As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.02. As
of any date of determination on or after the first anniversary of the Cut-off
Date, an amount equal to the excess, if any, of (1) the lesser of (a) the
Bankruptcy Amount calculated as of the close of business on the Business Day
immediately preceding the most recent anniversary of the Cut-off Date coinciding
with or preceding such date of determination (or, if such date of determination
is an anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the "Relevant
Anniversary") and (b) the greater of

          (A) the greater of (i) 0.0006 times the aggregate principal balance of
     all the Mortgage Loans in the Mortgage Pool as of the Relevant Anniversary
     having a Loan-to-Value Ratio at origination which exceeds 75% and (ii)
     $100,000; and (B) the greater of (i) the product of (x) an amount equal to
     the largest difference in the related Monthly Payment for any Non-Primary
     Residence Loan remaining in the Mortgage Pool which had an

                                       4
<PAGE>

     original Loan-to-Value Ratio greater than 80% that would result if the Net
     Mortgage Rate thereof was equal to the greater of (I) 5% or (II) the
     weighted average (based on the principal balance of the Mortgage Loans as
     of the Relevant Anniversary) of the Net Mortgage Rates of all Mortgage
     Loans as of the Relevant Anniversary less 1.25% per annum, (y) a number
     equal to the weighted average remaining term to maturity, in months, of all
     Mortgage Loans with a Loan-to-Value Ratio of greater than 80% remaining in
     the Mortgage Pool as of the Relevant Anniversary, and (z) one plus the
     quotient of the number of all Non-Primary Residence Loans with a
     Loan-to-Value Ratio of greater than 80% remaining in the Mortgage Pool
     divided by the total number of outstanding Mortgage Loans in the Mortgage
     Pool as of the Relevant Anniversary, and (ii) $100,000,

over (2) the aggregate amount of Bankruptcy Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section 4.02 since the
Relevant Anniversary.

     The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

     "Bankruptcy Losses": Losses that are incurred as a result of Debt Service
Reductions and Deficient Valuations.

     "Book-Entry Certificates": Any of the Certificates that shall be registered
in the name of the Depository or its nominee, the ownership of which is
reflected on the books of the Depository or on the books of a Person maintaining
an account with the Depository (directly, as a "Depository Participant", or
indirectly, as an indirect participant in accordance with the rules of the
Depository and as described in Section 5.02 hereof). On the Closing Date, the
Certificates (other than the Class P, Class R, Class B-4, Class B-5 and Class
B-6 Certificates) shall be Book-Entry Certificates.

     "Business Day": Any day other than (a) a Saturday or Sunday, (b) a legal
holiday in the State of New Jersey or the State of New York, or (c) a day on
which banking or savings and loan institutions in the State of New Jersey or the
State of New York are authorized or obligated by law or executive order to be
closed.

     "Buydown Account": The custodial account or accounts created and maintained
pursuant to Section 3.25.

     "Buydown Agreement": An agreement between the applicable originator and a
Mortgagor, or an agreement among such originator, a Mortgagor and an employer of
a relocated Mortgagor which, in each case, provides for the application of
Buydown Funds.

     "Buydown Funds": In respect of any Buydown Mortgage Loan, any amount
contributed by the related originator or the employer of a relocated borrower in
order to enable the Mortgagor to reduce the payments required to be made from
the Mortgagor's funds during the Buydown Period.

                                       5
<PAGE>

The Buydown Funds are not part of the Trust Fund prior to deposit into the
Collection Account or the Distribution Account.

     "Buydown Mortgage Loan": Any Mortgage Loan in respect of which, pursuant to
a Buydown Agreement, (i) the Mortgagor pays less than the full monthly payment
specified in the Mortgage Note during the Buydown Period and (ii) the difference
between the payments required under such Buydown Agreement and the Mortgage Note
is paid from the related Buydown Funds.

     "Buydown Period": The period during which Buydown Funds are required to be
applied to the related Buydown Mortgage Loans as provided in Section 3.25.

     "Cash-Out Refinancing": A Refinanced Mortgage Loan the proceeds of which
were more than 2% or $2,000 in excess of the principal balance of any existing
first mortgage or seasoned subordinate mortgage on the related Mortgaged
Property and related closing costs.

     "Cash Liquidation": As to any defaulted Mortgage Loan other than REO
Property which has been acquired by the Master Servicer on behalf of the Trustee
for the benefit of the Certificateholders, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds and
other payments or cash recoveries which the Master Servicer reasonably or in
good faith expects to be finally recoverable with respect to such Mortgage Loan,
plus, with respect to a defaulted Mortgage Loan that is an Additional Collateral
Mortgage Loan, the amount realized on the related Additional Collateral with
respect to such Mortgage Loan in accordance with Section 3.16.

     "Certificate": Any Regular Certificate or Class R Certificate.

     "Certificateholder" or "Holder": The Person in whose name a Certificate is
registered in the Certificate Register, except that a Disqualified Organization
or non-U.S. Person shall not be a Holder of a Class R Certificate for any
purpose hereof.

     "Certificate Owner": With respect to each Book-Entry Certificate, any
beneficial owner thereof.

     "Certificate Principal Balance": With respect to any Certificate (other
than any Interest Only Certificate) as of any date of determination, the
Certificate Principal Balance of such Certificate on the Distribution Date
immediately prior to such date of determination, reduced by the aggregate of (a)
all distributions of principal made thereon on such immediately prior
Distribution Date and (b) without duplication of amounts described in clause (a)
above, reductions in the Certificate Principal Balance thereof in connection
with allocations thereto of Realized Losses on the Mortgage Loans and
Extraordinary Trust Fund Expenses on such immediately prior Distribution Date
(or, in the case of any date of determination up to and including the initial
Distribution Date, the initial Certificate Principal Balance of such
Certificate, as stated on the face thereon); provided, however, that the
Certificate Principal Balance of each Subordinate Certificate of the Class of
Subordinate Certificates outstanding with the highest numerical designation at
any given time shall be calculated to equal the Percentage Interest evidenced by
such Certificate multiplied by the excess, if any, of (A) the then aggregate
Stated Principal Balance of the Mortgage Loans over (B) the then aggregate
Certificate Principal Balances of all other Classes of Certificates then
outstanding. The Interest Only

                                       6
<PAGE>

Certificates shall not have Certificate Principal Balances and shall not be
entitled to any distributions of principal.

     "Certificate Register" and "Certificate Registrar": The register maintained
and registrar appointed pursuant to Section 5.02 hereof.

     "Class": Collectively, Certificates which have the same priority of payment
and bear the same class designation and the form of which is identical except
for variation in the Percentage Interest evidenced thereby.

     "Class A Certificate": Any of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class A-6 or Class A-7 Certificates as designated on the face
thereof substantially in the form annexed hereto as Exhibit A, executed by the
Trustee and authenticated and delivered by the Trustee, representing the right
to distributions as set forth herein and therein.

     "Class A Certificateholder": Any Holder of a Class A Certificate.

     "Class B Certificate": Any one of the Class B-1, Class B-2, Class B-3,
Class B-4, Class B-5 or Class B-6 Certificates as designated on the face thereof
substantially in the form annexed hereto as Exhibit C-2 or Exhibit C-3, executed
by the Trustee and authenticated and delivered by the Trustee, representing the
right to distributions as set forth herein and therein.

     "Class B Certificateholder": Any Holder of a Class B Certificate.

     "Class B Percentage": The Class B-1 Percentage, Class B-2 Percentage, Class
B-3 Percentage, Class B-4 Percentage, Class B-5 Percentage or Class B-6
Percentage.

     "Class B-1 Percentage": With respect to any Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class B-1 Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties), other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date. The initial Class B-1 Percentage is
approximately 1.36%.

     "Class B-2 Percentage": With respect to any Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class B-2 Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties), other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date. The initial Class B-2 Percentage is
approximately 0.60%.

     "Class B-3 Percentage": With respect to any Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class B-3 Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties), other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date. The initial Class B-3 Percentage is
approximately 0.30%.

                                       7
<PAGE>

     "Class B-4 Percentage": With respect to any Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class B-4 Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties), other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date. The initial Class B-4 Percentage is
approximately 0.20%.

     "Class B-5 Percentage": With respect to any Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class B-5 Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties), other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date. The initial Class B-5 Percentage is
approximately 0.15%.

     "Class B-6 Percentage": With respect to any Distribution Date, the lesser
of 100% and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class B-6 Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties), other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date. The initial Class B-6 Percentage is
approximately 0.15%.

     "Class P Deferred Amount": With respect to each REO Disposition of a Class
P Mortgage Loan in connection with each Distribution Date or any prior
Distribution Date, the extent that the amount included under clause (iii) of the
definition of Class P Principal Distribution Amount for that Distribution Date
was less than the amount described in (x) under clause (iii) of the definition
of Class P Principal Distribution Amount.

     "Class P Fraction": With respect to each Class P Mortgage Loan, a fraction,
expressed as a percentage, the numerator of which is 5.50% per annum minus the
Net Mortgage Rate for such Class P Mortgage Loan and the denominator of which is
5.50% per annum.

     "Class P Mortgage Loan": Any Mortgage Loan with a Net Mortgage Rate less
than 5.50% per annum.

     "Class P Principal Distribution Amount": With respect to any Distribution
Date, the balance of the Available Distribution Amount remaining after the
Senior Interest Distribution Amount has been distributed, equal to the aggregate
of:

          (i) the related Class P Fraction of the principal portion of each
     Monthly Payment due during the related Due Period on each Class P Mortgage
     Loan, whether or not received on or prior to the related Determination
     Date, minus the Class P Fraction of the principal portion of the Debt
     Service Reductions with respect to a Class P Mortgage Loan, which together
     with other Bankruptcy Losses exceeds the Bankruptcy Amount;

          (ii) the related Class P Fraction of the principal portion of all
     other unscheduled collections on each Class P Mortgage Loan (other than
     amounts received in connection with a Cash Liquidation or REO Disposition
     of a Class P Mortgage Loan)

                                       8
<PAGE>

     including without limitation Principal Prepayments in Full and
     Curtailments, Insurance Proceeds, Liquidation Proceeds and REO Proceeds
     received during the related Prepayment Period to the extent applied by the
     Master Servicer as recoveries of principal of the related Class P Mortgage
     Loan pursuant to Section 3.16;

          (iii) with respect to a Class P Mortgage Loan for which a Cash
     Liquidation or a REO Disposition occurred during the related Prepayment
     Period and did not result in any Excess Special Hazard Losses, Excess Fraud
     Losses, Excess Bankruptcy Losses or Extraordinary Losses, an amount equal
     to the lesser of (x) the applicable Class P Fraction of the Stated
     Principal Balance of such Class P Mortgage Loan and (y) the related
     unscheduled collections to the extent applied by the Master Servicer as
     recoveries of principal of the related Class P Mortgage Loan pursuant to
     Section 3.16;

          (iv) any amounts described in clauses (i), (ii) and (iii) as
     determined for any previous Distribution Date, that remain undistributed;
     and

          (v) an amount equal to the aggregate of the Class P Deferred Amounts,
     less any amounts paid under this clause on a prior Distribution Date, until
     paid in full; provided that distributions under this clause (v) shall only
     be made to the extent of Eligible Funds on such Distribution Date.

     "Class R Certificates": The Class R-I Certificates and Class R-II
Certificates executed by the Trustee, and authenticated and delivered by the
Certificate Registrar, substantially in the form annexed hereto as Exhibit C-1
and each evidencing the ownership of an interest designated as the Residual
Interest in the related REMIC.

     "Class Subordination Percentage": With respect to any Distribution Date and
each Class of Subordinate Certificates, the fraction (expressed as a percentage)
the numerator of which is the Certificate Principal Balance of such Class of
Subordinate Certificates immediately prior to such Distribution Date and the
denominator of which is the aggregate of the Certificate Principal Balances of
all Classes of Certificates immediately prior to such Distribution Date.

     "Closing Date": June 26, 2003.

     "Code": The Internal Revenue Code of 1986, as amended.

     "Collection Account": The account or accounts created and maintained by the
Master Servicer pursuant to Section 3.10, which shall be entitled "Cendant
Mortgage Corporation, as Master Servicer for Citibank, N.A., as Trustee, in
trust for registered Holders of CDMC Mortgage Pass-Through Certificates, Series
2003-6", and which must be an Eligible Account.

     "Commission": The Securities and Exchange Commission.

     "Compensating Interest": As defined in Section 3.24 hereof.

     "Condemnation Proceeds": All awards or settlements in respect of a taking
of a Mortgaged Property by exercise of the power of eminent domain or
condemnation.

                                       9
<PAGE>

     "Control Agreement": With respect to each Mortgage 100(sm) Loan, the
Merrill Lynch Pledged Collateral Account Control Agreement between the guarantor
or mortgagor, as applicable, the Additional Collateral Servicer and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, pursuant to which the guarantor or
mortgagor, as applicable, has granted a security interest in a Securities
Account.

     "Cooperative": A corporation that has been formed for the purpose of
cooperative apartment ownership.

     "Cooperative Assets": Shares issued by Cooperatives, the related
Cooperative Lease and any other collateral securing the Cooperative Loans.

     "Cooperative Building": The building and other property owned by a
Cooperative.

     "Cooperative Lease": With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Assets, which lease or
agreement confers an exclusive right to the holder of such Cooperative Assets to
occupy such apartment.

     "Cooperative Loan": The indebtedness of a Mortgagor evidenced by a Mortgage
Note which is secured by Cooperative Assets and which is being sold to the
Depositor pursuant to this Agreement, the Mortgage Loans so sold being
identified in the Mortgage Loan Schedule.

     "Cooperative Unit": A specific dwelling unit in a Cooperative Building as
to which exclusive occupancy rights have been granted pursuant to a Lease.

     "Corporate Trust Office": The principal corporate trust office of the
Trustee at which at any particular time its corporate trust business in
connection with this Agreement shall be administered, which office at the date
of the execution of this instrument is located, for Certificate transfer
purposes, at 111 Wall Street, 14th Floor, New York, New York 10005, Attention:
CDMC, Series 2003-6, or at such other address as the Trustee may designate from
time to time by notice to the Certificateholders, the Depositor and the Master
Servicer.

     "Corresponding Certificated Interests": With respect to REMIC I Regular
Interest V, the Class A-1 Certificates; with respect to REMIC I Regular Interest
W, the Class A-2 Certificates; with respect to REMIC I Regular Interest X, the
Class A-3 Certificates; with respect to the REMIC I Regular Interest Y, the
Class A-4, Class A-5, Class A-6, Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5, Class B-6 and Class R-II Certificates; and with respect to REMIC I
Regular Interest Z, the Class P Certificates.

     "Credit Support Depletion Date": The first Distribution Date on which the
Senior Percentage equals 100%.

     "Curtailment": Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.

     "Cut-off Date": June 1, 2003.

                                       10
<PAGE>

     "Cut-off Date Aggregate Principal Balance": The aggregate of the Cut-off
Date Principal Balances of the Mortgage Loans. With respect to all Eligible
Substitute Mortgage Loans, their respective dates of substitution.

     "Cut-off Date Principal Balance": With respect to any Mortgage Loan, the
unpaid principal balance thereof as of the Cut-off Date (or as of the applicable
date of substitution with respect to a Eligible Substitute Mortgage Loan).

     "Debt Service Reduction": With respect to any Mortgage Loan, a reduction in
the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
resulting from a Deficient Valuation.

     "Defective Mortgage Loan": A Mortgage Loan replaced or to be replaced by
one or more Eligible Substitute Mortgage Loans.

     "Deficient Valuation": With respect to any Mortgage Loan, a valuation of
the related Mortgaged Property by a court of competent jurisdiction in an amount
less than the then outstanding principal balance of the Mortgage Loan, which
valuation results from a proceeding initiated under the Bankruptcy Code.

     "Definitive Certificates": As defined in Section 5.02(c) hereof.

     "Delinquent": As used herein, a Mortgage Loan is considered to be: "one
month" delinquent when a payment due on any scheduled due date remains unpaid as
of the close of business on the last Business Day immediately prior to the next
following monthly scheduled due date; "two months" delinquent when a payment due
on any scheduled due date remains unpaid as of the close of business on the last
Business Day immediately prior to the second following monthly scheduled due
date; and so on. The determination as to whether a Mortgage Loan falls into
these categories is made as of the close of business on the last Business Day of
each month. For example, a Mortgage Loan with a payment due on July 1 that
remained unpaid as of the close of business on July 31 would then be considered
to be one month delinquent. Delinquency information as of the Cut-off Date is
determined and prepared as of the close of business on the last Business Day
immediately prior to the Cut-off Date.

     "Depositor": Cendant Mortgage Capital LLC, a Delaware limited liability
company, or any successor in interest.

     "Depository": The initial Depository shall be The Depository Trust Company,
whose nominee is Cede & Co., or any other organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended. The Depository shall initially be the registered Holder of the
Book-Entry Certificates. The Depository shall at all times be a "clearing
corporation" as defined in Section 8-102(3) of the Uniform Commercial Code of
the State of New York.

                                       11
<PAGE>

     "Depository Agreement": With respect to any Book-Entry Certificates, the
agreement among the Depositor, the Trustee and the initial Depository, to be
dated on or about the Closing Date.

     "Depository Participant": A broker, dealer, bank or other financial
institution or other person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

     "Determination Date": With respect to any Distribution Date, the 15th day
of the calendar month in which such Distribution Date occurs or, if such 15th
day is not a Business Day, the Business Day immediately preceding such 15th day.

     "Directly Operate": With respect to any REO Property, the furnishing or
rendering of services to the tenants thereof, the management or operation of
such REO Property, the holding of such REO Property primarily for sale to
customers, the performance of any construction work thereon or any use of such
REO Property in a trade or business conducted by the Trust Fund other than
through an Independent Contractor, provided, however, that the Trustee (or the
Master Servicer on behalf of the Trustee) shall not be considered to Directly
Operate an REO Property solely because the Trustee (or the Master Servicer on
behalf of the Trustee) establishes rental terms, chooses tenants, enters into or
renews leases, deals with taxes and insurance, or makes decisions as to repairs
or capital expenditures with respect to such REO Property.

     "Disqualified Organization": Any of the following: (i) the United States,
any State or political subdivision thereof, any possession of the United States,
or any agency or instrumentality of any of the foregoing (other than an
instrumentality which is a corporation if all of its activities are subject to
tax and, except for the Freddie Mac or any successor thereto, a majority of its
board of directors is not selected by such governmental unit), (ii) any foreign
government, any international organization, or any agency or instrumentality of
any of the foregoing, (iii) any organization (other than certain farmers'
cooperatives described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of
the Code on unrelated business taxable income), (iv) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code or (v) any
other Person so designated by the Trustee based upon an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trustee, that the
holding of an ownership interest in a Residual Certificate by such Person may
cause the Trust or any Person having an ownership interest in the Residual
Certificate (other than such Person) to incur a liability for any federal tax
imposed under the Code that would not otherwise be imposed but for the transfer
of an ownership interest in a Residual Certificate to such Person. The terms
"United States," "State" and "international organization" shall have the
meanings set forth in Section 7701 of the Code or successor provisions.

     "Distribution Account": The trust account or accounts created and
maintained by the Trustee pursuant to Section 3.10(b) which shall be entitled
"Distribution Account, Citibank, N.A., as Trustee, in trust for the registered
Holders of the CDMC Mortgage Pass-Through Certificates, Series 2003-6" and which
must be an Eligible Account.

     "Distribution Date": The 25th day of any calendar month, or if such 25th
day is not a Business Day, the Business Day immediately following such 25th day,
commencing in July 2003.

                                       12
<PAGE>

     "Due Date": With respect to each Mortgage Loan and any Distribution Date,
the first day of the calendar month in which such Distribution Date occurs on
which the Monthly Payment for such Mortgage Loan was due, exclusive of any days
of grace.

     "Due Period": With respect to any Distribution Date, the period commencing
on the second day of the month preceding the month in which such Distribution
Date (or with respect to the first Due Period, the day following the Cut-off
Date) occurs and ending on the first day of the month in which such Distribution
Date occurs.

     "Effective Loan-to-Value Ratio": With respect to an Additional Collateral
Mortgage Loan, the ratio, expressed as a percentage, of (A) the principal amount
of the Mortgage Loan at origination less the value of any Additional Collateral
securing the Mortgage Loan, to (B) the lesser of (1) the appraised value
determined in an appraisal or other collateral assessment tool obtained at
origination of the Mortgage Loan and (2) the sales price for the related
Mortgaged Property.

     "Eligible Account": Any of (i) an account or accounts maintained with a
depository institution the short-term debt obligations of which have been rated
by each Rating Agency in its highest rating available, (ii) in a depository
institution in which such accounts are fully insured to the limits established
by the FDIC, provided that any deposits not so insured shall, to the extent
acceptable to each Rating Agency, as evidenced in writing, be maintained such
that (as evidenced by an Opinion of Counsel delivered to the Trustee and each
Rating Agency) the registered Holders of Certificates have a claim with respect
to the funds in such account or a perfected first security interest against any
collateral (which shall be limited to Permitted Investments) securing such funds
that is superior to claims of any other depositors or creditors of the
depository institution with which such account is maintained, (iii) a trust
account or accounts maintained with the trust department of a federal or state
chartered depository institution, national banking association or trust company
acting in its fiduciary capacity, (iv) an account or accounts of a depository
institution acceptable to each Rating Agency (as evidenced in writing by each
Rating Agency that use of any such account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency) or (v) an account or accounts maintained
with a federal or state chartered depository institution or trust company that
meet the depository requirements of Fannie Mae or Freddie Mac. Eligible Accounts
may bear interest.

     "Eligible Funds": With respect to each Distribution Date, the portion, if
any, of the Available Distribution Amount remaining after reduction by the sum
of the Senior Interest Distribution Amount, the Senior Principal Distribution
Amount, determined without regard to clause (D) of its definition, the Class P
Principal Distribution Amount, determined without regard to clause (v) of its
definition, and the aggregate amount of the Monthly Interest Distributable
Amount on the Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5
Certificates.

     "Eligible Substitute Mortgage Loan": A mortgage loan substituted for a
Defective Mortgage Loan pursuant to the terms of this Agreement which must, on
the date of such substitution, (i) have an outstanding principal balance, after
application of all scheduled payments of principal and interest due during or
prior to the month of substitution, not in excess of the outstanding principal
balance of the Defective Mortgage Loan as of the Due Date in the calendar month
during which the substitution occurs, the amount of any shortfall to be

                                       13
<PAGE>

deposited by the Master Servicer in the Collection Account in the month of
substitution, (ii) have a Loan Rate, not less than the Loan Rate of the
Defective Mortgage Loan and not more than 1% in excess of the Loan Rate of such
Defective Mortgage Loan, (iii) have a remaining term to maturity not greater
than (and not more than one year less than) that of the Defective Mortgage Loan,
(iv) be current as of the date of substitution, (v) have a Loan-to-Value Ratio
as of the date of substitution equal to or lower than the Loan-to-Value Ratio of
the Defective Mortgage Loan as of such date and (vi) conform to each
representation and warranty set forth in Section 2.04 hereof applicable to the
Defective Mortgage Loan. In the event that one or more mortgage loans are
substituted for one or more Defective Mortgage Loans, the amounts described in
clause (i) hereof shall be determined on the basis of aggregate principal
balances, the Loan Rates described in clause (ii) hereof shall be determined on
the basis of weighted average Loan Rates, the terms described in clause (iii)
hereof shall be determined on the basis of weighted average remaining term to
maturity, the Loan-to-Value Ratios described in clause (v) hereof shall be
satisfied as to each such mortgage loan and, except to the extent otherwise
provided in this sentence, the representations and warranties described in
clause (vi) hereof must be satisfied as to each Eligible Substitute Mortgage
Loan or in the aggregate, as the case may be. Any Mortgage Loan substituted for
a Mortgage Loan which has an arrearage due to the application of any related
forbearance plan with respect to such Mortgage Loan, will be treated as having
such an arrearage due to the application of any related forbearance plan with
respect to such Mortgage Loan.

     "ERISA": The Employee Retirement Income Security Act of 1974, as amended.

     "ERISA-Restricted Certificates": Any of the Class B-4, Class B-5, Class B-6
and Class R Certificates.

     "Escrow Payments": The amounts constituting ground rents, taxes,
assessments, water rates, mortgage insurance premiums, fire and hazard insurance
premiums and other payments required to be escrowed by the Mortgagor with the
mortgagee pursuant to any Mortgage Loan.

     "Estate in Real Property": A fee simple estate in a parcel of real
property.

     "Excess Losses": (i) Special Hazard Losses in excess of the Special Hazard
Amount, (ii) Bankruptcy Losses in excess of the Bankruptcy Amount, (iii) Fraud
Losses in excess of the Fraud Loss Amount and (iv) Extraordinary Losses.

     "Excess Subordinate Principal Amount": With respect to any Distribution
Date on which the Certificate Principal Balance of the Class or Classes of
Certificates then outstanding with the Lowest Priority is to be reduced to zero
and on which Realized Losses are to be allocated to that Class or those Classes,
the amount, if any, by which (i) the amount of principal that would otherwise be
distributable on that Class or those Classes of Certificates on such
Distribution Date is greater than (ii) the excess, if any, of the aggregate
Certificate Principal Balance of that Class or those Classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to that Class or those Classes of Certificates
on such Distribution Date, as reduced by any amount calculated pursuant to
clause (v) of the definition of Class P Principal Distribution Amount.

     "Exchange Act": The Securities and Exchange Act of 1934, as amended.

                                       14
<PAGE>

     "Extraordinary Loss": Any Realized Loss or portion thereof caused by or
resulting from:

          (i) nuclear or chemical reaction or nuclear radiation or radioactive
     or chemical contamination, all whether controlled or uncontrolled and
     whether such loss be direct or indirect, proximate or remote or be in whole
     or in part caused by, contributed to or aggravated by a peril covered by
     the definition of the term "Special Hazard Loss";

          (ii) hostile or warlike action in time of peace or war, including
     action in hindering, combating or defending against an actual, impending or
     expected attack by any government or sovereign power, DE JURE or DE FACTO,
     or by any authority maintaining or using military, naval or air forces, or
     by military, naval or air forces, or by an agent of any such government,
     power, authority or forces;

          (iii) any weapon of war employing atomic fission or radioactive forces
     whether in time of peace or war, and

          (iv) insurrection, rebellion, revolution, civil war, usurped power or
     action taken by governmental authority in hindering, combating or defending
     against such an occurrence, seizure or destruction under quarantine or
     customs regulations, confiscation by order of any government or public
     authority, or risks of contraband or illegal transactions or trade.

     "Extraordinary Trust Fund Expenses": Any amounts reimbursable to the Master
Servicer or the Depositor pursuant to Section 6.03, any amounts reimbursable to
the Trustee from the Trust Fund pursuant to this Agreement, including but not
limited to Section 8.05, and any other costs, expenses, liabilities and losses
borne by the Trust Fund (exclusive of any cost, expense, liability or loss that
is specific to a particular Mortgage Loan or REO Property and is taken into
account in calculating a Realized Loss in respect thereof) for which the Trust
Fund has not and, in the reasonable good faith judgment of the Trustee, shall
not, obtain reimbursement or indemnification from any other Person.

     "Fannie Mae": Federal National Mortgage Association or any successor
thereto.

     "FDIC": Federal Deposit Insurance Corporation or any successor thereto.

     "Fidelity Bond": Shall have the meaning assigned thereto in Section 3.14.

     "Final Recovery Determination": With respect to any defaulted Mortgage Loan
or any REO Property (other than a Mortgage Loan or REO Property purchased by a
Seller or the Master Servicer pursuant to or as contemplated by Section 2.03 or
10.01), a determination made by the Master Servicer that all Insurance Proceeds,
Liquidation Proceeds and other payments or recoveries which the Master Servicer,
in its reasonable good faith judgment, expects to be finally recoverable in
respect thereof have been so recovered. The Master Servicer shall maintain
records, prepared by a Servicing Officer, of each Final Recovery Determination
made thereby.

     "Fitch": Fitch, Inc., doing business as Fitch Ratings, and any successor
thereto or its successor in interest.

                                       15
<PAGE>

     "Foreclosure Price": The amount reasonably expected to be received from the
sale of the related Mortgaged Property net of any expenses associated with
foreclosure proceedings.

     "Foreclosure Profits": As to any Distribution Date or related Determination
Date and any Mortgage Loan, the excess, if any, of Liquidation Proceeds,
Insurance Proceeds and proceeds from any REO Disposition (net of all amounts
reimbursable therefrom pursuant to Section 3.11(a)(iii)) in respect of each
Mortgage Loan or REO Property for which a Cash Liquidation or REO Disposition
occurred in the related Prepayment Period over the sum of the unpaid principal
balance of such Mortgage Loan or REO Property (determined, in the case of an REO
Disposition, in accordance with Section 3.16) plus accrued and unpaid interest
at the Mortgage Rate on such unpaid principal balance from the Due Date to which
interest was last paid by the Mortgagor to the first day of the month following
the month in which such Cash Liquidation or REO Disposition occurred.

     "Fraud Loss Amount": As of any date of determination after the Cut-off
Date, (X) prior to the third anniversary of the Cut-off Date, an amount equal to
1.00% of the aggregate outstanding principal balance of all of the Mortgage
Loans as of the Cut-off Date minus the Fraud Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section 4.02 since the
most recent anniversary of the Cut-off Date up to such date of determination and
(Y) from the third to the fifth anniversary of the Cut-off Date, an amount equal
to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary
of the Cut-off Date and (b) 0.50% of the aggregate outstanding principal balance
of all of the Mortgage Loans as of the Cut-off Date minus (2) the Fraud Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.02 since the most recent anniversary of the Cut-off Date up to
such date of determination. On and after the fifth anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.

     The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
conformation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written conformation to the Trustee.

     "Fraud Losses": Losses sustained on a Liquidated Mortgage Loan by reason of
a default arising from fraud, dishonesty or misrepresentation.

     "Freddie Mac": Federal Home Loan Mortgage Corporation or any successor
thereto.

     "Highest Priority": As of any date of determination, the Class of
Subordinate Certificates then outstanding with the earliest priority for
payments pursuant to Section 4.01(c), in the following order: Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates.

     "HUD": The United States Department of Housing and Urban Development, or
any successor thereto and including the Federal Housing Commissioner and the
Secretary of Housing and Urban Development where appropriate under the FHA
Regulations.

                                       16
<PAGE>

     "Independent": When used with respect to any specified Person, any such
Person who (a) is in fact independent of the Depositor, the Master Servicer and
their respective Affiliates, (b) does not have any direct financial interest in
or any material indirect financial interest in the Depositor or the Master
Servicer or any Affiliate thereof, and (c) is not connected with the Depositor
or the Master Servicer or any Affiliate thereof as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar
functions; PROVIDED, HOWEVER, that a Person shall not fail to be Independent of
the Depositor or the Master Servicer or any Affiliate thereof merely because
such Person is the beneficial owner of 1% or less of any class of securities
issued by the Depositor or the Master Servicer or any Affiliate thereof, as the
case may be.

     "Independent Contractor": Either (i) any Person (other than the Master
Servicer) that would be an "independent contractor" with respect to the Trust
Fund within the meaning of Section 856(d)(3) of the Code if the Trust Fund were
a real estate investment trust (except that the ownership tests set forth in
that section shall be considered to be met by any Person that owns, directly or
indirectly, 35 percent or more of any Class of Certificates), so long as the
Trust Fund does not receive or derive any income from such Person and provided
that the relationship between such Person and the Trust Fund is at arm's length,
all within the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any
other Person (including the Master Servicer) if the Trustee has received an
Opinion of Counsel, which Opinion of Counsel shall be an expense of the Trust
Fund, to the effect that the taking of any action in respect of any REO Property
by such Person, subject to any conditions therein specified, that is otherwise
herein contemplated to be taken by an Independent Contractor will not cause such
REO Property to cease to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code (determined without regard to the exception
applicable for purposes of Section 860D(a) of the Code), or cause any income
realized in respect of such REO Property to fail to qualify as rents from real
property.

     "Initial Certificate Principal Balance": With respect to any Regular
Certificate, other than the Class A-7 Certificates and Class X Certificates, the
amount designated "Initial Certificate Principal Balance" on the face thereof.

     "Insurance Proceeds": Proceeds of any title policy, hazard policy or other
insurance policy covering a Mortgage Loan, to the extent such proceeds are not
to be applied to the restoration of the related Mortgaged Property or released
to the Mortgagor in accordance with the procedures that the Master Servicer
would follow in servicing mortgage loans held for its own account, subject to
the terms and conditions of the related Mortgage Note and Mortgage.

     "Interest Accrual Period": With respect to any Distribution Date and any
Class of Certificates, the calendar month immediately preceding the month in
which such Distribution Date occurs.

     "Interest Only Certificates": Any one of the Class A-7 Certificates or
Class X Certificates.

     "Late Collections": With respect to any Mortgage Loan, all amounts received
subsequent to the Determination Date immediately following any related Due
Period, whether as late payments of Monthly Payments or as Insurance Proceeds,
Liquidation Proceeds or otherwise, which represent late payments or collections
of principal and/or interest due (without regard to any acceleration of

                                       17
<PAGE>

payments under the related Mortgage and Mortgage Note) but delinquent on a
contractual basis for such Due Period and not previously recovered.

     "LIBOR Business Day": Any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the city of London, England are required
or authorized to close.

     "LIBOR Rate Adjustment Date": With respect to any Interest Accrual Period
(other than the initial Due Period), the second LIBOR Business Day prior to the
first day of that Interest Accrual Period.

     "Limited Purpose Surety Bond": The Limited Purpose Surety Bond (Policy No.
AB0039BE), dated February 28, 1996 in respect to certain Additional Collateral
Mortgage Loans, issued by Ambac Assurance Corporation (f/k/a Ambac Indemnity
Corporation) for the benefit of certain beneficiaries, including the Trustee for
the benefit of the Certificateholders, but only to the extent that such Limited
Purpose Surety Bond covers any Additional Collateral Mortgage Loans.

     "Liquidated Mortgage Loan": As to any Distribution Date, any Mortgage Loan
in respect of which the Master Servicer has determined, in accordance with the
servicing procedures specified herein, as of the end of the related Due Period,
that all Liquidation Proceeds and Insurance Proceeds which it expects to recover
with respect to the liquidation of the Mortgage Loan or disposition of the
related REO Property have been recovered.

     "Liquidation Event": With respect to any Mortgage Loan, any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery
Determination is made as to such Mortgage Loan; or (iii) such Mortgage Loan is
removed from the Trust Fund by reason of its being purchased, sold or replaced
pursuant to or as contemplated by Section 2.03 or Section 10.01. With respect to
any REO Property, either of the following events: (i) a Final Recovery
Determination is made as to such REO Property; or (ii) such REO Property is
removed from the Trust Fund by reason of its being sold or purchased pursuant to
Section 3.23 or Section 10.01.

     "Liquidation Proceeds": The amount (other than amounts received in respect
of the rental of any REO Property prior to REO Disposition) received by the
Master Servicer in connection with (i) the taking of all or a part of a
Mortgaged Property by exercise of the power of eminent domain or condemnation,
(ii) the liquidation of a defaulted Mortgage Loan by means of a trustee's sale,
foreclosure sale or otherwise (including, with respect to a defaulted Mortgage
Loan that is an Additional Collateral Mortgage Loan, the amount realized on the
related Additional Collateral with respect to such Mortgage Loan in accordance
with Section 3.16), or (iii) the repurchase, substitution or sale of a Mortgage
Loan or an REO Property pursuant to or as contemplated by Section 2.03, Section
3.16 or Section 10.01.

     "Loan Balance": As of any date, the aggregate Stated Principal Balance of
all of the Mortgage Loans as of such date.

     "Loan-to-Value Ratio": As of any date and Mortgage Loan (other than an
Additional Collateral Mortgage Loan), the fraction, expressed as a percentage,
the numerator of which is the Stated Principal Balance of the Mortgage Loan, and
the denominator of which is the Value of the

                                       18
<PAGE>

related Mortgaged Property. As of any date and any Additional Collateral
Mortgage Loan, the related Effective Loan-to-Value Ratio.

     "Loan Rate": With respect to each Mortgage Loan, the annual rate at which
interest accrues on such Mortgage Loan from time to time in accordance with the
provisions of the related Mortgage Note, which rate shall remain constant at the
rate set forth in the Mortgage Loan Schedule as the Loan Rate in effect
immediately following the Cut-off Date. With respect to each Mortgage Loan that
becomes an REO Property, as of any date of determination, the annual rate
determined in accordance with the immediately preceding sentence as of the date
such Mortgage Loan became an REO Property.

     "Lockout Adjusted Percentage": With respect to any Distribution Date (i)
occurring prior to July 2008, 0% and (ii) occurring in or after July 2008, the
Lockout Percentage.

     "Lockout Percentage": With respect to any Distribution Date, the lesser of
(i) 100% and (ii) the Certificate Principal Balance of the Class A-4
Certificates divided by the aggregate Stated Principal Balance of the Mortgage
Loans (other than the Class P Fraction of each Class P Mortgage Loan), in each
case immediately prior to any allocations of losses or distributions on that
Distribution Date.

     "Lockout Prepayment Percentage": With respect to any Distribution Date, the
product of (i) the Lockout Percentage and (ii) the Stepdown Percentage.

     "Lost Note Affidavit": With respect to any Mortgage Loan as to which the
original Mortgage Note has been permanently lost or destroyed and has not been
replaced, an affidavit from the Depositor as applicable certifying that the
original Mortgage Note has been lost, misplaced or destroyed (together with a
copy of the related Mortgage Note and indemnifying the Trust against any loss,
cost or liability resulting from the failure to deliver the original Mortgage
Note) in the form of Exhibit H hereto.

     "Lower Priority": As of any date of determination and with respect to any
Class of Subordinate Certificates, any other Class of Subordinate Certificates
then outstanding with a later priority for payments pursuant to Section 4.01(c).

     "Lowest Priority": As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.01(c), in the following order: Class B-6, Class B-5, Class
B-4, Class B-3, Class B-2 and Class B-1 Certificates.

     "Majority Certificateholders": The Holders of Certificates evidencing at
least 51% of the Voting Rights.

     "Master Servicer Affiliate": A Person (i) controlling, controlled by or
under common control with the Master Servicer or which is 50% or more owned by
the Master Servicer and (ii) which is qualified to service residential mortgage
loans.

     "Master Servicer Event of Termination": One or more of the events described
in Section 7.01.

                                       19
<PAGE>

     "Master Servicer Remittance Date": With respect to any Distribution Date,
the Business Day prior to such Distribution Date.

     "MERS": Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

     "MERS(R) System": The system of recording transfers of Mortgages
electronically maintained by MERS.

     "MIN": The Mortgage Identification Number for Mortgage Loans registered
with MERS on the MERS(R)System.

     "MLCC": Merrill Lynch Credit Corporation and its successors in interest.

     "MOM Loan": With respect to any Mortgage Loan, MERS acting as the mortgagee
of such Mortgage Loan, solely as nominee for the originator of such Mortgage
Loan and its successors and assigns, at the origination thereof.

     "Monthly Interest Distributable Amount": An amount equal to the interest
accrued during the related Interest Accrual Period on the Certificate Principal
Balance or Notional Amount, as applicable of each Class of Certificates (other
than the Class P Certificates) at the then-applicable Pass-Through Rate. The
Monthly Interest Distributable Amount on any Class of Certificates will be
reduced by the amount of (i) Prepayment Interest Shortfalls (to the extent not
offset by the Master Servicer with a payment of Compensating Interest as
provided in Section 3.24), (ii) the interest portion (adjusted to the Net
Mortgage Rate) of Realized Losses (including Excess Losses) not allocated solely
to one or more specific Classes of Certificates pursuant to Section 4.02, (iii)
the interest portion of Advances previously made with respect to a Mortgage Loan
or REO Property which remained unreimbursed following the Cash Liquidation or
REO Disposition of such Mortgage Loan or REO Property that were made with
respect to delinquencies that were ultimately determined to be Excess Losses and
(iv) any other interest shortfalls not covered by the subordination provided by
the Class B Certificates, including Relief Act Shortfalls, with all such
reductions allocated among all of the Certificates in proportion to their
respective amounts of Monthly Interest Distributable Amount payable on such
Distribution Date which would have resulted absent such reductions.

     "Monthly Payment": With respect to any Mortgage Loan, the scheduled monthly
payment of principal and interest on such Mortgage Loan which is payable by the
related Mortgagor from time to time under the related Mortgage Note, determined:
(a) after giving effect to (i) any Deficient Valuation and/or Debt Service
Reduction with respect to such Mortgage Loan and (ii) any reduction in the
amount of interest collectible from the related Mortgagor pursuant to the Relief
Act; (b) without giving effect to any extension granted or agreed to by the
Master Servicer pursuant to Section 3.01; and (c) on the assumption that all
other amounts, if any, due under such Mortgage Loan are paid when due.

     "Mortgage": The mortgage, deed of trust or other instrument creating a
first lien on, or first priority security interest in, a Mortgaged Property
securing a Mortgage Note.

                                       20
<PAGE>

     "Mortgage 100(sm) Loan": A Mortgage Loan secured by Additional Collateral
in the form of a security interest in the Securities Account and the financial
assets held therein and having a value, as of the date of origination of such
Mortgage Loan, of at least equal to the related Original Additional Collateral
Requirement.

     "Mortgage 100(sm) Pledge Agreement": With respect to each Mortgage 100(sm)
Loan, the Pledge Agreement for Securities Account between the related mortgagor
and the Additional Collateral Servicer pursuant to which such mortgagor granted
a security interest in the related securities and other financial assets held
therein.

     "Mortgage File": The mortgage documents listed in Section 2.01(A) and (B)
pertaining to a particular Mortgage Loan and any additional documents required
to be added to the Mortgage File pursuant to this Agreement.

     "Mortgage Loan": Each mortgage loan (including the Cooperative Loans)
transferred and assigned to the Trustee pursuant to Section 2.01 or Section
2.03(d) as from time to time held as a part of the Trust Fund, the Mortgage
Loans so held being identified in the Mortgage Loan Schedule.

     "Mortgage Loan Purchase Agreement": The mortgage loan purchase agreement,
dated as of June 1, 2003, among the Sellers and the Depositor, regarding the
transfer of the Mortgage Loans.

     "Mortgage Loan Schedule": As of any date, the list of Mortgage Loans
identifying the Mortgage Loans transferred from the Sellers, and attached hereto
as Exhibit D. The Mortgage Loan Schedule shall set forth the following
information with respect to each Mortgage Loan:

          (i)  the Sellers' Mortgage Loan identifying number;

          (ii) the Mortgagor's first and last name;

          (iii) the street address of the Mortgaged Property including the state
               and zip code;

          (iv) a code indicating whether the Mortgaged Property is
               owner-occupied;

          (v)  the type of Residential Dwelling constituting the Mortgaged
               Property;

          (vi) the original months to maturity;

          (vii) the original date of the mortgage;

          (viii) the Loan-to-Value Ratio or Effective Loan-to-Value Ratio, as
               applicable, at origination;

          (ix) the loan rate;

          (x)  the date on which the first Monthly Payment was due on the
               Mortgage Loan; (xi) the stated maturity date;

                                       21
<PAGE>

          (xii) the amount of the Monthly Payment at origination;

          (xiii) the amount of the Monthly Payment as of the Cut-off Date;

          (xiv) the next Due Date on which a Monthly Payment is due;

          (xv) the original principal amount of the Mortgage Loan;

          (xvi) the unpaid principal balance of the Mortgage Loan as of the
               close of business on the Cut-off Date;

          (xvii) a code indicating the purpose of the Mortgage Loan (i.e.,
               purchase financing, Rate/Term Refinancing, Cash-Out Refinancing);

          (xviii) a code indicating the documentation style (i.e., full,
               alternative or reduced);

          (xix) a code indicating if the Mortgage Loan is subject to a Primary
               Insurance Policy;

          (xx) the name of the Qualified Insurer and the certificate number for
               any Primary Insurance Policy, if applicable;

          (xxi) the depth of coverage of any Primary Insurance Policy, if
               applicable;

          (xxii) the Value of the Mortgaged Property;

          (xxiii) the sale price of the Mortgaged Property, if applicable;

          (xxiv) the Servicing Fee;

          (xxv) whether the Mortgage Loan is a Buydown Mortgage Loan;; and

          (xxvi) the amount of the Original Additional Collateral Requirement,
               if any.

     The Mortgage Loan Schedule shall set forth the following information with
respect to the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the
number of Mortgage Loans; (2) the current principal balance of the Mortgage
Loans; (3) the weighted average Loan Rate of the Mortgage Loans; and (4) the
weighted average maturity of the Mortgage Loans. The Mortgage Loan Schedule
shall be amended from time to time by the Master Servicer in accordance with the
provisions of this Agreement. With respect to any Eligible Substitute Mortgage
Loan, Cut-off Date shall refer to the related Cut-off Date for such Mortgage
Loan, determined in accordance with the definition of Cut-off Date herein.

     "Mortgage Note": The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

                                       22
<PAGE>

     "Mortgage Pool": The pool of Mortgage Loans, identified on Exhibit D from
time to time, and any REO Properties acquired in respect thereof.

     "Mortgaged Property": The underlying property securing a Mortgage Loan,
including any REO Property, consisting of an Estate in Real Property improved by
a Residential Dwelling.

     "Mortgagor": The obligor on a Mortgage Note.

     "Net Liquidation Proceeds": With respect to any Liquidated Mortgage Loan or
any other disposition of related Mortgaged Property (including REO Property) the
related Liquidation Proceeds net of Advances, Servicing Advances, Servicing Fees
and any other accrued and unpaid Servicing Fees received and retained in
connection with the liquidation of such Mortgage Loan or Mortgaged Property
Rate.

     "Net Mortgage Rate": With respect to any Mortgage Loan, (x) the Loan Rate
minus (y) the Servicing Fee Rate and the Trustee Fee Rate.

     "New Lease": Any lease of REO Property entered into on behalf of the Trust,
including any lease renewed or extended on behalf of the Trust if the Trust has
the right to renegotiate the terms of such lease.

     "Nonrecoverable Advance": Any Advance or Servicing Advance previously made
or proposed to be made in respect of a Mortgage Loan or REO Property that, in
the good faith business judgment of the Master Servicer, will not or, in the
case of a proposed Advance or Servicing Advance, would not be ultimately
recoverable from Late Collections on such Mortgage Loan or REO Property as
provided herein.

     "Notional Amount": As of any Distribution Date with respect to the Class
A-7 Certificates, the sum of (a) 4/11 multiplied by the Certificate Principal
Balance of the Class A-1 Certificates, (b) 2/11 multiplied by the Certificate
Principal Balance of the Class A-2 Certificates and (c) 1/22 multiplied by the
Certificate Principal Balance of the Class A-3 Certificates, in each case
immediately prior to that Distribution Date. For federal income tax purposes,
however, as of any Distribution Date, with respect to the Class A-7
Certificates, the sum of the following components: (a) the Uncertificated
Principal Balance of REMIC I Regular Interest V; (b) the Uncertificated
Principal Balance of REMIC I Regular Interest W; and (c) the Uncertificated
Principal Balance of REMIC I Regular Interest X. As of any Distribution Date
with respect to the Class X Certificates, an amount equal to the product of (x)
the aggregate Stated Principal Balance of the Premium Rate Mortgage Loans
immediately prior to such Distribution Date; and (y) a fraction, the numerator
of which is the weighted average of the Stripped Interest Rates for the Premium
Rate Mortgage Loans immediately prior to such Distribution Date and the
denominator of which is 5.50%; provided, however, that for federal income tax
purposes, the Class X Certificates will not have a Notional Amount, and the
Monthly Interest Distributable Amount for such Certificates and any Distribution
Date will be deemed to be 100% of the amount distributed on REMIC I Regular
Interest IO for such Distribution Date.

     "Officers' Certificate": A certificate signed by the Chairman of the Board,
the Vice Chairman of the Board, the President or a vice president (however
denominated), and by the Treasurer, the

                                       23
<PAGE>

Secretary, or one of the assistant treasurers or assistant secretaries of the
Master Servicer or the Depositor, as applicable.

     "Opinion of Counsel": A written opinion of counsel, who may, without
limitation, be a salaried counsel for the Depositor or the Master Servicer,
acceptable to the Trustee, except that any opinion of counsel relating to (a)
the qualification of any REMIC as a REMIC or (b) compliance with the REMIC
Provisions must be an opinion of Independent counsel.

     "Optional Termination Date": The first Distribution Date on which the
Master Servicer may opt to terminate the Trust Fund pursuant to Section 10.01.

     "Original Additional Collateral Requirement': With respect to any
Additional Collateral Mortgage Loan, an amount equal to the Additional
Collateral required at the time of the origination of such Additional Collateral
Mortgage Loan in order to achieve an Effective Loan-to-Value Ratio for such
Additional Collateral Mortgage Loan, generally equal to seventy percent (70%);
for purposes of the Required Surety Payment, in no event shall the Original
Additional Collateral Requirement for an Additional Collateral Mortgage Loan
exceed thirty percent (30%) of its original principal balance.

     "Original Notional Amount": With respect to the Class A-7 Certificates,
approximately $24,225,045. With respect to the Class X Certificates,
approximately $5,253,151.

     "Original Certificate Principal Balance": With respect to each Class of the
Certificates (other than the Interest Only Certificates), the Certificate
Principal Balance thereof on the Closing Date, as set forth opposite such Class
above in the Preliminary Statement.

     "Original Subordinated Principal Balance": The aggregate of the Certificate
Principal Balances of the Subordinate Certificates as of the Cut-off Date.

     "Other Insurance Proceeds": Proceeds of any title policy, hazard policy or
other insurance policy covering a Mortgage Loan, other than the Primary
Insurance Policy, if any, to the extent such proceeds are not to be applied to
the restoration of the related Mortgaged Property or released to the Mortgagor
in accordance with the procedures that the Master Servicer would follow in
servicing mortgage loans held for its own account.

     "Ownership Interest": As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

     "Parent Power(R)Agreement": With respect to each Parent Power(R)Mortgage
Loan, a Parent Power(R)Guaranty and Security Agreement for Securities Account.

     "Parent Power(R) Guaranty and Security Agreement for Securities Account":
With respect to a Parent Power(R) Mortgage Loan, an agreement between the
Additional Collateral Servicer and a guarantor on behalf of the mortgagor under
such Parent Power(R) Mortgage Loan pursuant to which such guarantor guarantees
the payment of certain losses under such Parent Power(R) Mortgage Loan and has
granted a security interest to the Additional Collateral Servicer in certain
marketable

                                       24
<PAGE>

securities to collateralize such guaranty. The required amount of such
collateral is at least equal to the Original Additional Collateral Requirement
for such Parent Power(R) Mortgage Loan.

     "Parent Power(R) Mortgage Loan": A Mortgage Loan having at the time of
origination a Loan-to-Value Ratio generally in excess of the Master Servicer's
maximum acceptable Loan-to-Value Ratio for such Mortgage Loan as set forth in
the Underwriting Guide, which Mortgage Loan is supported by a Parent Power(R)
Agreement.

     "Pass-Through Rate": With respect to the Certificates (other than the
Adjustable Rate Certificates, Class A-1, Class A-2, Class A-3 and Class P
Certificates) and any Distribution Date, 5.50% per annum. With respect to the
Class A-5 Certificates and the initial Interest Accrual Period, 2.30375% per
annum, and as to any Interest Accrual Period thereafter, a per annum rate equal
to LIBOR plus 1.20%, subject to a maximum rate of 7.50% per annum and a minimum
rate of 1.20% per annum. With respect to the Class A-6 Certificates and the
initial Interest Accrual Period, 14.28968699% per annum, and as to any Interest
Accrual Period thereafter, a per annum rate equal to 17.32499931% minus LIBOR
multiplied by 2.74999984, subject to a maximum rate of 17.32499931% per annum
and a minimum rate of 0.00% per annum. With respect to the Class A-1
Certificates and any Distribution Date, 3.50% per annum. With respect to the
Class A-2 Certificates and any Distribution Date, 4.50% per annum. With respect
to the Class A-3 Certificates and any Distribution Date, 5.25% per annum. For
federal income tax purposes, the Class X Certificates will not have a
Pass-Through Rate, and the Monthly Interest Distributable Amount for such
Certificates and any Distribution Date will be deemed to be 100% of the amount
distributed on REMIC I Regular Interest IO for such Distribution Date. With
respect to the Class P Certificates and any Distribution Date, 0.00% per annum.

     "Paying Agent": Any paying agent appointed pursuant to Section 5.05.

     "Percentage Interest": With respect to any Certificate (other than a Class
R Certificate), a fraction, expressed as a percentage, the numerator of which is
the Initial Certificate Principal Balance or Initial Notional Amount, as the
case may be, represented by such Certificate and the denominator of which is the
Original Certificate Principal Balance or Original Notional Amount, as the case
may be, of the related Class. With respect to any Class of Class R Certificates,
the portion of such Class evidenced thereby, expressed as a percentage, as
stated on the face of such Certificate; provided, however, that the sum of all
such percentages for each such Class totals 100%.

     "Permitted Investments": Any one or more of the following obligations or
securities acquired at a purchase price of not greater than par, regardless of
whether issued or managed by the Depositor, the Master Servicer, the Trustee or
any of their respective Affiliates or for which an Affiliate of the Trustee
serves as an advisor:

          (i) obligations of or guaranteed as to principal and interest by the
     United States or any agency or instrumentality thereof when such
     obligations are backed by the full faith and credit of the United States;

          (ii) repurchase agreements on obligations specified in clause (i)
     maturing not more than one month from the date of acquisition thereof,
     provided that the unsecured

                                       25
<PAGE>

     obligations of the party agreeing to repurchase such obligations are at the
     time rated by each Rating Agency in its highest short-term rating
     available;

          (iii) federal funds, certificates of deposit, demand deposits, time
     deposits and bankers' acceptances (which shall each have an original
     maturity of not more than 90 days and, in the case of bankers' acceptances,
     shall in no event have an original maturity of more than 365 days or a
     remaining maturity of more than 30 days) denominated in United States
     dollars of any U.S. depository institution or trust company incorporated
     under the laws of the United States or any state thereof or of any domestic
     branch of a foreign depository institution or trust company; provided that
     the debt obligations of such depository institution or trust company (or,
     if the only Rating Agency is S&P, in the case of the principal depository
     institution in a depository institution holding company, debt obligations
     of the depository institution holding company) at the date of acquisition
     thereof have been rated by each Rating Agency in its highest short-term
     rating available; and provided further that, if the only Rating Agency is
     S&P and if the depository or trust company is a principal subsidiary of a
     bank holding company and the debt obligations of such subsidiary are not
     separately rated, the applicable rating shall be that of the bank holding
     company; and, provided further that, if the original maturity of such
     short-term obligations of a domestic branch of a foreign depository
     institution or trust company shall exceed 30 days, the short-term rating of
     such institution shall be A-1+ in the case of S&P if S&P is the Rating
     Agency;

          (iv) commercial paper and demand notes (having original maturities of
     not more than 365 days) of any corporation incorporated under the laws of
     the United States or any state thereof which on the date of acquisition has
     been rated by each Rating Agency in its highest short-term rating
     available; provided that such commercial paper shall have a remaining
     maturity of not more than 30 days;

          (v) a money market fund or a qualified investment fund rated by each
     Rating Agency in its highest long-term rating available; and

          (vi) other obligations or securities that are acceptable to each
     Rating Agency as a Permitted Investment hereunder and will not reduce the
     rating assigned to any Class of Certificates by such Rating Agency below
     the lower of the then-current rating or the rating assigned to such
     Certificates as of the Closing Date by such Rating Agency, as evidenced in
     writing;

provided, that no instrument described hereunder shall evidence either the right
to receive (a) only interest with respect to the obligations underlying such
instrument or (b) both principal and interest payments derived from obligations
underlying such instrument and the interest and principal payments with respect
to such instrument provide a yield to maturity at par greater than 120% of the
yield to maturity at par of the underlying obligations.

     "Permitted Transferee": Any Person other than a Disqualified Organization,
or an "electing large partnership" as defined in Section 775(a) of the Code, or
a non-U.S. Person.

                                       26
<PAGE>

     "Person": Any individual, corporation, partnership, joint venture,
association, joint stock company, trust, limited liability company,
unincorporated organization or government or any agency or political subdivision
thereof.

     "Premium Rate Mortgage Loan": Any Mortgage Loan other than a Class P
Mortgage Loan.

     "Prepayment Distribution Trigger": With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class B-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of all of the Mortgage Loans (or related REO Properties),
other than the Class P Fraction of the Class P Mortgage Loans, immediately prior
to such Distribution Date is greater than or equal to the sum of the related
initial Class B Percentages of such Classes of Subordinate Certificates.

     "Prepayment Interest Shortfall": As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate on the Stated Principal Balance of such Mortgage Loan over the
amount of interest (adjusted to the Net Mortgage Rate) paid by the Mortgagor for
such Prepayment Period to the date of such Principal Prepayment in Full or (b) a
Curtailment during the prior calendar month, an amount equal to one month's
interest at the Net Mortgage Rate on the amount of such Curtailment. The
obligations of the Master Servicer in respect of any Prepayment Interest
Shortfall are set forth in Section 3.24.

     "Prepayment Period": With respect to any Distribution Date, the calendar
month preceding the month in which such Distribution Date occurs.

     "Primary Insurance Policy": Each policy of primary guaranty mortgage
insurance issued by a Qualified Insurer in effect with respect to any Mortgage
Loan, or any replacement policy therefor obtained by the Master Servicer
pursuant to Section 3.13.

     "Principal Prepayment": Any payment of principal made by the Mortgagor on a
Mortgage Loan which is received in advance of its scheduled Due Date and which
is not accompanied by an amount of interest representing the full amount of
scheduled interest due on any Due Date in any month or months subsequent to the
month of prepayment.

     "Principal Prepayment in Full": Any Principal Prepayment made by a
Mortgagor of the entire unpaid principal balance of the Mortgage Loan.

     "Private Certificates": Any of the Class B-4, Class B-5 and Class B-6
Certificates.

     "Property Insurance Proceeds": Proceeds of any title policy, hazard policy
or other insurance policy covering a Mortgage Loan, to the extent such proceeds
are received by the Master Servicer and are not to be applied to the restoration
of the related Mortgaged Property or released to the Mortgagor in accordance
with the Master Servicer's servicing procedures, subject to the terms and
conditions of the related Mortgage Note and Mortgage.

                                       27
<PAGE>

     "Purchase Price": With respect to any Mortgage Loan or REO Property to be
purchased pursuant to or as contemplated by Section 2.03 or 10.01, and as
confirmed by an Officers' Certificate from the Master Servicer to the Trustee,
an amount equal to the sum of (i) 100% of the Stated Principal Balance thereof
as of the date of purchase (or such other price as provided in Section 10.01),
(ii) in the case of (x) a Mortgage Loan, accrued interest on such Stated
Principal Balance at the applicable Loan Rate in effect from time to time from
the Due Date as to which interest was last covered by a payment by the Mortgagor
or an advance by the Master Servicer, which payment or advance had as of the
date of purchase been distributed pursuant to Section 4.01, through the end of
the calendar month in which the purchase is to be effected, and (y) an REO
Property, the sum of (1) accrued interest on such Stated Principal Balance at
the applicable Loan Rate in effect from time to time from the Due Date as to
which interest was last covered by a payment by the Mortgagor or an advance by
the Master Servicer through the end of the calendar month immediately preceding
the calendar month in which such REO Property was acquired, plus (2) REO Imputed
Interest for such REO Property for each calendar month commencing with the
calendar month in which such REO Property was acquired and ending with the
calendar month in which such purchase is to be effected, net of the total of all
net rental income, Insurance Proceeds, Liquidation Proceeds and Advances that as
of the date of purchase had been distributed as or to cover REO Imputed Interest
pursuant to Section 4.07, (iii) any unreimbursed Servicing Advances and Advances
and any unpaid Servicing Fees allocable to such Mortgage Loan or REO Property,
(iv) any amounts previously withdrawn from the Collection Account in respect of
such Mortgage Loan or REO Property pursuant to Section 3.23, and (z) in the case
of a Mortgage Loan required to be purchased pursuant to Section 2.03, expenses
reasonably incurred or to be incurred by the Master Servicer or the Trustee in
respect of the breach or defect giving rise to the purchase obligation.

     "Qualified Insurer": Any insurance company acceptable to Fannie Mae or
Freddie Mac.

     "Rate/Term Refinancing": A Refinanced Mortgage Loan which is not a Cash-Out
Refinancing.

     "Rating Agency or Rating Agencies": S&P, Fitch or their successors. If such
agencies or their successors are no longer in existence, "Rating Agencies" shall
be such nationally recognized statistical rating agencies, or other comparable
Persons, designated by the Depositor, notice of which designation shall be given
to the Trustee and Master Servicer.

     "Realized Loss": With respect to a Liquidated Mortgage Loan, the amount by
which the remaining unpaid principal balance of the Mortgage Loan exceeds the
amount of Liquidation Proceeds applied to the principal balance of the related
Mortgage Loan.

     "Record Date": With respect to all of the Certificates, the last Business
Day of the month immediately preceding the month in which the related
Distribution Date occurs.

     "Refinanced Mortgage Loan": A Mortgage Loan the proceeds of which were used
to satisfy an existing mortgage loan on the Mortgaged Property.

     "Regular Certificate": Any of the Class A, Class P, Class X and Class B
Certificates.

                                       28
<PAGE>

     "Related Documents": With respect to any Mortgage Loan, the related
Mortgage Notes, Mortgages and other related documents.

     "Relief Act": The Soldiers' and Sailors Civil Relief Act of 1940, as
amended.

     "Relief Act Interest Shortfall": With respect to any Distribution Date, for
any Mortgage Loan as to which there has been a reduction in the amount of
interest collectible thereon for the most recently ended Due Period as a result
of the application of the Relief Act, the amount by which (i) interest
collectible on such Mortgage Loan during such Due Period is less than (ii) one
month's interest on the Stated Principal Balance of such Mortgage Loan at the
Loan Rate for such Mortgage Loan before giving effect to the application of the
Relief Act.

     "REMIC": A "real estate mortgage investment conduit' `within the meaning of
Section 860D of the Code.

     "REMIC I": The segregated pool of assets, with respect to which a REMIC
election is to be made, consisting of: (i) each Mortgage Loan (exclusive of
payments of principal and interest due on or before the Cut-off Date, if any,
received by the Master Servicer which shall not constitute an asset of the Trust
Fund) as from time to time are subject to this Agreement and all payments under
and proceeds of such Mortgage Loans (exclusive of any prepayment fees and late
payment charges received on the Mortgage Loans), together with all documents
included in the related Mortgage File, subject to Section 2.01; (ii) such funds
or assets as from time to time are deposited in the Collection Account or the
Distribution Account and belonging to the Trust Fund; (iii) any REO Property;
(iv) the Primary Hazard Insurance Policies, if any, the Primary Insurance
Policies, if any, and all other Insurance Policies with respect to the Mortgage
Loans; (v) the Depositor's rights in respect of the Additional Collateral and
the Limited Purpose Surety Bond, including the assignment of the Depositor's
rights under the Additional Collateral Servicing Agreement; and (vi) the
Depositor's interest in respect of the representations and warranties made by
the Sellers in the Mortgage Loan Purchase Agreement as assigned to the Trustee
pursuant to Section 2.04 hereof. The Trust Fund shall not include the Buydown
Account.

     "REMIC I Regular Interests": REMIC I Regular Interest V, REMIC I Regular
Interest W, REMIC I Regular Interest X, REMIC I Regular Interest Y, REMIC I
Regular Interest Z and REMIC I Regular Interest IO.

     "REMIC II": The segregated pool of assets consisting of the REMIC I Regular
Interests conveyed in trust to the Trustee for the benefit of the holders of the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7,
Class P, Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
B-6 and R-II Certificates pursuant to Section 9.01, with respect to which a
separate REMIC election is to be made.

     "REMIC Provisions": Provisions of the federal income tax law relating to
real estate mortgage investment conduits which appear at Section 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
regulations and rulings promulgated thereunder, as the foregoing may be in
effect from time to time.

                                       29
<PAGE>

     "Remittance Report": A report prepared by the Master Servicer and delivered
to the Trustee pursuant to Section 4.03.

     "Rents from Real Property": With respect to any REO Property, gross income
of the character described in Section 856(d) of the Code.

     "REO Account": The account or accounts maintained by the Master Servicer in
respect of an REO Property pursuant to Section 3.23.

     "REO Disposition": The sale or other disposition of an REO Property on
behalf of the Trust Fund.

     "REO Imputed Interest": As to any REO Property, for any calendar month
during which such REO Property was at any time part of the Trust Fund, one
month's interest at the applicable Net Mortgage Rate on the Stated Principal
Balance of such REO Property (or, in the case of the first such calendar month,
of the related Mortgage Loan if appropriate) as of the close of business on the
Distribution Date in such calendar month.

     "REO Principal Amortization": With respect to any REO Property, for any
calendar month, the excess, if any, of (a) the aggregate of all amounts received
in respect of such REO Property during such calendar month, whether in the form
of rental income, sale proceeds (including, without limitation, that portion of
the Termination Price paid in connection with a purchase of all of the Mortgage
Loans and REO Properties pursuant to Section 10.01 that is allocable to such REO
Property) or otherwise, net of any portion of such amounts (i) payable pursuant
to Section 3.23 in respect of the proper operation, management and maintenance
of such REO Property or (ii) payable or reimbursable to the Master Servicer
pursuant to Section 3.23 for unpaid Servicing Fees in respect of the related
Mortgage Loan and unreimbursed Servicing Advances and Advances in respect of
such REO Property or the related Mortgage Loan, over (b) the REO Imputed
Interest in respect of such REO Property for such calendar month.

     "REO Property": A Mortgaged Property acquired by the Master Servicer on
behalf of the Trust Fund through foreclosure or deed-in-lieu of foreclosure, as
described in Section 3.23. hereto.

     "Request for Release": A release signed by a Servicing Officer, in the form
of Exhibit E attached

     "Required Surety Payment": With respect to any Additional Collateral
Mortgage Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the
principal portion of the Realized Loss with respect to such Mortgage Loan and
(ii) the excess, if any, of (a) the Original Additional Collateral Requirement
with respect to such Mortgage Loan over (b) the net proceeds realized by the
Additional Collateral Servicer from the related Additional Collateral as set
forth in Section 3.16.

     "Residential Dwelling": Any one of the following: (i) an attached or
detached one-family dwelling unit, (ii) two- to four-family dwelling unit, (iii)
condominium, (iv) townhouse, (v) row house, or (vi) individual unit in a planned
unit development.

                                       30
<PAGE>

     "Residual Certificate": Any of the Class R Certificates.

     "Residual Interest": The sole class of "residual interests" in a REMIC
within the meaning of Section 860G(a)(2) of the Code.

     "Responsible Officer": When used with respect to the Trustee, any officer,
including any Vice President, Assistant Vice President, Trust Officer, any
Assistant Secretary, any trust officer or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and in each case having direct responsibility for the
administration of this Agreement.

     "Restricted Classes": With respect to any Class of Certificates, any
Classes of Certificates with a lower priority of payment relative to such Class.

     "S&P": Standard & Poor's, a division of The McGraw-Hill Companies, Inc.,
and its successors.

     "Securities Account": With respect to any Additional Collateral Mortgage
Loans, the account, together with the financial assets held therein, that is the
subject of the related Mortgage 100(sm) Pledge Agreement.

     "Security Agreement": With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Assets.

     "Seller": Either of (i) Cendant Mortgage Corporation, a New Jersey
corporation, or any successor in interest or (ii) Bishop's Gate Residential
Mortgage Trust, a Delaware business trust, or any successor in interest.

     "Senior Certificates": The Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class P, Class X and Class R Certificates.

     "Senior Interest Distribution Amount": With respect to each Distribution
Date, the aggregate amount of the Monthly Interest Distributable Amount to be
distributed to the Holders of the Senior Certificates for such Distribution
Date.

     "Senior Percentage": As of any Distribution Date, the lesser of 100% and a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class A, Class X and Class R Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans or related REO
Properties, other than the Class P Fraction of the Class P Mortgage Loans,
immediately prior to such Distribution Date.

     "Senior Prepayment Percentage": With respect to any Distribution Date, the
percentage indicated below:

DISTRIBUTION DATE                  SENIOR PREPAYMENT PERCENTAGE
-----------------                  ----------------------------

                                   31
<PAGE>

July 2003 through June 2008        100%

July 2008 through June 2009        Senior Percentage, plus 70% of the
                                   Subordinate Percentage

July 2009 through June 2010        Senior Percentage, plus 60% of the
                                   Subordinate Percentage

July 2010 through June 2011        Senior Percentage, plus 40% of the
                                   Subordinate Percentage

July 2011 through June 2012        Senior Percentage, plus 20% of the
                                   Subordinate Percentage

July 2012 and thereafter           Senior Percentage

provided, however, (i) that any scheduled reduction to the Senior Prepayment
Percentage described above shall not occur as of any Distribution Date unless
either (a)(1)(x) the outstanding principal balance of Mortgage Loans delinquent
60 days or more (including Mortgage Loans in foreclosure and REO Property)
averaged over the last six months as a percentage of the aggregate outstanding
Certificate Principal Balance of the Class B Certificates as of such
Distribution Date, is less than 50%, or (y) the outstanding principal balance of
Mortgage Loans delinquent 60 days or more (including Mortgage Loans in
foreclosure and REO Property) averaged over the last six months, as a percentage
of the aggregate outstanding principal balance of all Mortgage Loans as of such
Distribution Date, does not exceed 2% and (2) Realized Losses on the Mortgage
Loans to date for such Distribution Date if occurring during the sixth, seventh,
eighth, ninth or tenth year (or any year thereafter) after the Closing Date are
less than 30%, 35%, 40%, 45% or 50%, respectively, of the sum of the Initial
Certificate Principal Balances of the Class B Certificates or (b) (1) the
aggregate outstanding principal balance of the Mortgage Loans delinquent 60 days
or more (including Mortgage Loans in foreclosure and REO Property) averaged over
the last six months, as a percentage of the aggregate outstanding principal
balance of all Mortgage Loans as of such Distribution Date, does not exceed 4%
and (2) Realized Losses on the Mortgage Loans to date for such Distribution Date
if occurring during the sixth, seventh, eighth, ninth or tenth year (or any year
thereafter) after the Closing Date are less than 10%, 15%, 20%, 25% or 30%,
respectively, of the sum of the Initial Certificate Principal Balances of the
Class B Certificates and (ii) that for any Distribution Date on which the Senior
Percentage is greater than the Original Senior Percentage, the Senior Prepayment
Percentage for such Distribution Date shall be 100%. Notwithstanding the
foregoing, upon the reduction of the aggregate Certificate Principal Balance of
the Class A Certificates to zero, the Senior Prepayment Percentage will equal
0%.

     "Senior Principal Distribution Amount": As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount remaining after
the distribution of all amounts required to be distributed pursuant to Section
4.01(c)(i) and (b) the sum of the following:

          (A) the Senior Percentage for such Distribution Date times the sum of
     the following:

               (1) the principal portion of each Monthly Payment due during the
          related Due Period on each Outstanding Mortgage Loan, other than the
          related Class P Fraction of the principal portion of such Monthly
          Payments with respect to each

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<PAGE>

          Class P Mortgage Loan, whether or not received on or prior to the
          related Determination Date, minus the principal portion of any Debt
          Service Reduction, other than the related Class P Fraction of the
          principal portion of the Debt Service Reductions with respect to a
          Class P Mortgage Loan, which together with other Bankruptcy Losses
          exceeds the Bankruptcy Amount;

               (2) the Stated Principal Balance of any Mortgage Loan, other than
          the related Class P Fraction of the Stated Principal Balance of any
          Class P Mortgage Loan, repurchased during the related Prepayment
          Period pursuant to Section 2.02, 2.03, 3.15 or 3.16; and

               (3) the principal portion of all other unscheduled collections
          (other than Principal Prepayments in Full and Curtailments and amounts
          received in connection with a Cash Liquidation or REO Disposition of a
          Mortgage Loan, including without limitation Insurance Proceeds,
          Liquidation Proceeds and REO Proceeds) received during the related
          Prepayment Period to the extent applied by the Master Servicer as
          recoveries of principal of the related Mortgage Loan pursuant to
          Section 3.16, other than the related Class P Fraction of the principal
          portion os such unscheduled collections, with respect to each Class P
          Mortgage Loan;

          (B) with respect to each Mortgage Loan for which a Cash Liquidation or
     a REO Disposition occurred during the related Prepayment Period and did not
     result in any Excess Special Hazard Losses, Excess Fraud Losses, Excess
     Bankruptcy Losses or Extraordinary Losses, an amount equal to the lesser of
     (a) the Senior Percentage for such Distribution Date times the Stated
     Principal Balance of such Mortgage Loan, other than the related Class P
     Fraction of the Stated Principal Balance, with respect to a Class P
     Mortgage Loan; and (b) the Senior Prepayment Percentage for such
     Distribution Date times the related unscheduled collections (including
     without limitation Insurance Proceeds, Liquidation Proceeds and REO
     Proceeds) to the extent applied by the Master Servicer as recoveries of
     principal of the related Mortgage Loan pursuant to Section 3.16, in each
     case other than the portion of the collections, with respect to a Class P
     Mortgage Loan, included in clause (iii) of the definition of "Class P
     Principal Distribution Amount";

          (C) the Senior Prepayment Percentage for such Distribution Date times
     the aggregate of all Principal Prepayments in Full and Curtailments
     received in the related Prepayment Period with respect to the Mortgage
     Loans, other than the related Class P Fraction of such Principal
     Prepayments in Full and Curtailments, with respect to each Class P Mortgage
     Loan;

          (D) any Excess Subordinate Principal Amount for such Distribution
     Date; and

          (E) any amounts described in clauses (A), (B) or (C) of this
     definition, as determined for any previous Distribution Date, which remain
     unpaid after application of amounts previously distributed pursuant to this
     clause (E) to the extent that such amounts are not attributable to Realized
     Losses which have been allocated to the Class B Certificates;

                                       33
<PAGE>

     "Servicing Account": The account or accounts created and maintained
pursuant to Section 3.09.

     "Servicer Event of Termination": One or more of the events described in
Section 7.01.

     "Servicing Advances": The reasonable "out-of-pocket" costs and expenses
incurred by the Master Servicer in connection with a default, delinquency or
other unanticipated event by the Master Servicer in the performance of its
servicing obligations, including, but not limited to, (a) reasonable attorneys'
fees and (b) the cost of (i) the preservation, restoration and protection of a
Mortgaged Property, (ii) any enforcement or judicial proceedings, including
foreclosures, in respect of a particular Mortgage Loan, including any expenses
incurred in relation to any such proceedings that result from the Mortgage Loan
being registered on the MERS System, (iii) the management (including reasonable
fees in connection therewith) and liquidation of any REO Property, and (iv) the
performance of its obligations under Section 3.01, Section 3.09, Section 3.13,
Section 3.14, Section 3.16 and Section 3.23. The Master Servicer shall not be
required to make any Servicing Advance in respect of a Mortgage Loan or REO
Property that, in the good faith business judgment of the Master Servicer, would
not be ultimately recoverable from related Insurance Proceeds or Liquidation
Proceeds on such Mortgage Loan or REO Property as provided herein.

     "Servicing Officer": Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of Mortgage Loans, whose name
and specimen signature appear on a list of servicing officers famished by the
Master Servicer to the Trustee and the Depositor on the Closing Date, as such
list may from time to time be amended.

     "Servicing Fee": With respect to each Mortgage Loan and for any calendar
month, an amount equal to one month's interest (or in the event of any payment
of interest which accompanies a Principal Prepayment in Full made by the
Mortgagor during such calendar month, interest for the number of days covered by
such payment of interest) at the applicable Servicing Fee Rate on the same
principal amount on which interest on such Mortgage Loan accrues for such
calendar month.

     "Servicing Fee Rate": With respect to any Mortgage Loan, a rate equal to
0.25% per annum.

     "Special Hazard Amount": As of any Distribution Date, an amount equal to
$2,986,116 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.02 and (ii) the Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount, if any, by which the amount calculated in
accordance with the preceding sentence (without giving effect to the deduction
of the Adjustment Amount for such anniversary) exceeds the greater of (A) the
greatest of (i) twice the outstanding principal balance of the Mortgage Loan in
the Trust Fund which has the largest outstanding principal balance on the
Distribution Date immediately preceding such anniversary, (ii) the product of
1.00% multiplied by the outstanding principal balance of all Mortgage Loans on
the Distribution Date immediately preceding such anniversary and (iii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the largest amount of Mortgage Loans by aggregate principal
balance as of such anniversary and (B) the greater of (i) the product of 0.50%
multiplied by the outstanding principal balance of all Mortgage Loans on the
Distribution Date immediately preceding such anniversary

                                       34
<PAGE>

multiplied by a fraction, the numerator of which is equal to the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of all of the Mortgage Loans secured by Mortgaged Properties located in
the State of California divided by the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of all of the Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to
20.39% (which percentage is equal to the percentage of Mortgage Loans initially
secured by Mortgaged Properties located in the State of California) and (ii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the largest Mortgage Loan secured by a Mortgaged Property
located in the State of California.

     The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

     "Special Hazard Losses": Realized Losses in respect of Special Hazard
Mortgage Loans.

     "Special Hazard Mortgage Loan": A Liquidated Mortgage Loan as to which the
ability to recover the full amount due thereunder was substantially unpaired by
a hazard not insured against under a standard hazard insurance policy.

     "Startup Day": As defined in Section 9.01 (b) hereof.

     "Stated Principal Balance": With respect to any Mortgage Loan and Due Date,
the unpaid principal balance of such Mortgage Loan as of such Due Date, as
specified in the amortization schedule at the time relating thereto (before any
adjustment to such amortization schedule by reason of any moratorium or similar
waiver or grace period), after giving effect to any previous partial prepayments
and Liquidation Proceeds received and to the payment of principal due on such
Due Date and irrespective of any delinquency in payment by the related
Mortgagor.

     "Stayed Funds": If the Master Servicer is the subject of a proceeding under
the federal Bankruptcy Code and the mailing of a remittance by the Master
Servicer pursuant to this Agreement is prohibited by Section 362 of the federal
Bankruptcy Code, funds which are in the custody of the Master Servicer, a
trustee in bankruptcy or a federal bankruptcy court and should have been the
subject of such remittance absent such prohibition.

     "Stepdown Percentage": With respect to any Distribution Date, the
percentage indicated below:

DISTRIBUTION DATE                                    STEPDOWN PERCENTAGE
-----------------                                    -------------------

July 2003 through June 2008                          0%

July 2008 through June 2009                          30%

July 2009 through June 2010                          40%

                                       35
<PAGE>

July 2010 through June 2011                          60%

July 2011 through June 2012                          80%

July 2012 and thereafter                             100%

     "Stripped Interest Rate": For each Premium Rate Mortgage Loan, the excess,
if any, of the Net Mortgage Rate over 5.50% per annum.

     "Subordinate Certificates": The Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5 and Class B-6 Certificates.

     "Subordinate Percentage": For any Distribution Date, the difference between
100% and the Senior Percentage for such date.

     "Subordinate Prepayment Percentage": With respect to any Distribution Date
and each Class of Subordinate Certificates, under the applicable circumstances
set forth below, the respective percentages set forth below:

          (i) For any Distribution Date prior to the Distribution Date in July
     2008, 0%.

          (ii) For any Distribution Date for which clause (i) does not apply,
     and on which any Class of Subordinate Certificates are outstanding:

               (a) in the case of the Class of Subordinate Certificates then
          outstanding with the Highest Priority and each other Class of
          Subordinate Certificates for which the related Prepayment Distribution
          Trigger has been satisfied, a fraction, expressed as a percentage, the
          numerator of which is the Certificate Principal Balance of such Class
          immediately prior to such date and the denominator of which is the sum
          of the Certificate Principal Balances immediately prior to such date
          of (1) the Class of Subordinate Certificates then outstanding with the
          Highest Priority and (2) all other Classes of Subordinate Certificates
          for which the respective Prepayment Distribution Triggers have been
          satisfied; and

               (b) in the case of each other Class of Subordinate Certificates
          for which the Prepayment Distribution Triggers have not been
          satisfied, 0%; and

          (iii) Notwithstanding the foregoing, if the application of the
     foregoing percentages on any Distribution Date as provided in Section
     4.01(c) of this Agreement (determined without regard to the proviso to the
     definition of "Subordinate Principal Distribution Amount") would result in
     a distribution in respect of principal of any Class or Classes of
     Subordinate Certificates in an amount greater than the remaining
     Certificate Principal Balance thereof (any such class, a "Maturing Class"),
     then: (a) the Subordinate Prepayment Percentage of each Maturing Class
     shall be reduced to a level that, when applied as described above, would
     exactly reduce the Certificate Principal Balance of such Class to zero; (b)
     the Subordinate Prepayment Percentage of each other Class of Subordinate
     Certificates (any such Class, a "Non-Maturing Class") shall be recalculated
     in accordance with the provisions in paragraph (ii) above, as if the
     Certificate Principal Balance of each Maturing Class had been

                                       36
<PAGE>

     reduced to zero (such percentage as recalculated, the "Recalculated
     Percentage"); (c) the total amount of the reductions in the Subordinate
     Prepayment Percentages of the Maturing Class or Classes pursuant to clause
     (a) of this sentence, expressed as an aggregate percentage, shall be
     allocated among the Non-Maturing Classes in proportion to their respective
     Recalculated Percentages (the portion of such aggregate reduction so
     allocated to any Non-Maturing Class, the "Adjustment Percentage"); and (d)
     for purposes of such Distribution Date, the Subordinate Prepayment
     Percentage of each Non-Maturing Class shall be equal to the sum of (1) the
     Subordinate Prepayment Percentage thereof, calculated in accordance with
     the provisions in paragraph (ii) above as if the Certificate Principal
     Balance of each Maturing Class had not been reduced to zero, plus (2) the
     related Adjustment Percentage.

     "Subordinate Principal Distribution Amount": With respect to any
Distribution Date and each Class of Class B Certificates, the sum of the
following:

          (i) the product of (x) the related Class B Percentage for such Class
     and (y) the aggregate of the following amounts:

               (1) the principal portion of each Monthly Payment due during the
          related Due Period on each Outstanding Mortgage Loan, other than the
          related Class P Fraction of the principal portion of such Monthly
          Payments with respect to each Class P Mortgage Loan, whether or not
          received on or prior to the related Determination Date, minus the
          principal portion of any Debt Service Reduction, other than the
          related Class P Fraction of the principal portion of the Debt Service
          Reductions with respect to a Class P Mortgage Loan, which together
          with other Bankruptcy Losses exceeds the Bankruptcy Amount;

               (2) the Stated Principal Balance of any Mortgage Loan, other than
          the related Class P Fraction of the Stated Principal Balance of any
          Class P Mortgage Loan, repurchased during the related Prepayment
          Period pursuant to Section 2.02, 2.03, 3.15 or 3.16; and

               (3) the principal portion of all other unscheduled collections
          (other than Principal Prepayments in Full and Curtailments and amounts
          received in connection with a Cash Liquidation or REO Disposition of a
          Mortgage Loan, including without limitation Insurance Proceeds,
          Liquidation Proceeds and REO Proceeds) received during the related
          Prepayment Period to the extent applied by the Master Servicer as
          recoveries of principal of the related Mortgage Loan pursuant to
          Section 3.16, other than the related Class P Fraction of the principal
          portion of such unscheduled collections, with respect to each Class P
          Mortgage Loan;

          (ii) such Class's pro rata share, based on the Certificate Principal
     Balance of each Class of Class B Certificates then outstanding, of, with
     respect to each Mortgage Loan, other than the related Class P Fraction of
     the Stated Principal Balance, with respect to a Class P Mortgage Loan, for
     which a Cash Liquidation or a REO Disposition occurred during the related
     Prepayment Period and did not result in any Excess Special Hazard Losses,
     Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses, an
     amount equal to the related unscheduled collections (including without
     limitation Insurance Proceeds,

                                       37
<PAGE>

     Liquidation Proceeds and REO Proceeds) to the extent applied by the Master
     Servicer as recoveries of principal of the related Mortgage Loan pursuant
     to Section 3.16, to the extent such collections are not otherwise
     distributed to the Senior Certificates;

          (iii) the product of (x) the related Subordinate Prepayment Percentage
     for such Distribution Date and (y) the aggregate of all Principal
     Prepayments in Full and Curtailments on the Mortgage Loans other than the
     related Class P Fraction of such Principal Prepayments in Full and
     Curtailments, with respect to each Class P Mortgage Loan, received in the
     related Prepayment Period, to the extent not payable to the Senior
     Certificates; and

          (iv) if such Class is the Class of Class B Certificates then
     outstanding with the Highest Priority, an amount equal to the Excess
     Subordinate Principal Amount; and

          (v) any amounts described in clauses (i), (ii) and (iii) as determined
     for any previous Distribution Date, that remain undistributed to the extent
     that such amounts are not attributable to Realized Losses which have been
     allocated to a Class of Subordinate Certificates;

provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

     "Sub-Servicer": Any Person with which the Master Servicer has entered into
a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer
pursuant to Section 3.02.

     "Sub-Servicing Account': An account established by a Sub-Servicer which
meets the requirements set forth in Section 3.08 and is otherwise acceptable to
the Master Servicer.

     "Sub-Servicing Agreement": The written contract between the Master Servicer
and a Sub-Servicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02.

     "Substitution Adjustment Amount": As defined in Section 2.03(d) hereof.

     "Tax Matters Person": The tax matters person appointed pursuant to Section
9.01(c) hereof.

     "Tax Returns": The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
the REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be
filed on behalf of the Trust in its capacity as a REMIC under the REMIC
Provisions, together with any and all other information reports or returns that
may be required to be famished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.

     "Termination Price": As defined in Section 10.01 (a) hereof.

                                       38
<PAGE>

     "Transition Cost: Any documented fees, expenses and allocated costs
reasonably incurred by a successor master servicer or the Trustee in connection
with a transfer of servicing from the Master Servicer to a successor master
servicer, including without limitation, any costs or expenses associated with
the complete transfer of all master servicing data and the completion,
correction or manipulation of such master servicing data as may be required by
the Trustee to correct any errors or insufficiencies in the master servicing
data or otherwise to enable the Trustee to master service the Mortgage Loans
properly and effectively.

     "Trustee Fee": With respect to each Mortgage Loan and for any calendar
month, an amount equal to one month's interest (or in the event of any payment
of interest which accompanies a Principal Prepayment in Full made by the
Mortgagor during such calendar month, interest for the number of days covered by
such payment of interest) at the applicable Trustee Fee Rate on the same
principal amount on which interest on such Mortgage Loan accrues for such
calendar month. Notwithstanding the foregoing, in no event shall the aggregate
Trustee Fee in a calendar year be less than $7,000.

     "Trustee Fee Rate": With respect to any Mortgage Loan, a rate equal to
0.0125% per annum.

     "Trust Fund": REMIC I and REMIC II.

     "Uncertificated Monthly Interest Distributable Amount": An amount equal to
the interest accrued during the related Interest Accrual Period on the
Uncertificated Principal Balance or Uncertificated Notional Amount, as
applicable of each Class of REMIC I Regular Interests at the then-applicable
Uncertificated Pass-Through Rate. The Uncertificated Monthly Interest
Distributable Amount on any Class of REMIC I Regular Interests will be reduced
by the amount of (i) Prepayment Interest Shortfalls (to the extent not offset by
the Master Servicer with a payment of Compensating Interest as provided in
Section 3.24), (ii) the interest portion (adjusted to the Net Mortgage Rate) of
Realized Losses (including Excess Losses) not allocated solely to one or more
specific Classes of Certificates pursuant to Section 4.02, (iii) the interest
portion of Advances previously made with respect to a Mortgage Loan or REO
Property which remained unreimbursed following the Cash Liquidation or REO
Disposition of such Mortgage Loan or REO Property that were made with respect to
delinquencies that were ultimately determined to be Excess Losses and (iv) any
other interest shortfalls not covered by the subordination provided by the Class
B Certificates, including Relief Act Shortfalls, with all such reductions
allocated among all of the REMIC I Regular Interests in proportion to their
respective amounts of Uncertificated Monthly Interest Distributable Amount
payable on such Distribution Date which would have resulted absent such
reductions.

     "Uncertificated Notional Amount": With respect to REMIC I Regular Interest
IO and any Distribution Date, the aggregate Stated Principal Balance of the
Premium Rate Mortgage Loans as of the day immediately preceding such
Distribution Date (or, with respect to the initial Distribution Date, at the
close of business on the Cut-off Date).

     "Uncertificated Pass-Through Rate": With respect to the REMIC I Regular
Interests (other than REMIC I Regular Interest IO) the Pass-Through Rate set
forth in the Preliminary Statement. With respect to REMIC I Regular Interest IO
and any Distribution Date, a rate equal to the weighted average, expressed as a
percentage, of the Stripped Interest Rates of the Premium Rate Mortgage Loans as
of the Due Date in the related Due Period, weighted on the basis of the
respective Stated

                                       39
<PAGE>

Principal Balances of such Mortgage Loans as of the day immediately preceding
such Distribution Date (or, with respect to the initial Distribution Date, at
the close of business on the Cut-off Date).

     "Underwriting Guide": The underwriting guide of the Master Servicer, as
revised from time to time.

     "Uninsured Cause" Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

     "United States Person" or "U.S. Person": A citizen or resident of the
United States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States or any state thereof or the District
of Columbia (except, in the case of a partnership, to the extent provided in
regulations), provided that, for purposes solely of the Class R Certificates, no
partnership or other entity treated as a partnership for United States federal
income tax purposes shall be treated as a United States Person unless all
persons that own an interest in such partnership either directly or through any
entity that is not a corporation for United States federal income tax purposes
are United States Persons, or an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if (i) a court within
the United States is able to exercise primary supervision over the
administration of the trust and one or more such United States Persons have the
authority to control all substantial decisions of the trust or (ii) it is a
trust which was in existence on August 20, 1996, and was treated as a United
States person, for federal income tax purposes, on the previous day, and elected
to continue to be so treated.

     "Value": With respect to any Mortgaged Property, the value thereof as
determined by an independent appraisal (or other collateral assessment,
permitted by the Underwriting Guide) made at the time of the origination of the
related Mortgage Loan; except that, with respect to any Mortgage Loan that is a
purchase money mortgage loan, the lesser of (i) the value thereof as determined
by an independent appraisal (or other collateral assessment, permitted by the
Underwriting Guide) made at the time of the origination of such Mortgage Loan,
if any, and (ii) the sales price of the related Mortgaged Property.

     "Voting Rights": The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. The Voting Rights allocated
among Holders of such Certificates outstanding shall be the fraction, expressed
as a percentage, the numerator of which is the aggregate Certificate Principal
Balance of all the Certificates of such Class then outstanding and the
denominator of which is the aggregate Certificate Principal Balance of all the
Certificates then outstanding (except with respect to the Class X Certificates).
97% of all Voting Rights will be allocated among all holders of the Certificates
(other than the Class A-7, Class X and Class R Certificates) in proportion to
their then outstanding Certificate Principal Balances, 1.00% of all Voting
Rights will be allocated among the holders of the Class A-7 Certificates, 1.00%
of all Voting Rights will be allocated among the holders of the Class X
Certificates and 0.5% and 0.5% of all Voting Rights will be allocated to the
holders of the Class R-I and Class R-II Certificates respectively, in proportion
to the Percentage Interests evidenced by their respective Certificates;
provided, however, that any Certificate registered in the name of the Master
Servicer, the Depositor or the Trustee or any of their respective affiliates
shall not be included in the calculation of Voting Rights.

                                       40
<PAGE>

     "Written Order to Authenticate": A written order by which the Depositor
directs the Trustee to issue the Certificates.

     Section 1.02 ACCOUNTING.

     Unless otherwise specified herein, for the purpose of any definition or
calculation, whenever amounts are required to be netted, subtracted or added or
any distributions are taken into account such definition or calculation and any
related definitions or calculations shall be determined without duplication of
such functions.

     Section 1.03 DETERMINATION OF LIBOR.

     LIBOR applicable to the calculation of the Pass-Through Rates on the Class
A-5 Certificates and Class A-6 Certificates, if any, for any Interest Accrual
Period (other than the initial Interest Accrual Period) will be determined on
each LIBOR Rate Adjustment Date.

     On each LIBOR Rate Adjustment Date (other than for the initial Interest
Accrual Period), LIBOR shall be established by the Trustee and, as to any
Interest Accrual Period, will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London
time, on such LIBOR Rate Adjustment Date. "Telerate Screen Page 3750" means the
display designated as page 3750 on the Telerate Service (or such other page as
may replace page 3750 on that service for the purpose of displaying London
interbank offered rates of major banks). If such rate does not appear on such
page (or such other page as may replace that page on that service, or if such
service is no longer offered, LIBOR shall be so established by use of such other
service for displaying LIBOR or comparable rates as may be selected by the
Trustee after consultation with the Master Servicer), the rate will be the
Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis
of the rates at which deposits in U.S. Dollars are offered by the reference
banks (which shall be any three major banks that are engaged in transactions in
the London interbank market, selected by the Trustee after consultation with the
Master Servicer) as of 11:00 a.m., London time, on the LIBOR Rate Adjustment
Date to prime banks in the London interbank market for a period of one month in
amounts approximately equal to the aggregate Certificate Principal Balance of
the Adjustable Rate Certificates then outstanding. The Trustee will request the
principal London office of each of the reference banks to provide a quotation of
its rate. If at least two such quotations are provided, the rate will be the
arithmetic mean of the quotations rounded up to the next multiple of 1/16%. If
on such date fewer than two quotations are provided as requested, the rate will
be the arithmetic mean of the rates quoted by one or more major banks in New
York City, selected by the Trustee after consultation with the Master Servicer,
as of 11:00 a.m., New York City time, on such date for loans in U.S. Dollars to
leading European banks for a period of one month in amounts approximately equal
to the aggregate Certificate Principal Balance of the Adjustable Rate
Certificates then outstanding. If no such quotations can be obtained, the rate
will be LIBOR for the prior Distribution Date, or in the case of the first LIBOR
Rate Adjustment Date, 1.10375%; provided however, if, under the priorities
listed previously in this paragraph, LIBOR for a Distribution Date would be
based on LIBOR for the previous Distribution Date for the third consecutive
Distribution Date, the Trustee shall select an alternative comparable index over
which the Trustee has no control, used for determining one-month Eurodollar
lending rates that is calculated and published or otherwise made available by an
independent party.

                                       41
<PAGE>

     The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date
and the Trustee's subsequent calculation of the Pass-Through Rates applicable to
each of the Class A-5 Certificates and Class A-6 Certificates for the relevant
Interest Accrual Period, in the absence of manifest error, will be final and
binding.

     Promptly following each LIBOR Rate Adjustment Date the Trustee shall supply
the Master Servicer with the results of its determination of LIBOR on such date.
Furthermore, the Trustee will supply to any Certificateholder so requesting by
telephone the Pass-Through Rates on each of the Class A-5 Certificates and Class
A-6 Certificates for the current and the immediately preceding Interest Accrual
Period.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                       ORIGINAL ISSUANCE OF CERTIFICATES

     Section 2.01 CONVEYANCE OF MORTGAGE LOANS.

     The Depositor, concurrently with the execution and delivery hereof, does
hereby transfer, assign, set over and otherwise convey to the Trustee without
recourse for the benefit of the Certificateholders all the right, title and
interest of the Depositor, including any security interest therein for the
benefit of the Depositor, in and to the Mortgage Loans identified on the
Mortgage Loan Schedule, the rights of the Depositor under the Mortgage Loan
Purchase Agreement (except Section 3.2 thereof), the interest in the Limited
Purpose Surety Bond transferred to the Trustee pursuant to Section 2.03(e) and
all other assets included or to be included in the Trust Fund. Such assignment
includes all interest and principal received by the Depositor or the Master
Servicer on or with respect to the Mortgage Loans (but excluding any payments of
principal and interest due on or prior to the Cut-off Date). The Depositor
herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase
Agreement.

     In connection with the transactions contemplated by this Agreement, Cendant
Mortgage Corporation and the Trustee shall enter into an Assignment, Assumption
and Recognition Agreement with MLCC, in the form of Exhibit K hereto, pursuant
to which Cendant Mortgage Corporation shall assign to the Trustee, for the
benefit of the Certificateholders, all of its right, title and interest in and
to the Additional Collateral Servicing Agreement with respect to the Additional
Collateral Mortgage Loans, and the Trustee shall assume all of Cendant Mortgage
Corporation's obligations under the Additional Collateral Servicing Agreement
with respect to the Additional Collateral Mortgage Loans from and after the date
hereof.

     In connection with the transfer and assignment described herein, the Master
Servicer on behalf of the Depositor, shall deliver to, and deposit with, the
Trustee, the following documents or instruments:

     (A) with respect to each Mortgage Loan, other than a Cooperative Loan:

          (i) the original Mortgage Note endorsed "Pay to the order of Citibank,
     N.A., as Trustee for the registered holders of the CDMC Mortgage
     Pass-Through Certificates, Series 2003-6, without recourse", or endorsed
     "Pay to the order of_____________________

                                       42
<PAGE>

     without recourse," and signed in the name of the last named endorsee by an
     authorized officer, together with all prior and intervening endorsements
     showing a complete chain of endorsement from the originator to the Person
     so endorsing to the last endorsee;

          (ii) the original Mortgage, noting the presence of the MIN of the
     Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan
     if the Mortgage Loan is a MOM Loan, with evidence of recording thereon
     which have been recorded, with evidence of recording thereon or a copy of
     the Mortgage certified by the public recording office in which such
     Mortgage has been recorded;

          (iii) Unless the Mortgage Loan is registered on the MERS(R) System, an
     original Assignment of the Mortgage (A) executed in the following form
     "Citibank, N.A., as Trustee for the registered holders of the CDMC Mortgage
     Pass-Through Certificates, Series 2003-6", or (B) in blank, which
     assignment appears to be in form and substance acceptable for recording;

          (iv) the original recorded Assignment or Assignments of the Mortgage
     showing a complete chain of assignment from the originator to the Person
     assigning the Mortgage to the Trustee (or to MERS, if the Mortgage Loan is
     registered on the MERS(R) System and noting the presence of a MIN) as
     contemplated by the immediately preceding clause (iii), if applicable and
     only to the extent available to the Depositor with evidence of recording
     thereon;

          (v) the originals of all assumption, modification, consolidation or
     extension agreements, with evidence of recording thereon, if any;

          (vi) a copy of any guarantee (other than Additional Collateral)
     executed in connection with the Mortgage Note;

          (vii) the original of any security agreement, chattel mortgage or
     equivalent document executed in connection with the Mortgage;

          (viii) the original power of attorney, if applicable; and

          (ix) if such Mortgage Loan is a Buydown Mortgage Loan (as shown in the
     Mortgage Loan Schedule), the original Buydown Agreement or a copy thereof;
     and

     (B) in addition, with respect to each Mortgage Loan that is an Additional
Collateral Mortgage Loan (as indicated on the Mortgage Loan Schedule):

          (i) a copy of the related Mortgage 100(sm) Pledge Agreement or Parent
     Power Agreement, as applicable; and

          (ii) a copy of the related UCC-1, to the extent that MLCC was required
     to deliver such UCC-1 to the Master Servicer, and an original form UCC-3,
     if applicable, to the extent that MLCC was required to deliver such UCC-3
     to the Master Servicer; or

                                       43
<PAGE>

     (C) with respect to each Mortgage Loan that is a Cooperative Loan (as
indicated on the Mortgage Loan Schedule):

          (i) the original Mortgage Note endorsed "Pay to the order of Citibank,
     N.A., as Trustee for the registered holders of the CDMC Mortgage
     Pass-Through Certificates, Series 2003-6, without recourse", or endorsed
     "Pay to the order of _____________________ without recourse," and signed in
     the name of the last named endorsee by an authorized officer, together with
     all prior and intervening endorsements showing a complete chain of
     endorsement from the originator to the Person so endorsing to the last
     endorsee;

          (ii) the original duly executed assignment of Security Agreement to
     the Trustee;

          (iii) the acknowledgment copy of the original executed Form UCC-1 (or
     certified copy thereof) with respect to the Security Agreement, and any
     required continuation statements;

          (iv) the acknowledgment copy of the original executed Form UCC-3 with
     respect to the security agreement, indicating the Trustee as the assignee
     of the secured party;

          (v) the stock certificate representing the Cooperative Assets
     allocated to the cooperative unit, with a stock power in blank attached;

          (vi) the original collateral assignment of the proprietary lease by
     Mortgagor to the originator;

          (vii) a copy of the recognition agreement;

          (viii) if applicable and to the extent available, the original
     intervening assignments, including warehousing assignments, if any,
     showing, to the extent available, an unbroken chain of the related Mortgage
     Loan to the Trustee, together with a copy of the related Form UCC-3 with
     evidence of filing thereon; and

          (ix) the originals of each assumption, modification or substitution
     agreement, if any, relating to the Mortgage Loan;

provided, however, that in lieu of the foregoing, the Depositor may deliver the
following documents, under the circumstances set forth below: (x) in lieu of the
original Mortgage, assignments to the Trustee or intervening assignments thereof
which have been delivered, are being delivered or will, upon receipt of
recording information relating to the Mortgage required to be included thereon,
be delivered to recording offices for recording and have not been returned to
the Depositor within 270 days of the Closing Date, the Depositor may deliver a
true copy thereof with an Officer's Certificate certifying that such Mortgage,
assignment to the Trustee or intervening assignment has been delivered to the
appropriate recording office for recording; and (y) in lieu of the Mortgage,
assignment to the Trustee or intervening assignments thereof, if the applicable
jurisdiction retains the originals of such documents (as evidenced by a
certification from the Depositor or the Master Servicer, to such effect) the
Depositor may deliver photocopies of such documents containing an original
certification by the judicial or other governmental authority of the
jurisdiction where such

                                       44
<PAGE>

documents were recorded; and provided, further, however, that in the case of
Mortgage Loans which have been prepaid in full after the Cut-off Date and prior
to the Closing Date, the Depositor, in lieu of delivering the above documents,
may deliver to the Trustee a certification to such effect and shall deposit all
amounts paid in respect of such Mortgage Loans in the Distribution Account on
the Closing Date. The Depositor shall deliver such original documents (including
any original documents as to which certified copies had previously been
delivered) to the Trustee promptly after they are received.

     The Depositor may, in lieu of delivering the original of the documents set
forth in Section 2.01(A), (B) and (C) (other than Section 2.01(A)(i) and Section
2.01(C)(i)) (or copies thereof as permitted by this Section 2.01) to the
Trustee, deliver such documents to the Master Servicer, and the Master Servicer
shall hold such documents in trust for the use and benefit of all present and
future Certificateholders until such time as is set forth in the next sentence.
Within 60 days following the earlier of (i) the receipt of the original of all
of the documents or instruments set forth in Section 2.01(A), (B) and (C) (other
than Section 2.01(A)(i) and Section 2.01(C)(i)) (or copies thereof as permitted
by such Section) for any Mortgage Loan and (ii) a written request by the Trustee
to deliver those documents with respect to any or all of the Mortgage Loans then
being held by the Master Servicer, the Master Servicer shall deliver a complete
set of such documents to the Trustee.

     The Depositor shall, at its expense, cause the Assignment of the Mortgage
to the Trustee to be recorded not later than 270 days after the Closing Date,
unless (a) such recordation is not required by the Rating Agencies or an Opinion
of Counsel has been provided as set forth below in this Section 2.01 or (b) MERS
is identified on the Mortgage or on a properly recorded assignment of the
Mortgage as the mortgagee of record. With respect to the Cooperative Loans, the
Depositor will, promptly after the Closing Date, cause the related financing
statements (if not yet filed) and an assignment thereof from the Depositor to
the Trustee to be filed in the appropriate offices. The Depositor need not cause
to be recorded any assignment in any jurisdiction under the laws of which, as
evidenced by an Opinion of Counsel delivered by the Depositor to the Trustee and
the Rating Agencies, the recordation of such assignment is not necessary to
protect the Trustee's interest in the related Mortgage Loan; provided, however,
notwithstanding the delivery of any Opinion of Counsel, each assignment shall be
submitted for recording by the Depositor in the manner described above, at no
expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i)
reasonable direction by the Holders of Certificates evidencing Fractional
Undivided Interests aggregating not less than 25% of the Trust Fund, (ii) the
occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a
bankruptcy, insolvency or foreclosure relating to the Depositor, (iv) the
occurrence of a servicing transfer as described in Section 7.02 hereof and (v)
with respect to any one assignment, the occurrence of a bankruptcy, insolvency
or foreclosure relating to the Mortgagor under the related Mortgage.
Notwithstanding the foregoing, if the Depositor fails to pay the cost of
recording the assignments, such expense will be paid by the Trustee and the
Trustee shall be reimbursed for such expenses by the Trust Fund in accordance
with Section 8.05.

     In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System, the Depositor further agrees that it will cause, at the
Depositor's own expense, within 30 Business Days after the Closing Date, the
MERS(R) System to indicate that such Mortgage Loans have been assigned by the
Depositor to the Trustee in accordance with this Agreement for the benefit of
the Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies

                                       45
<PAGE>

the specific Trustee and (b) the code in the field "Pool Field" which identifies
the series of the Certificates issued in connection with such Mortgage Loans.
The Depositor further agrees that it will not, and will not permit the Master
Servicer to, and the Master Servicer agrees that it will not, alter the codes
referenced in this paragraph with respect to any Mortgage Loan during the term
of this Agreement unless and until such Mortgage Loan is repurchased in
accordance with the terms of this Agreement.

     If any original Mortgage Note referred to in Section 2.01(A)(i) or
2.01(C)(i) above cannot be located, the obligations of the Depositor to deliver
such documents shall be deemed to be satisfied upon delivery to the Trustee of a
photocopy of such Mortgage Note, if available, with a Lost Note Affidavit. If
any of the original Mortgage Notes for which a Lost Note Affidavit was delivered
to the Trustee is subsequently located, such original Mortgage Note shall be
delivered to the Trustee within three Business Days.

     Section 2.02 ACCEPTANCE OF TRUST FUND BY THE TRUSTEE.

     Subject to the provisions of Section 2.01 and subject to any exceptions
noted on the exception report described in the next paragraph below, the Trustee
acknowledges receipt of the documents referred to in Section 2.01 above and
declares that it holds and will hold such documents and the other documents
delivered to it constituting the Mortgage File, and that it holds or will hold
all such assets and such other assets included in the definition of the "Trust
Fund" and the rights of the Sellers with respect to any Additional Collateral
and the Limited Purpose Surety Bond assigned to the Trustee pursuant to Section
2.03(e) in trust for the exclusive use and benefit of all present and future
Certificateholders.

     The Trustee agrees, for the benefit of the Certificateholders, to review
each Mortgage File on or before the Closing Date and to certify on the Closing
Date in substantially the form attached hereto as Exhibit I-1 that, as to each
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
paid in full or any Mortgage Loan specifically identified in the exception
report annexed thereto as not being covered by such certification), (i) all
documents constituting part of such Mortgage File required to be delivered to it
pursuant to this Agreement are in its possession, provided that with respect to
the documents described in Section 2.01(A)(v), (vi) and (vii) and 2.01(C)(ix) to
the extent the Trustee has actual knowledge that such documents exist, (ii) such
documents have been reviewed by it and are not torn, mutilated, defaced or
otherwise altered (except if initialed by the obligor) and relate to such
Mortgage Loan, (iii) based on its examination and only as to the foregoing, the
information set forth in the Mortgage Loan Schedule that corresponds to items
(i) through (iii) (except the ZIP Code), (ix) and (xv) of the definition of
"Mortgage Loan Schedule" accurately reflects information set forth in the
Mortgage File. Notwithstanding anything to the contrary in this Agreement, it is
herein acknowledged that, in conducting such review, the Trustee is under no
duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine whether they are genuine,
enforceable, or appropriate for the represented purpose or whether they have
actually been recorded or that they are other than what they purport to be on
their face, or to determine whether any Person executing any documents is
authorized to do so or whether any signature is genuine.

     The Trustee agrees, for the benefit of the Certificateholders, to review
each Mortgage File within 60 days following the Closing Date and to certify in
substantially the form attached hereto

                                       46
<PAGE>

as Exhibit I-2 that, as to each Mortgage Loan listed in the Mortgage Loan
Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
specifically identified in the exception report annexed thereto as not being
covered by such certification), (i) all documents constituting part of such
Mortgage File (other than such documents described in Section 2.01(A)(v))
required to be delivered to it pursuant to this Agreement are in its possession,
provided that with respect to the documents described in Section 2.01(A)(v),
(vi) and (vii) and 2.01(C)(ix) to the extent the Trustee has actual knowledge
that such documents exist, (ii) such documents have been reviewed by it and are
not tom, mutilated, defaced or otherwise altered (except if initialed by the
obligor) and appear regular on their face and relate to such Mortgage Loan,
(iii) based on its examination and only as to the foregoing, the information set
forth in the Mortgage Loan Schedule that corresponds to items (i) through
(iii)(except the ZIP code), (ix) and (xv) of the definition of "Mortgage Loan
Schedule" accurately reflects information set forth in the Mortgage File. It is
herein acknowledged that, in conducting such review, the Trustee is under no
duty or obligation (i) to inspect, review or examine any such documents,
instruments, certificates or other papers to determine whether they are genuine,
enforceable, or appropriate for the represented purpose or whether they have
actually been recorded or that they are other than what they purport to be on
their face, or to determine whether any Person executing any documents is
authorized to do so or whether any signature is genuine.

     Prior to the first anniversary date of this Agreement the Trustee shall
deliver to the Depositor and the Master Servicer a final certification in the
form annexed hereto as Exhibit I-2 evidencing the completeness of the Mortgage
Files, with any applicable exceptions noted thereon, except with respect to the
documents described in Section 2.01(A)(v), (vi) and (vii) and 2.01(C)(ix), to
the extent the Trustee has actual knowledge that such documents exist.

     If in the process of reviewing the Mortgage Files and making or preparing,
as the case may be, the certifications referred to above, the Trustee finds any
document or documents constituting a part of a Mortgage File to be missing or
defective in any material respect, at the conclusion of its review the Trustee
shall so notify the Depositor and the Master Servicer. In addition, upon the
discovery by the Depositor, the Master Servicer or the Trustee of a breach of
any of the representations and warranties made by the Sellers in the Mortgage
Loan Purchase Agreement in respect of any Mortgage Loan which materially
adversely affects such Mortgage Loan or the interests of the related
Certificateholders in such Mortgage Loan, the party discovering such breach
shall give prompt written notice to the other parties.

     The Trustee shall, at the written request and expense of any
Certificateholder, provide a written report to such Certificateholder of all
Mortgage Files released to the Master Servicer for servicing purposes.

     Section 2.03 REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS BY THE SELLERS-
                  ASSIGNMENT OF INTEREST IN ADDITIONAL COLLATERAL.

     (a) Upon discovery or receipt of notice of any materially defective
document in, or that a document is missing from, a Mortgage File or of the
breach by a Seller of any representation, warranty or covenant under the
Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which
materially adversely affects the value of such Mortgage Loan or the interest
therein of the Certificateholders, by the Trustee, the Master Servicer or the
Depositor shall promptly notify such Seller and the Trustee, the Master Servicer
and the Depositor of such defect, missing document

                                       47
<PAGE>

or breach and request that such Seller deliver such missing document or cure
such defect or breach within 90 days from the date such Seller was notified of
such missing document, defect or breach, and if such Seller does not deliver
such missing document or cure such defect or breach in all material respects
during such period, the Master Servicer (or, in accordance with Section 3.02(b),
the Trustee) shall enforce the obligations of such Seller under the Mortgage
Loan Purchase Agreement to repurchase such Mortgage Loan from the Trust Fund at
the Purchase Price within 90 days after the date on which such Seller was
notified (subject to Section 2.03(d)) of such missing document, defect or
breach, if and to the extent that such Seller is obligated to do so under the
Mortgage Loan Purchase Agreement. If such defect or breach can ultimately be
cured but is not reasonably expected to be cured within the 90-day period, then
the applicable Seller shall have such additional time, if any, as is reasonable,
to cure such defect or breach, provided that the applicable Seller has commenced
curing or correcting such defect or breach and is diligently pursuing same. The
Purchase Price for the repurchased Mortgage Loan shall be deposited in the
Collection Account, within three Business Days of expiration of the applicable
time period referred to above, and the Trustee, upon receipt of written
certification from the Master Servicer of such deposit, shall release to the
applicable Seller the related Mortgage File and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse, as such
Seller shall furnish to it and as shall be necessary to vest in such Seller any
Mortgage Loan released pursuant hereto, and the Trustee shall have no further
responsibility with regard to such Mortgage File. In lieu of repurchasing any
such Mortgage Loan as provided above, if so provided in the related Mortgage
Loan Purchase Agreement, a Seller may cause such Mortgage Loan to be removed
from the Trust Fund (in which case it shall become a Defective Mortgage Loan)
and substitute one or more Eligible Substitute Mortgage Loans in the manner and
subject to the limitations set forth in Section 2.03(d). If the breach of
representation and warranty that gave rise to the obligation to repurchase or
substitute a Mortgage Loan pursuant to Section 3.2 of the Mortgage Loan Purchase
Agreement was the representation and warranty set forth in clause (l) of Section
3.1 thereof, then the Master Servicer shall request that Cendant Mortgage pay to
the Trust Fund, concurrently with and in addition to the remedies provided in
the preceding four sentences, an amount equal to any liability, penalty or
expense that was actually incurred and paid out of or on behalf of the Trust
Fund, and that directly resulted from such breach, or if incurred and paid by
the Trust Fund thereafter, concurrently with such payment. In furtherance of the
foregoing, if the Seller that repurchases the Mortgage Loan is not a member of
MERS and the Mortgage is registered on the MERS(R) System, the Master Servicer,
at its own expense and without any right of reimbursement, shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the Mortgage from MERS to such Seller and shall cause such Mortgage to be
removed from registration on the MERS(R) System in accordance with MERS' rules
and regulations. It is understood and agreed that the obligation of a Seller to
cure or to repurchase (or to substitute for) any Mortgage Loan as to which a
document is missing, a material defect in a constituent document exists or as to
which such a breach has occurred and is continuing shall constitute the sole
remedy respecting such omission, defect or breach available to the Depositor,
the Master Servicer or the Trustee on behalf of the Certificateholders.

     (b) Within 90 days of the earlier of discovery by the Master Servicer or
receipt of notice by the Master Servicer of the breach of any representation,
warranty or covenant of the Master Servicer set forth in Section 2.04 which
materially and adversely affects the interests of the Certificateholders in any
Mortgage Loan, the Master Servicer shall cure such breach in all material
respects.

                                       48
<PAGE>

     (c) Any substitution of Eligible Substitute Mortgage Loans for Defective
Mortgage Loans made pursuant to Section 2.03(a), in the case of a Seller, must
be effected prior to the date which is two years after the Closing Date.

     As to any Defective Mortgage Loan for which a Seller substitutes a Eligible
Substitute Mortgage Loan or Loans, such substitution shall be effected by such
Seller delivering to the Trustee, for such Eligible Substitute Mortgage Loan or
Loans, the Mortgage Note, the Mortgage, the Assignment to the Trustee, and such
other documents and agreements, with all necessary endorsements thereon, as are
required by Section 2.01, together with an Officers' Certificate providing that
each such Eligible Substitute Mortgage Loan satisfies the definition thereof and
specifying the Substitution Shortfall Amount (as described below), if any, in
connection with such substitution. The Trustee shall acknowledge receipt of the
original Mortgage Note for such Eligible Substitute Mortgage Loan or Loans and,
within ten Business Days thereafter, review such documents in the manner
specified in Section 2.02 and deliver to the Depositor and the Master Servicer,
with respect to such Eligible Substitute Mortgage Loan or Loans, a certification
substantially in the form attached hereto as Exhibit I-1, with any applicable
exceptions noted thereon. Within one year of the date of substitution, the
Trustee shall deliver to the Depositor and the Master Servicer a certification
substantially in the form of Exhibit I-2 hereto with respect to such Eligible
Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
Monthly Payments due with respect to Eligible Substitute Mortgage Loans in the
month of substitution are not part of the Trust Fund and will be retained by the
related Seller. For the month of substitution, distributions to
Certificateholders will reflect the Monthly Payment due on such Defective
Mortgage Loan on or before the Due Date in the month of substitution, and the
related Seller shall thereafter be entitled to retain all amounts subsequently
received in respect of such Defective Mortgage Loan. The Depositor shall give or
cause to be given written notice to the Certificateholders that such
substitution has taken place, shall amend the Mortgage Loan Schedule to reflect
the removal of such Defective Mortgage Loan from the terms of this Agreement and
the substitution of the Eligible Substitute Mortgage Loan or Loans and shall
deliver a copy of such amended Mortgage Loan Schedule to the Trustee. Upon such
substitution, such Eligible Substitute Mortgage Loan or Loans shall constitute
part of the Mortgage Pool and shall be subject in all respects to the terms of
this Agreement and, in the case of a substitution effected by a Seller, the
Mortgage Loan Purchase Agreement, including, in the case of a substitution
effected by a Seller, all applicable representations and warranties thereof
included in the Mortgage Loan Purchase Agreement in each case as of the date of
substitution.

     For any month in which a Seller substitutes one or more Eligible Substitute
Mortgage Loans for one or more Defective Mortgage Loans, the Master Servicer
will determine the amount (if any) by which the aggregate principal balance of
all such Eligible Substitute Mortgage Loans as of the date of substitution is
less than the aggregate Stated Principal Balance of all such Defective Mortgage
Loans (in each case after application of the principal portion of the Monthly
Payments due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). The Master shall deposit the
amount of such shortfall into the Collection Account on the day of substitution,
without any reimbursement therefor.

     For any month in which a Seller substitutes one or more Eligible Substitute
Mortgage Loans for one or more Defective Mortgage Loans, the Master Servicer
will determine the amount (the "Substitution Adjustment Amount"), if any, by
which the aggregate Purchase Price of all such

                                       49
<PAGE>

Defective Mortgage Loans exceeds the aggregate of, as to each such Eligible
Substitute Mortgage Loan, the Stated Principal Balance thereof as of the date of
substitution, together with one month's interest on such Stated Principal
Balance at the applicable Net Mortgage Rate. On the date of such substitution,
the applicable Seller will deliver or cause to be delivered to the Master
Servicer for deposit in the Collection Account an amount equal to the
Substitution Adjustment Amount, if any, and the Trustee, upon receipt of the
related Eligible Substitute Mortgage Loan or Loans and certification by the
Master Servicer of such deposit, shall release to the applicable Seller the
related Mortgage File or Files and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as such Seller shall
deliver to it and as shall be necessary to vest therein any Defective Mortgage
Loan released pursuant hereto.

     In addition, the applicable Seller shall obtain at its own expense and
deliver to the Trustee an Opinion of Counsel to the effect that such
substitution will not cause (a) any federal tax to be imposed on the Trust Fund,
including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code, or (b) any REMIC to fail
to qualify as a REMIC at any time that any Certificate is outstanding.

     (d) Upon discovery by the Depositor, a Seller, the Master Servicer or the
Trustee that any Mortgage Loan does not constitute a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code, the party discovering such fact
shall within two Business Days give written notice thereof to the other parties.
In connection therewith, the related Seller shall repurchase or, subject to the
limitations set forth in Section 2.03(c), substitute one or more Eligible
Substitute Mortgage Loans for the affected Mortgage Loan within 60 days of the
earlier of discovery or receipt of such notice with respect to such affected
Mortgage Loan. Such repurchase or substitution shall be made by the related
Seller, as the case may be, if the affected Mortgage Loan's status as a
non-qualified mortgage is or results from a breach of any representation,
warranty or covenant made by the related Seller under the Mortgage Loan Purchase
Agreement. Any such repurchase or substitution shall be made in the same manner
as set forth in Sections 2.03(a), if made by the related Seller. The Trustee
shall reconvey to the related Seller the Mortgage Loan to be released pursuant
hereto in the same manner, and on the same terms and conditions, as it would a
Mortgage Loan repurchased for breach of a representation or warranty.

     (e) The Depositor hereby assigns to the Trustee its security interest in
and to any Additional Collateral, its right to receive amounts due or to become
due in respect of any Additional Collateral, all of its rights in each
Additional Collateral Agreement, and its rights as beneficiary under the Limited
Purpose Surety Bond in respect of any Additional Collateral Mortgage Loans. With
respect to any Additional Collateral Mortgage Loan, the Additional Collateral
Servicer shall cause to be filed in the appropriate recording office a Form
UCC-3 giving notice of the assignment of the related security interest to the
Trust Fund and shall thereafter cause the timely filing of all necessary
continuation statements with regard to such financing statements.

                                       50
<PAGE>

     Section 2.04 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER
                  SERVICER.

     The Master Servicer hereby represents, warrants and covenants to the
Trustee, for the benefit of each of the Trustee and the Certificateholders, and
to the Depositor, that as of the Closing Date or as of such date specifically
provided herein:

          (i) The Master Servicer is a corporation duly organized, validly
     existing and in good standing under the laws of the State of New Jersey and
     is duly authorized and qualified to transact any and all business
     contemplated by this Agreement to be conducted by the Master Servicer in
     any state in which a Mortgaged Property is located or is otherwise not
     required under applicable law to effect such qualification and, in any
     event, is in compliance with the doing business laws of any such State, to
     the extent necessary to ensure its ability to enforce each Mortgage Loan
     and to service the Mortgage Loans in accordance with the terms of this
     Agreement;

          (ii) The Master Servicer has the full corporate power and authority to
     service each Mortgage Loan, and to execute, deliver and perform, and to
     enter into and consummate the transactions contemplated by this Agreement
     and has duly authorized by all necessary corporate action on the part of
     the Master Servicer the execution, delivery and performance of this
     Agreement; and this Agreement, assuming the due authorization, execution
     and delivery thereof by the Depositor and the Trustee, constitutes a legal,
     valid and binding obligation of the Master Servicer, enforceable against
     the Master Servicer in accordance with its terms, except to the extent that
     (a) the enforceability thereof may be limited by bankruptcy, insolvency,
     moratorium, receivership and other similar laws relating to creditors'
     rights generally and (b) the remedy of specific performance and injunctive
     and other forms of equitable relief may be subject to the equitable
     defenses and to the discretion of the court before which any proceeding
     therefor may be brought;

          (iii) The execution and delivery of this Agreement by the Master
     Servicer, the servicing of the Mortgage Loans by the Master Servicer
     hereunder, the consummation of any other of the transactions herein
     contemplated, and the fulfillment of or compliance with the terms hereof
     are in the ordinary course of business of the Master Servicer and will not
     (A) result in a breach of any term or provision of the charter or by-laws
     of the Master Servicer or (B) conflict with, result in a breach, violation
     or acceleration of, or result in a default under, the terms of any other
     material agreement or instrument to which the Master Servicer is a party or
     by which it may be bound, or any statute, order or regulation applicable to
     the Master Servicer of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over the Master Servicer; and the
     Master Servicer is not a party to, bound by, or in breach or violation of
     any indenture or other agreement or instrument, or subject to or in
     violation of any statute, order or regulation of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     it, which materially and adversely affects or, to the Master Servicer's
     knowledge, would in the future materially and adversely affect, (x) the
     ability of the Master Servicer to perform its obligations under this
     Agreement or (y) the business, operations, financial condition, properties
     or assets of the Master Servicer taken as a whole;

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<PAGE>

          (iv) The Master Servicer is an approved seller/servicer for Fannie Mae
     or Freddie Mac in good standing and is a HUD approved mortgagee pursuant to
     Section 203 of the National Housing Act;

          (v) No litigation is pending against the Master Servicer that would
     materially and adversely affect the execution, delivery or enforceability
     of this Agreement or the ability of the Master Servicer to service the
     Mortgage Loans or to perform any of its other obligations hereunder in
     accordance with the terms hereof;

          (vi) No consent, approval, authorization or order of any court or
     governmental agency or body is required for the execution, delivery and
     performance by the Master Servicer of, or compliance by the Master Servicer
     with, this Agreement or the consummation of the transactions contemplated
     by this Agreement, except for such consents, approvals, authorizations or
     orders, if any, that have been obtained prior to the Closing Date; and

          (vii) The Master Servicer is a member of MERS in good standing, and
     will comply in all material respects with the rules and procedures of MERS
     in connection with the servicing of the Mortgage Loans that are registered
     with MERS.

     It is understood and agreed that the representations, warranties and
covenants set forth in this Section 2.04 shall survive delivery of the Mortgage
Files to the Trustee and shall inure to the benefit of the Trustee, the
Depositor and the Certificateholders. Upon discovery by any of the Depositor,
the Master Servicer or the Trustee of a breach of any of the foregoing
representations, warranties and covenants which materially and adversely affects
the value of any Mortgage Loan or the interests therein of the
Certificateholders, the party discovering such breach shall give prompt written
notice (but in no event later than two Business Days following such discovery)
to the Trustee. Subject to Section 7.01, the obligation of the Master Servicer
set forth in Section 2.03(c) to cure breaches shall constitute the sole remedies
against the Master Servicer available to the Certificateholders, the Depositor
or the Trustee on behalf of the Certificateholders respecting a breach of the
representations, warranties and covenants contained in this Section 2.04.

     Section 2.05 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR.

     The Depositor represents and warrants to the Trust and the Trustee on
behalf of the Certificateholders as follows:

          (i) This agreement constitutes a legal, valid and binding obligation
     of the Depositor, enforceable against the Depositor in accordance with its
     terms, except as enforceability may be limited by applicable bankruptcy,
     insolvency, reorganization, moratorium or other similar laws now or
     hereafter in effect affecting the enforcement of creditors' rights in
     general and except as such enforceability may be limited by general
     principles of equity (whether considered in a proceeding at law or in
     equity);

          (ii) Immediately prior to the sale and assignment by the Depositor to
     the Trustee on behalf of the Trust of each Mortgage Loan, the Depositor had
     good and marketable title to each Mortgage Loan (insofar as such title was
     conveyed to it by a Seller, as set forth in the Mortgage Loan Purchase
     Agreement) subject to no prior lien, claim, participation interest,

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<PAGE>

     mortgage, security interest, pledge, charge or other encumbrance or other
     interest of any nature;

          (iii) As of the Closing Date, the Depositor has transferred all right,
     title and interest in the Mortgage Loans to the Trustee on behalf of the
     Trust;

          (iv) The Depositor has not transferred the Mortgage Loans to the
     Trustee on behalf of the Trust with any intent to hinder, delay or defraud
     any of its creditors;

          (v) The Depositor has been duly formed and is validly existing as a
     limited liability company in good standing under the laws of Delaware, with
     full corporate power and authority to own its assets and conduct its
     business as presently being conducted;

          (vi) The Depositor is not in violation of its certificate of formation
     or limited liability company agreement or in default in the performance or
     observance of any material obligation, agreement, covenant or condition
     contained in any contract, indenture, mortgage, loan agreement, note, lease
     or other instrument to which the Depositor is a party or by which it or its
     properties may be bound, which default might result in any material adverse
     changes in the financial condition, earnings, affairs or business of the
     Depositor or which might materially and adversely affect the properties or
     assets, taken as a whole, of the Depositor;

          (vii) The execution, delivery and performance of this Agreement by the
     Depositor, and the consummation of the transactions contemplated thereby,
     do not and will not result in a material breach or violation of any of the
     terms or provisions of, or, to the knowledge of the Depositor, constitute a
     default under, any indenture, mortgage, deed of trust, loan agreement or
     other agreement or instrument to which the Depositor is a party or by which
     the Depositor is bound or to which any of the property or assets of the
     Depositor is subject, nor will such actions result in any violation of the
     provisions of the certificate of formation or limited liability company
     agreement of the Depositor or, to the best of the Depositor's knowledge
     without independent investigation, any statute or any order, rule or
     regulation of any court or governmental agency or body having jurisdiction
     over the Depositor or any of its properties or assets (except for such
     conflicts, breaches, violations and defaults as would not have a material
     adverse effect on the ability of the Depositor to perform its obligations
     under this Agreement);

          (viii) To the best of the Depositor's knowledge without any
     independent investigation, no consent, approval, authorization, order,
     registration or qualification of or with any court or governmental agency
     or body of the United States or any other jurisdiction is required for the
     issuance of the Certificates, or the consummation by the Depositor of the
     other transactions contemplated by this Agreement, except such consents,
     approvals, authorizations, registrations or qualifications as (a) may be
     required under State securities or Blue Sky laws, (b) have been previously
     obtained or (c) the failure of which to obtain would not have a material
     adverse effect on the performance by the Depositor of its obligations
     under, or the validity or enforceability of, this Agreement; and

          (ix) There are no actions, proceedings or investigations pending
     before or, to the Depositor's knowledge, threatened by any court,
     administrative agency or other tribunal to

                                       53
<PAGE>

     which the Depositor is a party or of which any of its properties is the
     subject: (a) which if determined adversely to the Depositor would have a
     material adverse effect on the business, results of operations or financial
     condition of the Depositor; (b) asserting the invalidity of this Agreement
     or the Certificates; (c) seeking to prevent the issuance of the
     Certificates or the consummation by the Depositor of any of the
     transactions contemplated by this Agreement, as the case may be; (d) which
     might materially and adversely affect the performance by the Depositor of
     its obligations under, or the validity or enforceability of, this
     Agreement.

     Section 2.06 PURPOSE AND POWERS OF THE TRUST.

     The purpose of the trust, as created hereunder, is to engage in the
following activities:

          (i) to issue the Certificates to or at the direction of the Depositor
     in exchange for the Mortgage Loans;

          (ii) to perform the activities of the trust that are expressly set
     forth in this Agreement;

          (iii) to engage in those activities that are reasonably necessary,
     suitable or convenient to accomplish the foregoing or are incidental
     thereto or connected therewith; and

          (iv) subject to compliance with this Agreement, to engage in such
     other activities as may be required in connection with conservation of the
     Trust Fund and the making of distributions to the Certificateholders.

     The trust is hereby authorized to engage in the foregoing activities.

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<PAGE>

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

     Section 3.01 MASTER SERVICER TO ACT AS MASTER SERVICER.

     The Master Servicer shall service and administer the Mortgage Loans on
behalf of the Trustee and in the best interests of and for the benefit of the
Certificateholders (as determined by the Master Servicer in its reasonable
judgment) in accordance with the terms of this Agreement and the respective
Mortgage Loans and, to the extent consistent with such terms, in the same manner
in which it services and administers similar mortgage loans for its own
portfolio, giving due consideration to customary and usual standards of practice
of prudent mortgage lenders and loan servicers administering similar mortgage
loans but without regard to:

          (i) any relationship that the Master Servicer, any Sub-Servicer or any
     Affiliate of the Master Servicer or any Sub-Servicer may have with the
     related Mortgagor;

          (ii) the ownership of any Certificate by the Master Servicer or any
     Affiliate of the Master Servicer;

          (iii) the Master Servicer's obligation to make Advances or Servicing
     Advances; or

          (iv) the Master Servicer's or any Sub-Servicer's right to receive
     compensation for its services hereunder or with respect to any particular
     transaction.

To the extent consistent with the foregoing, the Master Servicer shall also seek
to maximize the timely and complete recovery of principal and interest on the
Mortgage Notes. Subject only to the above-described servicing standards and the
terms of this Agreement and of the respective Mortgage Loans, the Master
Servicer shall have full power and authority, acting alone or through
Sub-Servicers as provided in Section 3.02, to do or cause to be done any and all
things in connection with such servicing and administration which it may deem
necessary or desirable. Without limiting the generality of the foregoing, the
Master Servicer in its own name or in the name of a Sub-Servicer is hereby
authorized and empowered by the Trustee when the Master Servicer believes it
appropriate in its best judgment in accordance with the servicing standards set
forth above, to execute and deliver, on behalf of the Certificateholders and the
Trustee, and upon notice to the Trustee, any and all instruments of satisfaction
or cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Mortgage Loans and the Mortgaged
Properties and to institute foreclosure proceedings or obtain a deed-in-lieu of
foreclosure so as to convert the ownership of such properties, and to hold or
cause to be held title to such properties, on behalf of the Trustee and
Certificateholders. The Master Servicer shall service and administer the
Mortgage Loans in accordance with applicable state and federal law and shall
provide to the Mortgagors any reports required to be provided to them thereby.
The Master Servicer shall also comply in the performance of this Agreement with
all reasonable rules and requirements of each insurer under each Primary
Insurance Policy and any standard hazard insurance policy. Subject to Section
3.17, the Trustee shall execute, at the written request of the Master Servicer,
and furnish to the Master

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<PAGE>

Servicer and any Sub-Servicer such documents as are necessary or appropriate to
enable the Master Servicer or any Sub-Servicer to carry out their servicing and
administrative duties hereunder, and the Trustee hereby grants to the Master
Servicer a power of attorney to carry out such duties. The Trustee shall not be
liable for the actions of the Master Servicer or any Sub-Servicers under such
powers of attorney.

     In accordance with the standards of the preceding paragraph, the Master
Servicer shall advance or cause to be advanced funds as necessary for the
purpose of effecting the timely payment of taxes and assessments on the
Mortgaged Properties, which advances shall be Servicing Advances reimbursable in
the first instance from related collections from the Mortgagors pursuant to
Section 3.09, and further as provided in Section 3.11. Any cost incurred by the
Master Servicer or by Sub-Servicers in effecting the timely payment of taxes and
assessments on a Mortgaged Property shall not, for the purpose of calculating
distributions to Certificateholders, be added to the unpaid principal balance of
the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan
so permit.

     The Master Servicer further is authorized and empowered by the Trustee, on
behalf of the Certificateholders and the Trustee, in its own name or in the name
of the Sub-Servicer, when the Master Servicer or the Sub-Servicer, as the case
may be, believes it is appropriate in its best judgment to register any Mortgage
Loan on the MERS(R) System, or cause the removal from the registration of any
Mortgage Loan on the MERS(R) System, to execute and deliver, on behalf of the
Trustee and the Certificateholders or any of them, any and all instruments of
assignment and other comparable instruments with respect to such assignment or
re-recording of a Mortgage in the name of MERS, solely as nominee for the
Trustee and its successors and assigns. Any expenses incurred in connection with
the actions described in the preceding sentence shall be borne by the Master
Servicer in accordance with Section 3.18, with no right of reimbursement;
provided, that if, as a result of MERS discontinuing or becoming unable to
continue operations in connection with the MERS System, it becomes necessary to
remove any Mortgage Loan from registration on the MERS System and to arrange for
the assignment of the related Mortgages to the Trustee, then any related
expenses shall be reimbursable to the Master Servicer.

     Notwithstanding anything in this Agreement to the contrary, the Master
Servicer may not make any future advances with respect to a Mortgage Loan
(except as provided in Section 4.06) and the Master Servicer shall not (i)
permit any modification with respect to any Mortgage Loan that would change the
Loan Rate, reduce or increase the principal balance (except for reductions
resulting from actual payments of principal) or change the final maturity date
on such Mortgage Loan (unless, as provided in Section 3.07, the Mortgagor is in
default with respect to the Mortgage Loan or such default is, in the judgment of
the Master Servicer, reasonably foreseeable) or (ii) permit any modification,
waiver or amendment of any term of any Mortgage Loan that would both (A) effect
an exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
(or final, temporary or proposed Treasury regulations promulgated thereunder)
and (B) cause either the Trust Fund to fail to qualify as a REMIC under the Code
or the imposition of any tax on "prohibited transactions" or "contributions
after the startup date" under the REMIC Provisions.

     Notwithstanding any other provision of this Agreement or the Additional
Collateral Servicing Agreement to the contrary, except as provided below, the
Master Servicer shall have no duty or obligation to service and administer the
Additional Collateral and the Master Servicer shall not be

                                       56
<PAGE>

deemed to be the Additional Collateral Servicer, unless and until MLCC's
obligations to administer the Additional Collateral under the Additional
Collateral Servicing Agreement have been terminated with respect to the
Additional Collateral Mortgage Loans, in which case, the Master Servicer shall
be bound to service and administer the Additional Collateral and the Limited
Purpose Surety Bond in accordance with the provisions of this Agreement and the
related Additional Collateral Agreements from the date of such termination. The
Trustee, as assignee of the Additional Collateral Servicing Agreement, shall
enforce the obligations of MLCC to service and administer the Additional
Collateral as provided in the Additional Collateral Servicing Agreement, and
shall take appropriate action thereunder if MLCC fails to substantially comply
with its obligations to administer the Additional Collateral. In the event the
Trustee receives an indemnification payment from MLCC under Section 3 of the
Additional Collateral Servicing Agreement that is attributable to losses
resulting from MLCC's failure to administer the Additional Collateral in
accordance with the terms of the Additional Collateral Servicing Agreement in
connection with Additional Collateral Mortgage Loans, the Trustee shall deposit
such amount in the Collection Account.

     The Master Servicer may delegate its responsibilities under this Agreement;
provided, however, that no such delegation shall release the Master Servicer
from the responsibilities or liabilities arising under this Agreement.

     Section 3.02 SUB-SERVICING AGREEMENTS BETWEEN THE MASTER SERVICER AND
                  SUB-SERVICERS.

     (a) The Master Servicer may enter into Sub-Servicing Agreements (provided
that such agreements would not result in a withdrawal or a downgrading by any
Rating Agency of the rating on any Class of Certificates) with Sub-Servicers,
for the servicing and administration of the Mortgage Loans. Notwithstanding any
other provision of this Agreement, the Master Servicer shall not be precluded
from selling all or part of the Servicing Fee relating to any Mortgage Loans to
any Sub-Servicer, provided that with respect to any Mortgage Loan as to which
the Master Servicer sells all or a part of the related Servicing Fee, the Master
Servicer shall retain full responsibility under this Agreement for the servicing
activities relating to such Mortgage Loan.

     Each Sub-Servicer shall be (i) authorized to transact business in the state
or states in which the related Mortgaged Properties it is to service are
situated, if and to the extent required by applicable law to enable the
Sub-Servicer to perform its obligations hereunder and under the Sub-Servicing
Agreement, (ii) an institution approved as a mortgage loan originator by the
Federal Housing Administration or an institution the deposit accounts of which
are insured by the FDIC and (iii) a Freddie Mac or Fannie Mae approved mortgage
servicer. Each Sub-Servicing Agreement must impose on the Sub-Servicer
requirements conforming to the provisions set forth in Section 3.08 and provide
for servicing of the Mortgage Loans consistent with the terms of this Agreement.
The Master Servicer will examine each Sub-Servicing Agreement and will be
familiar with the terms thereof. The terms of any Sub-Servicing Agreement will
not be inconsistent with any of the provisions of this Agreement. The Master
Servicer and the Sub-Servicers may enter into and make amendments to the
Sub-Servicing Agreements or enter into different forms of Sub-Servicing
Agreements; provided, however, that any such amendments or different forms shall
be consistent with and not violate the provisions of this Agreement, and that no
such amendment or different form shall be made or entered into which could be
reasonably expected to be materially adverse to the interests of the
Certificateholders, without the consent of the Holders of Certificates entitled
to at least

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<PAGE>

66% of the Voting Rights. Any variation without the consent of the Holders of
Certificates entitled to at least 66% of the Voting Rights from the provisions
set forth in Section 3.08 relating to insurance or priority requirements of
Sub-Servicing Accounts, or credits and charges to the Sub-Servicing Accounts or
the timing and amount of remittances by the Sub-Servicers to the Master
Servicer, are conclusively deemed to be inconsistent with this Agreement and
therefore prohibited. The Master Servicer shall deliver to the Trustee copies of
all Sub-Servicing Agreements, and any amendments or modifications thereof,
promptly upon the Master Servicer's execution and delivery of such instruments.

     (b) As part of its servicing activities hereunder, the Master Servicer
(except as otherwise provided in the last sentence of this paragraph), for the
benefit of the Trustee and the Certificateholders, shall enforce the obligations
of each Sub-Servicer under the related Sub-Servicing Agreement and of each
Seller under the Mortgage Loan Purchase Agreement, including, without
limitation, any obligation to make advances in respect of delinquent payments as
required by a Sub-Servicing Agreement, or to purchase a Mortgage Loan on account
of missing or defective documentation or on account of a breach of a
representation, warranty or covenant, as described in Section 2.03(a). Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of Sub-Servicing Agreements, and the pursuit of other appropriate
remedies, shall be in such form and carried out to such an extent and at such
time as the Master Servicer, in its good faith business judgment, would require
were it the owner of the related Mortgage Loans. The Master Servicer shall pay
the costs of such enforcement at its own expense, and shall be reimbursed
therefor only (i) from a general recovery resulting from such enforcement, to
the extent, if any, that such recovery exceeds all amounts due in respect of the
related Mortgage Loans, or (ii) from a specific recovery of costs, expenses or
attorneys' fees against the party against whom such enforcement is directed.
Enforcement of the obligations under the Mortgage Loan Purchase Agreement
against the Sellers shall be effected by the Master Servicer, in accordance with
the foregoing provisions of this paragraph.

     Section 3.03 SUCCESSOR SUB-SERVICERS.

     The Master Servicer shall be entitled to terminate any Sub-Servicing
Agreement and the rights and obligations of any Sub-Servicer pursuant to any
Sub-Servicing Agreement in accordance with the terms and conditions of such
Sub-Servicing Agreement. In the event of termination of any Sub Servicer, all
servicing obligations of such Sub-Servicer shall be assumed simultaneously by
the Master Servicer without any act or deed on the part of such Sub-Servicer or
the Master Servicer, and the Master Servicer either shall service directly the
related Mortgage Loans or shall enter into a Sub-Servicing Agreement with a
successor Sub-Servicer which qualifies under Section 3.02.

     Any Sub-Servicing Agreement shall include the provision that such agreement
may be immediately terminated by the Trustee without fee, in accordance with the
terms of this Agreement, in the event that the Master Servicer shall, for any
reason, no longer be the Master Servicer (including termination due to a Master
Servicer Event of Termination).

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<PAGE>

     Section 3.04 LIABILITY OF THE MASTER SERVICER.

     Notwithstanding any Sub-Servicing Agreement, any of the provisions of this
Agreement relating to agreements or arrangements between the Master Servicer and
a Sub-Servicer or reference to actions taken through a Sub-Servicer or
otherwise, the Master Servicer shall remain obligated and primarily liable to
the Trustee and the Certificateholders for the servicing and administering of
the Mortgage Loans in accordance with the provisions of Section 3.01 without
diminution of such obligation or liability by virtue of such Sub-Servicing
Agreements or arrangements or by virtue of indemnification from the Sub-Servicer
and to the same extent and under the same terms and conditions as if the Master
Servicer alone were servicing and administering the Mortgage Loans. The Master
Servicer shall be entitled to enter into any agreement with a Sub-Servicer for
indemnification of the Master Servicer by such Sub-Servicer and nothing
contained in this Agreement shall be deemed to limit or modify such
indemnification.

     Section 3.05 NO CONTRACTUAL RELATIONSHIP BETWEEN SUB-SERVICERS AND TRUSTEE
                  OR CERTIFICATEHOLDERS.

     Any Sub-Servicing Agreement that may be entered into and any transactions
or services relating to the Mortgage Loans involving a Sub-Servicer in its
capacity as such shall be deemed to be between the Sub-Servicer and the Master
Servicer alone, and the Trustee and Certificateholders shall not be deemed
parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to the Sub-Servicer except as set forth in Section
3.06. The Master Servicer shall be solely liable for all fees owed by it to any
Sub-Servicer, irrespective of whether the Master Servicer's compensation
pursuant to this Agreement is sufficient to pay such fees.

     Section 3.06 ASSUMPTION OR TERMINATION OF SUB-SERVICING AGREEMENTS BY
                  TRUSTEE.

     In the event the Master Servicer shall for any reason no longer be the
master servicer (including by reason of the occurrence of a Master Servicer
Event of Termination), the Trustee or its designee or the successor master
servicer as appointed pursuant to Section 7.02 herein, shall thereupon assume
all of the rights and obligations of the Master Servicer under each
Sub-Servicing Agreement that the Master Servicer may have entered into, unless
the Trustee elects to terminate any Sub-Servicing Agreement in accordance with
its terms as provided in Section 3.03. Upon such assumption, the Trustee, its
designee or the successor servicer for the Trustee appointed pursuant to Section
7.02 shall be deemed, subject to Section 3.03, to have assumed all of the Master
Servicer's interest therein and to have replaced the Master Servicer as a party
to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing
Agreement had been assigned to the assuming party, except that (i) the Master
Servicer shall not thereby be relieved of any liability or obligations under any
Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any
successor master servicer shall be deemed to have assumed any liability or
obligation of the Master Servicer that arose before it ceased to be the Master
Servicer.

     The Master Servicer at its expense shall, upon request of the Trustee,
deliver to the assuming party all documents and records relating to each
Sub-Servicing Agreement and the Mortgage Loans then being serviced and an
accounting of amounts collected and held by or on behalf of it, and otherwise
use its best efforts to effect the orderly and efficient transfer of the
Sub-Servicing Agreements to the assuming party.

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<PAGE>

     Section 3.07 COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS.

     The Master Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Mortgage Loans, and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance Policy and any other applicable
insurance policies, follow such collection procedures as it would follow with
respect to mortgage loans comparable to the Mortgage Loans and held for its own
account. Consistent with the foregoing, the Master Servicer may in its
discretion (i) waive any late payment charge or, if applicable, penalty
interest, only upon determining that the coverage of such Mortgage Loan by the
related Primary Insurance Policy, if any, will not be affected, or (ii) extend
the due dates for Monthly Payments due on a Mortgage Note for a period of not
greater than 180 days; provided that any extension pursuant to clause (ii) above
shall not affect the amortization schedule of any Mortgage Loan for purposes of
any computation hereunder, except as provided below. In the event of any such
arrangement pursuant to clause (ii) above, the Master Servicer shall make timely
advances on such Mortgage Loan during such extension pursuant to Section 4.06
and in accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements. Notwithstanding the
foregoing, in the event that any Mortgage Loan is in default or, in the judgment
of the Master Servicer, such default is reasonably foreseeable, the Master
Servicer, consistent with the standards set forth in Section 3.01, may also,
waive, modify or vary any term of such Mortgage Loan (including modifications
that would change the Loan Rate, forgive the payment of principal or interest or
extend the final maturity date of such Mortgage Loan), accept payment from the
related Mortgagor of an amount less than the Stated Principal Balance in final
satisfaction of such Mortgage Loan (such payment, a "Short Pay-off") or consent
to the postponement of strict compliance with any such term or otherwise grant
indulgence to any Mortgagor.

     Section 3.08 SUB-SERVICING ACCOUNTS.

     In those cases where a Sub-Servicer is servicing a Mortgage Loan pursuant
to a Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
maintain one or more accounts (collectively, the "Sub-Servicing Account"). The
Sub-Servicing Account shall be an Eligible Account and shall comply with all
requirements of this Agreement relating to the Collection Account. The
Sub-Servicer shall deposit in the clearing account (which account must be an
Eligible Account) in which it customarily deposits payments and collections on
mortgage loans in connection with its mortgage loan servicing activities on a
daily basis, and in no event more than one Business Day after the Sub-Servicer's
receipt thereof, all proceeds of Mortgage Loans received by the Sub-Servicer
less its servicing compensation to the extent permitted by the Sub-Servicing
Agreement, and shall thereafter deposit such amounts in the Sub-Servicing
Account, in no event more than two Business Days after the deposit of such funds
into the clearing account. The Sub-Servicer shall thereafter deposit such
proceeds in the Collection Account or remit such proceeds to the Master Servicer
for deposit in the Collection Account not later than two Business Days after the
deposit of such amounts in the Sub-Servicing Account. For purposes of this
Agreement, the Master Servicer shall be deemed to have received payments on the
Mortgage Loans when the Sub-Servicer receives such payments.

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<PAGE>

     Section 3.09 COLLECTION OF TAXES, ASSESSMENTS AND SIMILAR ITEMS; SERVICING
                  ACCOUNTS.

     The Master Servicer shall establish and maintain one or more accounts (the
"Servicing Accounts"), into which all collections from the Mortgagors (or
related advances from Sub-Servicers) for the payment of ground rents, taxes,
assessments, fire and hazard insurance premiums, Primary Insurance Policy
premiums, water charges, sewer rents and comparable items for the account of the
Mortgagors ("Escrow Payments") shall be deposited and retained. Servicing
Accounts shall be Eligible Accounts. The Master Servicer shall deposit in the
clearing account (which account must be an Eligible Account) in which it
customarily deposits payments and collections on mortgage loans in connection
with its mortgage loan servicing activities on a daily basis, and in no event
more than one Business Day after the Master Servicer's receipt thereof, all
Escrow Payments collected on account of the Mortgage Loans and shall thereafter
deposit such Escrow Payments in the Servicing Accounts, in no event more than
two Business Days after the deposit of such funds in the clearing account, for
the purpose of effecting the payment of any such items as required under the
terms of this Agreement. Withdrawals of amounts from a Servicing Account may be
made only to (i) effect payment of Escrow Payments; (ii) reimburse the Master
Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing
Agreement) out of related collections for any advances made pursuant to Section
3.01 (with respect to taxes and assessments) and Section 3.14 (with respect to
hazard insurance); (iii) refund to Mortgagors any sums as may be determined to
be overages; (iv) make Permitted Investments as provided in Section 3.12; (v)
pay interest, to the Master Servicer or to the Mortgagor if required and as
described below, on balances in the Servicing Account; (vi) clear and terminate
the Servicing Account at the termination of the Master Servicer's obligations
and responsibilities in respect of the Mortgage Loans under this Agreement in
accordance with Article IX; or (vii) recover amounts deposited in error. As part
of its servicing duties, the Master Servicer or Sub-Servicers shall pay to the
Mortgagors interest on funds in Servicing Accounts, to the extent required by
law and, to the extent that interest earned on funds in the Servicing Accounts
is insufficient, to pay such interest from its or their own funds, without any
reimbursement therefor. To the extent that a Mortgage does not provide for
Escrow Payments, the Master Servicer shall determine whether any such payments
are made by the Mortgagor in a manner and at a time that avoids the loss of the
Mortgaged Property due to a tax sale or the foreclosure of a tax lien. The
Master Servicer assumes full responsibility for the payment of all such bills
and shall effect payments of all such bills irrespective of the Mortgagor's
faithful performance in the payment of same or the making of the Escrow Payments
and shall make advances from its own funds to effect such payments. The Master
Servicer shall be entitled to retain any interest paid on funds deposited in the
Servicing Account to effect Escrow Payments other than interest on escrowed
funds required by law to be paid to the Mortgagor.

     Section 3.10 COLLECTION ACCOUNT AND DISTRIBUTION ACCOUNT.

     (a) On behalf of the Trust Fund, the Master Servicer shall establish and
maintain one or more accounts (such account or accounts, the "Collection
Account"), held in trust for the benefit of the Trustee and the
Certificateholders. On behalf of the Trust Fund, the Master Servicer shall
deposit or cause to be deposited in the clearing account (which account must be
an Eligible Account) in which it customarily deposits payments and collections
on mortgage loans in connection with its mortgage loan servicing activities on a
daily basis, and in no event more than one Business Day after the Master
Servicer's receipt thereof, and shall thereafter deposit in the Collection
Account, in no event more than two Business Days after the deposit of such funds
into the clearing account, as and

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when received or as otherwise required hereunder, the following payments and
collections received or made by it subsequent to the Cut-off Date (other than in
respect of principal or interest on the related Mortgage Loans due on or before
the Cut-off Date), or payments (other than Principal Prepayments) received by it
on or prior to the Cut-off Date but allocable to a Due Period subsequent
thereto:

          (i) all payments on account of principal, including Principal
     Prepayments, on the Mortgage Loans;

          (ii) all payments on account of interest (net of the related Servicing
     Fee) on each Mortgage Loan;

          (iii) all Insurance Proceeds and Liquidation Proceeds (other than
     proceeds collected in respect of any particular REO Property and amounts
     paid by the Master Servicer in connection with a purchase of Mortgage Loans
     and REO Properties pursuant to Section 9.01);

          (iv) any amounts required to be deposited pursuant to Section 3.12 in
     connection with any losses realized on Permitted Investments with respect
     to funds held in the Collection Account;

          (v) any amounts required to be deposited by the Master Servicer
     pursuant to the second paragraph of Section 3.14(a) in respect of any
     blanket policy deductibles;

          (vi) all proceeds of any Mortgage Loan repurchased or purchased in
     accordance with Section 2.03 or Section 9.01;

          (vii) all amounts required to be deposited in connection with
     shortfalls in principal amount of Eligible Substitute Mortgage Loans
     pursuant to Section 2.03;

          (viii) any amounts required to be transferred from any Buydown Account
     pursuant to Section 3.25; and

          (ix) any (x) amounts realized by MLCC or (y) Required Surety Payments
     received by the Trustee or the Master Servicer in respect of any Additional
     Collateral.

For purposes of the immediately preceding sentence, the Cut-off Date with
respect to any Eligible Substitute Mortgage Loan shall be deemed to be the date
of substitution.

     The foregoing requirements for deposit in the Collection Accounts shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges or assumption
fees need not be deposited by the Master Servicer in the Collection Account and
shall be retained by the Master Servicer as additional servicing compensation.
In the event the Master Servicer shall deposit in the Collection Account any
amount not required to be deposited therein, it may at any time withdraw such
amount from the Collection Account, any provision herein to the contrary
notwithstanding.

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     (b) On behalf of the Trust Fund, the Trustee shall establish and maintain
one or more accounts (such account or accounts, the "Distribution Account'),
held in trust for the benefit of the Certificateholders. On behalf of the Trust
Fund, the Master Servicer shall deliver to the Trustee in immediately available
funds for deposit in the Distribution Account on or before 5:00 p.m. New York
time on the Master Servicer Remittance Date, that portion of the Available
Distribution Amount for the related Distribution Date then on deposit in the
Collection Account.

     (c) Funds in the Collection Account and the Distribution Account may be
invested in Permitted Investments in accordance with the provisions set forth in
Section 3.12. The Master Servicer shall give notice to the Trustee and the
Depositor of the location of the Collection Account maintained by it when
established and prior to any change thereof. The Trustee shall give notice to
the Master Servicer and the Depositor of the location of the Distribution
Account when established and prior to any change thereof.

     (d) Funds held in the Collection Account at any time may be delivered by
the Master Servicer to the Trustee for deposit in an account (which may be the
Distribution Account and must satisfy the standards for the Distribution Account
as set forth in the definition thereof) and for all purposes of this Agreement
shall be deemed to be a part of the Collection Account; provided, however, that
the Trustee shall have the sole authority to withdraw any funds held pursuant to
this subsection (d). In the event the Master Servicer shall deliver to the
Trustee for deposit in the Distribution Account any amount not required to be
deposited therein, it may at any time request that the Trustee withdraw such
amount from the Distribution Account and remit to it any such amount, any
provision herein to the contrary notwithstanding. In addition, the Master
Servicer shall deliver to the Trustee from time to time for deposit, and upon
written notification from the Master Servicer, the Trustee shall so deposit, in
the Distribution Account:

          (i) any Advances, as required pursuant to Section 4.06;

          (ii) any amounts required to be deposited pursuant to Section 3.23(d)
     or (f) in connection with any REO Property;

          (iii) any amounts to be paid by the Master Servicer in connection with
     a purchase of Mortgage Loans and REO Properties pursuant to Section 9.01;

          (iv) any amounts required to be deposited pursuant to Section 3.24 in
     connection with any Prepayment Interest Shortfalls; and

          (v) any Stayed Funds, as soon as permitted by the federal bankruptcy
     court having jurisdiction in such matters.

     (e) Promptly upon receipt of any Stayed Funds, whether from the Master
Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source,
the Trustee shall deposit such funds in the Distribution Account.

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     Section 3.11 WITHDRAWALS FROM THE COLLECTION ACCOUNT AND DISTRIBUTION
                  ACCOUNT.

     (a) The Master Servicer shall, from time to time, make withdrawals from the
Collection Account for any of the following purposes or as described in Section
4.06:

          (i) to remit to the Trustee for deposit in the Distribution Account
     the amounts required to be so remitted pursuant to Section 3.10(b) or
     permitted to be so remitted pursuant to the first sentence of Section
     3.10(d);

          (ii) subject to Section 3.16(d), to reimburse the Master Servicer for
     Advances;

          (iii) subject to Section 3.16(d), to pay the Master Servicer or any
     Sub-Servicer any unpaid Servicing Fees and reimburse any unreimbursed
     Servicing Advances with respect to each Mortgage Loan, but only to the
     extent of any Liquidation Proceeds, Insurance Proceeds or other amounts as
     may be collected by the Master Servicer;

          (iv) to pay to the Master Servicer as servicing compensation (in
     addition to the Servicing Fee) on the Master Servicer Remittance Date any
     interest or investment income earned on funds deposited in the Collection
     Account, any Foreclosure Profits and any prepayment penalties or premiums
     relating to any Principal Prepayments; provided, however, that no such
     amounts shall be payable as servicing compensation to the extent they
     relate to a Mortgage Loan with respect to which a default, breach,
     violation or event of acceleration exists or would exist but for the lapse
     of time, the giving of notice, or both;

          (v) to pay to the Master Servicer, the Depositor or a Seller, as the
     case may be, with respect to each Mortgage Loan that has previously been
     purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all
     amounts received thereon subsequent to the date of purchase or
     substitution, as the case may be;

          (vi) to reimburse the Master Servicer for any Advance previously made
     which the Master Servicer has determined to be a Nonrecoverable Advance in
     accordance with the provisions of Section 4.06;

          (vii) to reimburse the Master Servicer or the Depositor for expenses
     incurred by or reimbursable to the Master Servicer or the Depositor, as the
     case may be, pursuant to Section 6.03;

          (viii) to reimburse the Master Servicer or the Trustee, as the case
     may be, for expenses reasonably incurred in respect of the breach or defect
     giving rise to the purchase obligation under Section 2.03 or Section 2.04
     of this Agreement that were included in the Purchase Price of the Mortgage
     Loan, including any expenses arising out of the enforcement of the purchase
     obligation;

          (ix) to pay, or to reimburse the Master Servicer for advances in
     respect of, expenses incurred in connection with any Mortgage Loan pursuant
     to Section 3.16(b); and

          (x) to clear and terminate the Collection Account pursuant to Section
     10.01;

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          (xi) to reimburse the Master Servicer for amounts deposited in error.

     The Master Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Collection Account, to the extent held by or on behalf of
it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above.
The Master Servicer shall provide written notification to the Trustee, on or
prior to the next succeeding Master Servicer Remittance Date, upon making any
withdrawals from the Collection Account pursuant to subclause (vii) above.

     (b) The Trustee shall, from time to time, make withdrawals from the
Distribution Account, for any of the following purposes, without priority:

          (i) to make distributions to Certificateholders in accordance with
     Section 4.01;

          (ii) to pay to itself amounts to which it is entitled pursuant to
     Section 8.05;

          (iii) to pay itself any interest income earned on funds deposited in
     the Distribution Account pursuant to Section 3.12(c);

          (iv) to reimburse itself pursuant to Section 7.02 and 7.01(b);

          (v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
     and

          (vi) to clear and terminate the Distribution Account pursuant to
     Section 10.01.

     Section 3.12 INVESTMENT OF FUNDS IN THE COLLECTION ACCOUNT, SERVICING
                  ACCOUNTS AND THE DISTRIBUTION ACCOUNT.

     (a) The Master Servicer may direct any depository institution maintaining
the Collection Account or Servicing Accounts (for purposes of this Section 3.12,
an "Investment Account'), and the Trustee, in its individual capacity, may
direct any depository institution maintaining the Distribution Account (for
purposes of this Section 3.12, also an "Investment Account'), to invest the
funds in such Investment Account in one or more Permitted Investments bearing
interest or sold at a discount, and maturing, unless payable on demand, (i) no
later than the Business Day immediately preceding the date on which such funds
are required to be withdrawn from such account pursuant to this Agreement, if a
Person other than the Trustee is the obligor thereon, and (ii) no later than the
date on which such funds are required to be withdrawn from such account pursuant
to this Agreement, if the Trustee is the obligor thereon. All such Permitted
Investments shall be held to maturity, unless payable on demand. Any investment
of funds in an Investment Account shall be made in the name of the Trustee (in
its capacity as such) or in the name of a nominee of the Trustee. The Trustee
shall be entitled to sole possession (except with respect to investment
direction of funds held in the Collection Account or Servicing Accounts, as
applicable, and any income and gain realized thereon) over each such investment,
and any certificate or other instrument evidencing any such investment shall be
delivered directly to the Trustee or its agent, together with any document of
transfer necessary to transfer title to such investment to the Trustee or its
nominee. In the event

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amounts on deposit in an Investment Account are at any time invested in a
Permitted Investment payable on demand, the Trustee shall:

          (x)  consistent with any notice required to be given thereunder,
               demand that payment thereon be made on the last day such
               Permitted Investment may otherwise mature hereunder in an amount
               equal to the lesser of (1) all amounts then payable thereunder
               and (2) the amount required to be withdrawn on such date; and

          (y)  demand payment of all amounts due thereunder promptly upon
               determination by a Responsible Officer of the Trustee that such
               Permitted Investment would not constitute a Permitted Investment
               in respect of funds thereafter on deposit in the Investment
               Account.

     (b) All income and gain realized from the investment of funds deposited in
the Collection Account or Servicing Accounts, as applicable, held by or on
behalf of the Master Servicer, shall be for the benefit of the Master Servicer
and shall be subject to its withdrawal in accordance with Section 3.11. The
Master Servicer shall deposit in the Collection Account or Servicing Accounts,
as applicable, the amount of any loss of principal incurred in respect of any
such Permitted Investment made with funds in such accounts immediately upon
realization of such loss.

     (c) All income and gain realized from the investment of funds deposited in
the Distribution Account held by or on behalf of the Trustee, shall be for the
benefit of the Trustee and shall be subject to its withdrawal at any time. The
Trustee shall deposit in the Distribution Account, the amount of any loss of
principal incurred in respect of any such Permitted Investment made with funds
in such accounts immediately upon realization of such loss.

     (d) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment, the Trustee may and, subject to Section 8.01 and Section 8.02(a)(v),
upon the request of the Holders of Certificates representing more than 50% of
the Voting Rights allocated to any Class of Certificates, shall take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate proceedings.

     Section 3.13 MAINTENANCE OF THE PRIMARY INSURANCE POLICIES; COLLECTIONS
                  THEREUNDER.

     The Master Servicer will maintain or cause the related Sub-Servicer, if
any, to maintain in full force and effect, if required under the Mortgage Loan
Purchase Agreement and to the extent available, a Primary Insurance Policy
conforming in all respects to the description set forth in Section 2(vii) of the
Mortgage Loan Purchase Agreement with respect to each Mortgage Loan so insured
as of the Closing Date (or, in the case of a Eligible Substitute Mortgage Loan,
on the date of substitution). Such coverage will be maintained with respect to
each such Mortgage Loan for so long as it is outstanding, subject to any
applicable laws or until the related Loan-to-Value Ratio is reduced to less than
or equal to 80% based on Mortgagor payments. The Master Servicer shall cause the
premium for each Primary Insurance Policy to be paid on a timely basis and shall
pay such premium out of its own funds if it is not otherwise paid. The Master
Servicer or the related Sub-Servicer, if

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any, will not cancel or refuse to renew any such Primary Insurance Policy in
effect on the Closing Date (or, in the case of a Eligible Substitute Mortgage
Loan, on the date of substitution) that is required to be kept in force under
this Agreement unless a replacement Primary Insurance Policy for such canceled
or non-renewed policy is obtained from and maintained with an insurer.

     The Master Servicer shall not take, or permit any Sub-Servicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy of any loss which, but for the actions of the Master Servicer or
Sub-Servicer, would have been covered thereunder. The Master Servicer will
comply in the performance of this Agreement with all reasonable rules and
requirements of each insurer under each Primary Insurance Policy. In connection
with any assumption and modification agreement or substitution of liability
agreement entered into or to be entered into pursuant to Section 3.15, the
Master Servicer shall promptly notify the insurer under the related Primary
Insurance Policy, if any, of such assumption in accordance with the terms of
such policies and shall take all actions which may be required by such insurer
as a condition to the continuation of coverage under the Primary Insurance
Policy. If any such Primary Insurance Policy is terminated as a result of such
assumption, the Master Servicer or the related Sub-Servicer shall obtain a
replacement Primary Insurance Policy as provided above.

     In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to prepare and present, on behalf of
itself, the Trustee and the Certificateholders, claims to the insurer under any
Primary Insurance Policy in a timely fashion in accordance with the terms of
such policies and, in this regard, to take such action as shall be necessary to
permit recovery under any Primary Insurance Policy respecting a defaulted
Mortgage Loan. Any amounts collected by the Master Servicer under any Primary
Insurance Policy shall be deposited in the Collection Account, subject to
withdrawal pursuant to Section 3.11; and any amounts collected by the Master
Servicer under any Primary Insurance Policy in respect of any REO Property shall
be deposited in the Collection Account, subject to withdrawal pursuant to
Section 3.23. In those cases in which a Mortgage Loan is serviced by a
Sub-Servicer, the Sub-Servicer, on behalf of itself, the Trustee, and the
Certificateholders, will present claims to the insurer under any Primary
Insurance Policy and all collections thereunder shall be deposited initially in
the Sub- Servicing Account.

     Section 3.14 MAINTENANCE OF HAZARD INSURANCE AND ERRORS AND OMISSIONS AND
                  FIDELITY COVERAGE.

     (a) The Master Servicer shall cause to be maintained for each Mortgage Loan
fire insurance with extended coverage on the related Mortgaged Property in an
amount which is at least equal to the least of (i) the current principal balance
of such Mortgage Loan, (ii) the amount necessary to fully compensate for any
damage or loss to the improvements that are a part of such property on a
replacement cost basis and (iii) the maximum insurable value of the improvements
which are a part of such Mortgaged Property, in each case in an amount not less
than such amount as is necessary to avoid the application of any coinsurance
clause contained in the related hazard insurance policy. The Master Servicer
shall also cause to be maintained fire insurance with extended coverage on each
REO Property in an amount which is at least equal to the lesser of (i) the
maximum insurable value of the improvements which are a part of such property
and (ii) the outstanding principal balance of the related Mortgage Loan at the
time it became an REO Property, plus accrued interest at the Loan Rate and
related Servicing Advances. The Master Servicer will comply in the

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performance of this Agreement with all reasonable rules and requirements of each
insurer under any such hazard policies. Any amounts to be collected by the
Master Servicer under any such policies (other than amounts to be applied to the
restoration or repair of the property subject to the related Mortgage or amounts
to be released to the Mortgagor in accordance with the procedures that the
Master Servicer would follow in servicing loans held for its own account,
subject to the terms and conditions of the related Mortgage and Mortgage Note)
shall be deposited in the Collection Account, within two Business Days after
receipt thereof, subject to withdrawal pursuant to Section 3.11, if received in
respect of a Mortgage Loan, or in the REO Account, subject to withdrawal
pursuant to Section 3.23, if received in respect of an REO Property. Any cost
incurred by the Master Servicer in maintaining any such insurance shall not, for
the purpose of calculating distributions to Certificateholders, be added to the
unpaid principal balance of the related Mortgage Loan, notwithstanding that the
terms of such Mortgage Loan so permit. It is understood and agreed that no
earthquake, windstorm or other additional insurance is to be required of any
Mortgagor other than pursuant to such applicable laws and regulations as shall
at any time be in force and as shall require such additional insurance. If the
Mortgaged Property or REO Property is at any time in an area identified in the
Federal Register by the Federal Emergency Management Agency as having special
flood hazards, the Master Servicer will cause to be maintained a flood insurance
policy in respect thereof. Such flood insurance shall be in an amount equal to
the lesser of (i) the unpaid principal balance of the related Mortgage Loan and
(ii) the maximum amount of such insurance available for the related Mortgaged
Property under the national flood insurance program (assuming that the area in
which such Mortgaged Property is located is participating in such program).

     If the Master Servicer shall obtain and maintain a blanket fire insurance
policy with extended coverage insuring against hazard losses on all of the
Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first two sentences of this Section 3.14, it
being understood and agreed that such policy may contain a deductible clause, in
which case the Master Servicer shall, in the event that there shall not have
been maintained on the related Mortgaged Property or REO Property a policy
complying with the first two sentences of this Section 3.14, and there shall
have been one or more losses which would have been covered by such policy,
deposit to the Collection Account from its own funds the amount not otherwise
payable under the blanket policy because of such deductible clause. In
connection with its activities as administrator and servicer of the Mortgage
Loans, the Master Servicer agrees to prepare and present, on behalf of itself,
the Trustee and Certificateholders, claims under any such blanket policy in a
timely fashion in accordance with the terms of such policy.

     (b) The Master Servicer shall keep in force during the term of this
Agreement a policy or policies of insurance covering errors and omissions for
failure in the performance of the Master Servicer's obligations under this
Agreement, which policy or policies shall be in such form and amount that would
meet the requirements of Fannie Mae or Freddie Mac if it were the purchaser of
the Mortgage Loans, unless the Master Servicer has obtained a waiver of such
requirements from Fannie Mae or Freddie Mac. The Master Servicer shall also
maintain a fidelity bond in the form and amount that would meet the requirements
of Fannie Mae or Freddie Mac, unless the Master Servicer has obtained a waiver
of such requirements from Fannie Mae or Freddie Mac. The Master Servicer shall
provide the Trustee (upon the Trustee's reasonable request) with copies of any
such insurance policies and fidelity bond. The Master Servicer shall be deemed
to have complied with this provision if an Affiliate of the Master Servicer has
such errors and omissions and fidelity bond coverage and, by the terms of such
insurance policy or fidelity bond, the coverage afforded thereunder extends to

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the Master Servicer. Any such errors and omissions policy and fidelity bond
shall by its terms not be cancelable without thirty days' prior written notice
to the Trustee. The Master Servicer shall also cause each Sub-Servicer to
maintain a policy of insurance covering errors and omissions and a fidelity bond
which would meet such requirements.

     Section 3.15 ENFORCEMENT OF DUE-ON-SALE CLAUSES. ASSUMPTION AGREEMENTS.

     The Master Servicer will, to the extent it has knowledge of any conveyance
or prospective conveyance of any Mortgaged Property by any Mortgagor (whether by
absolute conveyance or by contract of sale, and whether or not the Mortgagor
remains or is to remain liable under the Mortgage Note and/or the Mortgage),
exercise its rights to accelerate the maturity of such Mortgage Loan under the
"due-on-sale" clause, if any, applicable thereto; provided, however, that the
Master Servicer shall not exercise any such rights if prohibited by law from
doing so or if the exercise of such rights would impair or threaten to impair
any recovery under the related Primary Insurance Policy or Limited Purpose
Surety Bond, if any. If the Master Servicer reasonably believes it is unable
under applicable law to enforce such "due-on-sale" clause, or if any of the
other conditions set forth in the proviso to the preceding sentence apply, the
Master Servicer will enter into an assumption and modification agreement from or
with the person to whom such property has been conveyed or is proposed to be
conveyed, pursuant to which such person becomes liable under the Mortgage Note
and, to the extent permitted by applicable state law, the Mortgagor remains
liable thereon. The Master Servicer is also authorized to enter into a
substitution of liability agreement with such person, pursuant to which the
original Mortgagor is released from liability and such person is substituted as
the Mortgagor and becomes liable under the Mortgage Note, provided that no such
substitution shall be effective unless such person satisfies the underwriting
criteria of the Master Servicer and has a credit risk rating at least equal to
that of the original Mortgagor. In connection with any assumption or
substitution, the Master Servicer shall apply such underwriting standards and
follow such practices and procedures as shall be normal and usual in its general
mortgage servicing activities and as it applies to other mortgage loans owned
solely by it. The Master Servicer shall not take or enter into any assumption
and modification agreement, however, unless (to the extent practicable in the
circumstances) it shall have received confirmation, in writing, of the continued
effectiveness of any applicable Primary Insurance Policy or hazard insurance
policy, or a new policy meeting the requirements of this Section is obtained.
Any fee collected by the Master Servicer in respect of an assumption or
substitution of liability agreement will be retained by the Master Servicer as
additional servicing compensation. In connection with any such assumption, no
material term of the Mortgage Note (including but not limited to the related
Loan Rate and the amount of the Monthly Payment) may be amended or modified,
except as otherwise required pursuant to the terms thereof. The Master Servicer
shall notify the Trustee that any such substitution or assumption agreement has
been completed by forwarding to the Trustee the executed original of such
substitution or assumption agreement, which document shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of such
Mortgage File to the same extent as all other documents and instruments
constituting a part thereof.

     Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Master Servicer shall not be deemed to be in default, breach or
any other violation of its obligations hereunder by reason of any assumption of
a Mortgage Loan by operation of law or by the terms of the Mortgage Note or any
assumption which the Master Servicer may be restricted by law from preventing,
for any reason whatever. For purposes of this Section 3.15, the term
"assumption" is

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deemed to also include a sale (of the Mortgaged Property) subject to the
Mortgage that is not accompanied by an assumption or substitution of liability
agreement.

     Section 3.16 REALIZATION UPON DEFAULTED MORTGAGE LOANS.

     (a) The Master Servicer shall, consistent with the servicing standard set
forth in Section 3.01, foreclose upon or otherwise comparably convert the
ownership of properties securing such of the Mortgage Loans as come into and
continue in default and as to which no satisfactory arrangements can be made for
collection of delinquent payments pursuant to Section 3.07. The Master Servicer
shall be responsible for all costs and expenses incurred by it in any such
proceedings; provided, however, that such costs and expenses will be recoverable
as Servicing Advances by the Master Servicer as contemplated in Section 3.11 and
Section 3.23. The foregoing is subject to the provision that, in any case in
which Mortgaged Property shall have suffered damage from an Uninsured Cause, the
Master Servicer shall not be required to expend its own funds toward the
restoration of such property unless it shall determine in its discretion that
such restoration will increase the proceeds of liquidation of the related
Mortgage Loan after reimbursement to itself for such expenses.

     (b) Notwithstanding the foregoing provisions of this Section 3.16 or any
other provision of this Agreement, with respect to any Mortgage Loan as to which
the Master Servicer has received actual notice of, or has actual knowledge of,
the presence of any toxic or hazardous substance on the related Mortgaged
Property, the Master Servicer shall not, on behalf of the Trustee, either (i)
obtain title to such Mortgaged Property as a result of or in lieu of foreclosure
or otherwise, or (ii) otherwise acquire possession of, or take any other action
with respect to, such Mortgaged Property, if, as a result of any such action,
the Trustee, the Trust Fund or the Certificateholders would be considered to
hold title to, to be a "mortgagee-in-possession" of, or to be an "owner" or
"operator" of such Mortgaged Property within the meaning of the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended from
time to time, or any comparable law, unless the Master Servicer has also
previously determined, based on its reasonable judgment and a report prepared by
a Person who regularly conducts environmental audits using customary industry
standards, that:

          (1) such Mortgaged Property is in compliance with applicable
     environmental laws or, if not, that it would be in the best economic
     interest of the Trust Fund to take such actions as are necessary to bring
     the Mortgaged Property into compliance therewith; and

          (2) there are no circumstances present at such Mortgaged Property
     relating to the use, management or disposal of any hazardous substances,
     hazardous materials, hazardous wastes, or petroleum-based materials for
     which investigation, testing, monitoring, containment, clean-up or
     remediation could be required under any federal, state or local law or
     regulation, or that if any such materials are present for which such action
     could be required, that it would be in the best economic interest of the
     Trust Fund to take such actions with respect to the affected Mortgaged
     Property.

     The cost of the environmental audit report contemplated by this Section
3.23 shall be advanced by the Master Servicer, subject to the Master Servicer's
right to be reimbursed therefor from the Collection Account as provided in
Section 3.11(a)(ix), such right of reimbursement being

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prior to the rights of Certificateholders to receive any amount in the
Collection Account received in respect of the affected Mortgage Loan or other
Mortgage Loans.

     If the Master Servicer determines, as described above, that it is in the
best economic interest of the Trust Fund to take such actions as are necessary
to bring any such Mortgaged Property into compliance with applicable
environmental laws, or to take such action with respect to the containment,
clean-up or remediation of hazardous substances, hazardous materials, hazardous
wastes or petroleum based materials affecting any such Mortgaged Property, then
the Master Servicer shall take such action as it deems to be in the best
economic interest of the Trust Fund. The cost of any such compliance,
containment, cleanup or remediation shall be advanced by the Master Servicer,
subject to the Master Servicer's right to be reimbursed therefor from the
Collection Account as provided in Section 3.11(a)(ix), such right of
reimbursement being prior to the rights of Certificateholders to receive any
amount in the Collection Account received in respect of the affected Mortgage
Loan or other Mortgage Loans.

     (c) The Master Servicer may at its option purchase from the Trust Fund any
Mortgage Loan that is 90 days or more delinquent, which the Master Servicer
determines in good faith will otherwise become subject to foreclosure
proceedings (evidence of such determination to be delivered in writing to the
Trustee prior to purchase), at a price equal to the sum of the outstanding
Stated Principal Balance of such Mortgage Loan and accrued and unpaid interest
thereon at the Loan Rate through the end of the Due Period preceding the last
Distribution Date, less unreimbursed Servicing Advances, Advances and any unpaid
Servicing Fees allocable to such Mortgage Loan. The purchase price for any
Mortgage Loan purchased hereunder shall be deposited in the Collection Account,
and the Trustee, upon receipt of written certification from the Master Servicer
of such deposit, shall release or cause to be released to the Master Servicer
the related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as the Master Servicer
shall furnish and as shall be necessary to vest in the Master Servicer title to
any Mortgage Loan released pursuant hereto.

     (d) Proceeds received in connection with any Final Recovery Determination,
as well as any recovery resulting from a partial collection of Insurance
Proceeds or Liquidation Proceeds, in respect of any Mortgage Loan, will be
applied in the following order of priority: first, to reimburse the Master
Servicer or any Sub-Servicer for any related unreimbursed Servicing Advances and
Advances, pursuant to Section 3.11(a)(ii) or (a)(iii); second, to accrued and
unpaid interest on the Mortgage Loan, to the date of the Final Recovery
Determination, or to the Due Date prior to the Distribution Date on which such
amounts are to be distributed if not in connection with a Final Recovery
Determination; third, as a recovery of principal of the Mortgage Loan; and
fourth, to Foreclosure Profits. If the amount of the recovery so allocated to
interest is less than the full amount of accrued and unpaid interest due on such
Mortgage Loan, the amount of such recovery will be allocated by the Master
Servicer as follows: first, to unpaid Servicing Fees; and second, to the balance
of the interest then due and owing. The portion of the recovery so allocated to
unpaid Servicing Fees shall be reimbursed to the Master Servicer or any
Sub-Servicer pursuant to Section 3.11(a)(iii).

     (e) In addition to the foregoing, the Trustee, as assignee of the
Additional Collateral Servicing Agreement, shall enforce the obligations of the
Additional Collateral Servicer to use its best reasonable efforts to realize
upon any Additional Collateral for such of the Additional Collateral

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Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.11; provided that pursuant to the Additional Collateral
Servicing Agreement, the Additional Collateral Servicer shall not, on behalf of
the Trustee, obtain title to any such Additional Collateral as a result of or in
lieu of the disposition thereof or otherwise; and provided further that (i) the
Additional Collateral Servicer, pursuant to the Additional Collateral Servicing
Agreement, shall not proceed with respect to such Additional Collateral in any
manner that would impair the ability to recover against the related Mortgaged
Property, and (ii) the Master Servicer shall proceed with any acquisition of REO
Property in a manner that preserves the ability to apply the proceeds of such
Additional Collateral against amounts owed under the defaulted Mortgage Loan.
Any proceeds realized from such Additional Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the Master Servicer would follow in servicing loans held for its own
account, subject to the terms and conditions of the related Mortgage and
Mortgage Note and to the terms and conditions of any security agreement,
guarantee agreement, mortgage or other agreement governing the disposition of
the proceeds of such Additional Collateral) shall be deposited in the
Distribution Account, subject to withdrawal pursuant to Section 3.11; provided,
that such proceeds shall not be so deposited if the Required Surety Payment in
respect of such Additional Collateral Mortgage Loan has been deposited in the
Collection Account (except to the extent of any such proceeds taken into account
in calculating the amount of the Required Surety Payment). Any other payment
received by a Seller in respect of such Additional Collateral shall be deposited
in the Distribution Account subject to withdrawal pursuant to Section 3.11.

     Section 3.17 TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES.

     (a) Upon the payment in full of any Mortgage Loan, or the receipt by the
Master Servicer of a notification that payment in full shall be escrowed in a
manner customary for such purposes, the Master Servicer will immediately notify
the Trustee by delivering a certification in duplicate (one of which will be
returned to the Master Servicer with the Mortgage File) in the form of Exhibit E
which shall be signed by a Servicing Officer or in a mutually agreeable
electronic format which will in lieu of a signature be deemed to originate from
a Servicing Officer (which certification shall include a statement to the effect
that all amounts received or to be received in connection with such payment
which are required to be deposited in the Collection Account pursuant to Section
3.10 have been or will be so deposited) of a Servicing Officer and shall request
delivery to it of the Mortgage File. Upon receipt of such certification and
request, the Trustee shall promptly release the related Mortgage File to the
Master Servicer. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Collection
Account or the Distribution Account.

     (b) From time to time and as appropriate for the servicing or foreclosure
of any Mortgage Loan, including, for this purpose, collection under any Primary
Insurance Policy or any other insurance policy relating to the Mortgage Loans,
the Trustee shall, upon request of the Master Servicer and delivery to the
Trustee in duplicate (one of which will be returned to the Master Servicer with
the Mortgage File) of a Request for Release in the form of Exhibit E, which
shall be signed by a Servicing Officer or in a mutually agreeable electronic
format which will in lieu of a signature be deemed to originate from a Servicing
Officer release the related Mortgage File to the Master Servicer, and the
Trustee shall, at the direction of the Master Servicer, and in the form provided
by the Master Servicer execute such documents as shall be necessary to the
prosecution of

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any such proceedings. Such Request for Release shall obligate the Master
Servicer to return each and every document previously requested from the
Mortgage File to the Trustee when the need therefor by the Master Servicer no
longer exists, unless the Mortgage Loan has been liquidated and the Liquidation
Proceeds relating to the Mortgage Loan have been deposited in the Collection
Account or the Mortgage File or such document has been delivered to an attorney,
or to a public trustee or other public official as required by law, for purposes
of initiating or pursuing legal action or other proceedings for the foreclosure
of the Mortgaged Property either judicially or non-judicially, and the Master
Servicer has delivered to the Trustee a certificate of a Servicing Officer
certifying as to the name and address of the Person to which such Mortgage File
or such document was delivered and the purpose or purposes of such delivery.
Upon receipt of a certificate of a Servicing Officer stating that such Mortgage
Loan was liquidated and that all amounts received or to be received in
connection with such liquidation that are required to be deposited into the
Collection Account have been so deposited, or that such Mortgage Loan has become
an REO Property, the Master Servicer shall no longer be obligated to return the
documents released by the Trustee pursuant to the related Request for Release
and a copy of the Request for Release shall be released by the Trustee to the
Master Servicer.

     (c) Upon written certification of a Servicing Officer, the Trustee shall
execute and deliver to the Master Servicer any court pleadings, requests for
trustee's sale or other documents reasonably necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or
inequity. Each such certification shall include a request that such pleadings or
documents be executed by the Trustee and a statement as to the reason such
documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure or
trustee's sale.

     Section 3.18 SERVICING COMPENSATION.

     As compensation for the activities of the Master Servicer hereunder, the
Master Servicer shall be entitled to the Servicing Fee with respect to each
Mortgage Loan payable solely from payments of interest and Buydown Funds in
respect of such Mortgage Loan, subject to Section 3.24. In addition, the Master
Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
Proceeds or Liquidation Proceeds to the extent permitted by Section 3.11(a)(iii)
and out of amounts derived from the operation and sale of an REO Property to the
extent permitted by Section 3.23. The right to receive the Servicing Fee may not
be transferred in whole or in part except in connection with the transfer of all
of the Master Servicer's responsibilities and obligations under this Agreement.
In the event that Liquidation Proceeds, Insurance Proceeds and proceeds from any
REO Disposition (net of amounts reimbursable therefrom pursuant to Section
3.11(a)(iii)) in respect of a Cash Liquidation or REO Disposition exceed the
unpaid principal balance of such Mortgage Loan plus unpaid interest accrued
thereon (including REO Imputed Interest) at a per annum rate equal to the
related Net Mortgage Rate, the Master Servicer shall be entitled to retain
therefrom and to pay to itself any Foreclosure Profits and any Servicing Fee
considered to be accrued but unpaid.

     Additional servicing compensation in the form of assumption fees, late
payment charges and other similar fees and charges shall be retained by the
Master Servicer (subject to Section 3.24) only

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to the extent such fees or charges are received by the Master Servicer. The
Master Servicer shall also be entitled pursuant to Section 3.11(a)(iv) to
withdraw from the Collection Account, and pursuant to Section 3.23(b) to
withdraw from any REO Account, as additional servicing compensation, interest or
other income earned on deposits therein, subject to Section 3.12 and Section
3.24. The Master Servicer shall be required to pay all expenses incurred by it
in connection with its servicing activities hereunder (including Lender-Funded
PMI Premiums, if any, premiums for the insurance required by Section 3.14, to
the extent such premiums are not paid by the related Mortgagors or by a
Sub-Servicer, servicing compensation of each Sub-Servicer, and to the extent
provided herein in Section 8.05, the fees and expenses of the Trustee) and shall
not be entitled to reimbursement therefor except as specifically provided
herein.

     Section 3.19 REPORTS TO THE TRUSTEE; COLLECTION ACCOUNT STATEMENTS.

     Upon request from the Trustee, the Master Servicer shall forward to the
Trustee and the Depositor a statement prepared by the Master Servicer setting
forth the status of the Collection Account as of the close of business on such
Distribution Date and showing, for the period covered by such statement, the
aggregate amount of deposits into and withdrawals from the Collection Account of
each category of deposit specified in Section 3.10(a) and each category of
withdrawal specified in Section 3.11. Such statement may be in the form of the
then current Fannie Mae Monthly Accounting Report for its Guaranteed Mortgage
Pass-Through Program with appropriate additions and changes, and shall also
include information as to the aggregate of the outstanding principal balances of
all of the Mortgage Loans as of the last day of the calendar month immediately
preceding such Distribution Date. Copies of such statement shall be provided by
the Trustee to any Certificateholder and to any Person identified to the Trustee
as a prospective transferee of a Certificate, upon request at the expense of the
requesting party, provided such statement is delivered by the Master Servicer to
the Trustee.

     Section 3.20 STATEMENT AS TO COMPLIANCE.

     Not later than the earlier of (a) March 15 of each calendar year (other
than the calendar year during which the Closing Date occurs) or (b) with respect
to any calendar year during which the Depositor's annual report on Form 10-K is
required to filed in accordance with the Exchange Act and the rules and
regulations of the Commission, 15 calendar days before the date on which the
Depositor's annual report on Form 10-K is required to filed in accordance with
the Exchange Act and the rules and regulations of the Commission (or, in each
case, if such day is not a Business Day, the immediately preceding Business
Day), the Master Servicer will deliver to the Trustee and the Depositor an
Officers' Certificate stating, as to each signatory thereof, that (i) a review
of the activities of the Master Servicer during the preceding year and of
performance under this Agreement has been made under such officers' supervision
and (ii) to the best of such officers' knowledge, based on such review, the
Master Servicer has fulfilled all of its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officer and the
nature and status thereof. Copies of any such statement shall be provided by the
Trustee to any Certificateholder and to any Person identified to the Trustee as
a prospective transferee of a Certificate, upon the request and at the expense
of the requesting party, provided that such statement is delivered by the Master
Servicer to the Trustee.

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     Section 3.21 INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.

     Not later than the earlier of (a) March 15 of each calendar year (other
than the calendar year during which the Closing Date occurs) or (b) with respect
to any calendar year during which the Depositor's annual report on Form 10-K is
required to filed in accordance with the Exchange Act and the rules and
regulations of the Commission, 15 calendar days before the date on which the
Depositor's annual report on Form 10-K is required to filed in accordance with
the Exchange Act and the rules and regulations of the Commission (or, in each
case, if such day is not a Business Day, the immediately preceding Business
Day), the Master Servicer, at its expense, shall cause a nationally recognized
firm of independent certified public accountants to furnish to the Master
Servicer a report stating that (i) it has obtained a letter of representation
regarding certain matters from the management of the Master Servicer which
includes an assertion that the Master Servicer has complied with certain minimum
residential mortgage loan servicing standards, identified in the Uniform Single
Attestation Program for Mortgage Bankers established by the Mortgage Bankers
Association of America, with respect to the servicing of residential mortgage
loans during the most recently completed fiscal year and (ii) on the basis of an
examination conducted by such firm in accordance with standards established by
the American Institute of Certified Public Accountants, such representation is
fairly stated in all material respects, subject to such exceptions and other
qualifications that may be appropriate. In rendering its report such firm may
rely, as to matters relating to the direct servicing of residential mortgage
loans by Sub-Servicers, upon comparable reports of firms of independent
certified public accountants rendered on the basis of examinations conducted in
accordance with the same standards (rendered within one year of such report)
with respect to those Sub-Servicers. Immediately upon receipt of such report,
the Master Servicer shall furnish a copy of such report to the Trustee and each
Rating Agency.

     Section 3.22 ACCESS TO CERTAIN DOCUMENTATION.

     The Master Servicer shall provide to the Office of Thrift Supervision, the
FDIC, and any other federal or state banking or insurance regulatory authority
that may exercise authority over any Certificateholder, access to the
documentation regarding the Mortgage Loans required by applicable laws and
regulations. Such access shall be afforded without charge, but only upon
reasonable request and during normal business hours at the offices of the Master
Servicer designated by it. In addition, access to the documentation regarding
the Mortgage Loans will be provided to any Certificateholder, the Trustee and to
any Person identified to the Master Servicer as a prospective transferee of a
Certificate, upon reasonable request during normal business hours at the offices
of the Master Servicer designated by it at the expense of the Person requesting
such access.

     Section 3.23 TITLE, MANAGEMENT AND DISPOSITION OF REO PROPERTY.

     (a) The deed or certificate of sale of any REO Property shall be taken in
the name of the Trustee, or its nominee, in trust for the benefit of the
Certificateholders. The Master Servicer, on behalf of the Trust Fund, shall
either sell any REO Property within three years after the end of the calendar
year in which the Trust Fund acquires ownership of such REO Property for
purposes of Section 860G(a)(8) of the Code or request from the Internal Revenue
Service, no later than 60 days before the day on which the three-year grace
period would otherwise expire, an extension of the three-year grace period,
unless the Master Servicer shall have delivered to the Trustee and the Depositor
an Opinion of Counsel, addressed to the Trustee and the Depositor, to the effect
that the

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holding by the Trust Fund of such REO Property subsequent to the three-year
grace period after its acquisition will not result in the imposition on the
Trust Fund of taxes on "prohibited transactions" thereof, as defined in Section
860F of the Code, or cause the Trust Fund to fail to qualify as a REMIC under
Federal law at any time that any Certificates are outstanding. The Master
Servicer shall manage, conserve, protect and operate each REO Property for the
Certificateholders solely for the purpose of its prompt disposition and sale in
a manner which does not cause such REO Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code or
result in the receipt by the Trust Fund of any "income from non-permitted
assets" within the meaning of Section 860F(a)(2)(B) of the Code, or any "net
income from foreclosure property" which is subject to taxation under the REMIC
Provisions.

     (b) The Master Servicer shall segregate and hold all funds collected and
received in connection with the operation of any REO Property separate and apart
from its own funds and general assets and shall establish and maintain with
respect to REO Properties an account held in trust for the Trustee for the
benefit of the Certificateholders (the "REO Account"), which shall be an
Eligible Account. The Master Servicer shall be permitted to allow the Collection
Account to serve as the REO Account, subject to separate ledgers for each REO
Property. The Master Servicer shall be entitled to retain or withdraw any
interest income paid on funds deposited in the REO Account.

     (c) The Master Servicer shall have full power and authority, subject only
to the specific requirements and prohibitions of this Agreement, to do any and
all things in connection with any REO Property as are consistent with the manner
in which the Master Servicer manages and operates similar property owned by the
Master Servicer or any of its Affiliates, all on such terms and for such period
as the Master Servicer deems to be in the best interests of Certificateholders.
In connection therewith, the Master Servicer shall deposit, or cause to be
deposited in the clearing account (which account must be an Eligible Account) in
which it customarily deposits payments and collections on mortgage loans in
connection with its mortgage loan servicing activities on a daily basis, and in
no event more than one Business Day after the Master Servicer's receipt thereof,
and shall thereafter deposit in the REO Account, in no event more than two
Business Days after the deposit of such funds into the clearing account, all
revenues received by it with respect to an REO Property and shall withdraw
therefrom funds necessary for the proper operation, management and maintenance
of such REO Property including, without limitation:

          (i) all insurance premiums due and payable in respect of such REO
     Property;

          (ii) all real estate taxes and assessments in respect of such REO
     Property that may result in the imposition of a lien thereon; and

          (iii) all costs and expenses necessary to maintain such REO Property.

To the extent that amounts on deposit in the REO Account with respect to an REO
Property are insufficient for the purposes set forth in clauses (i) through
(iii) above with respect to such REO Property, the Master Servicer shall advance
from its own funds such amount as is necessary for such purposes if, but only
if, the Master Servicer would make such advances if the Master Servicer owned
the REO Property and if in the Master Servicer's judgment, the payment of such
amounts will be recoverable from the rental or sale of the REO Property.

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     Notwithstanding the foregoing, neither the Master Servicer nor the Trustee
shall:

          (i) authorize the Trust Fund to enter into, renew or extend any New
     Lease with respect to any REO Property, if the New Lease by its terms will
     give rise to any income that does not constitute Rents from Real Property;

          (ii) authorize any amount to be received or accrued under any New
     Lease other than amounts that will constitute Rents from Real Property;

          (iii) authorize any construction on any REO Property, other than the
     completion of a building or other improvement thereon, and then only if
     more than ten percent of the construction of such building or other
     improvement was completed before default on the related Mortgage Loan
     became imminent, all within the meaning of Section 856(e)(4)(B) of the
     Code; or

          (iv) authorize any Person to Directly Operate any REO Property on any
     date more than 90 days after its date of acquisition by the Trust Fund;

unless, in any such case, the Master Servicer has obtained an Opinion of
Counsel, provided to the Trustee, to the effect that such action will not cause
such REO Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code at any time that it is held by the
Trust Fund, in which case the Master Servicer may take such actions as are
specified in such Opinion of Counsel.

     The Master Servicer may contract with any Independent Contractor for the
operation and management of any REO Property, provided that:

          (i) the terms and conditions of any such contract shall not be
     inconsistent herewith;

          (ii) any such contract shall require, or shall be administered to
     require, that the Independent Contractor pay all costs and expenses
     incurred in connection with the operation and management of such REO
     Property, including those listed above and remit all related revenues (net
     of such costs and expenses) to the Master Servicer as soon as practicable,
     but in no event later than thirty days following the receipt thereof by
     such Independent Contractor;

          (iii) none of the provisions of this Section 3.23(c) relating to any
     such contract or to actions taken through any such Independent Contractor
     shall be deemed to relieve the Master Servicer of any of its duties and
     obligations to the Trustee on behalf of the Certificateholders with respect
     to the operation and management of any such REO Property; and

          (iv) the Master Servicer shall be obligated with respect thereto to
     the same extent as if it alone were performing all duties and obligations
     in connection with the operation and management of such REO Property.

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The Master Servicer shall be entitled to enter into any agreement with any
Independent Contractor performing services for it related to its duties and
obligations hereunder for indemnification of the Master Servicer by such
Independent Contractor, and nothing in this Agreement shall be deemed to limit
or modify such indemnification. The Master Servicer shall be solely liable for
all fees owed by it to any such Independent Contractor, irrespective of whether
the Master Servicer's compensation pursuant to Section 3.18 is sufficient to pay
such fees.

     (d) In addition to the withdrawals permitted under Section 3.23(c), the
Master Servicer may from time to time make withdrawals from the REO Account for
any REO Property: (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in
respect of the related Mortgage Loan; and (ii) to reimburse itself or any
Sub-Servicer for unreimbursed Servicing Advances and Advances made in respect of
such REO Property or the related Mortgage Loan. On the Master Servicer
Remittance Date, the Master Servicer shall withdraw from each REO Account
maintained by it and deposit into the Distribution Account in accordance with
Section 3.10(d)(ii), far distribution on the related Distribution Date in
accordance with Section 4.01, the income from the related REO Property received
during the prior calendar month, net of any withdrawals made pursuant to Section
3.23(c) or this Section 3.23(d).

     (e) Subject to the time constraints set forth in Section 3.23(a), and
further subject to obtaining the approval of the insurer under any related
Primary Insurance Policy (if and to the extent that such approvals are necessary
to make claims under such policies in respect of the affected REO Property),
each REO Disposition shall be carried out by the Master Servicer at such price
and upon such terms and conditions as the Master Servicer shall deem necessary
or advisable, as shall be normal and usual in its general servicing activities
for similar properties.

     (f) The proceeds from the REO Disposition, net of any amount required by
law to be remitted to the Mortgagor under the related Mortgage Loan and net of
any payment or reimbursement to the Master Servicer or any Sub-Servicer as
provided above, shall be deposited in the Distribution Account in accordance
with Section 3.10(d)(ii) on the Master Servicer Remittance Date in the month
following the receipt thereof for distribution on the related Distribution Date
in accordance with Section 4.01. Any REO Disposition shall be for cash only
(unless changes in the REMIC Provisions made subsequent to the Startup Day allow
a sale for other consideration).

     (g) The Master Servicer shall file information returns with respect to the
receipt of mortgage interest received in a trade or business, reports of
foreclosures and abandonments of any Mortgaged Property and cancellation of
indebtedness income with respect to any Mortgaged Property as required by
Sections 6050H, 6050J and 6050P of the Code, respectively. Such reports shall be
in form and substance sufficient to meet the reporting requirements imposed by
such Sections 6050H, 6050J and 6050P of the Code.

     Section 3.24 OBLIGATIONS OF THE MASTER SERVICER IN RESPECT OF PREPAYMENT
                  INTEREST SHORTFALLS.

     The Master Servicer shall deliver to the Trustee for deposit into the
Distribution Account on or before 5:00 p.m. New York time on the Master Servicer
Remittance Date from its own funds an amount equal to the lesser of (i) the
aggregate of the Prepayment Interest Shortfalls for the related Distribution
Date resulting from Principal Prepayments in Full or Curtailments during the
related

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Prepayment Period and (ii) the portion of its aggregate Servicing Fee which
accrued at a Servicing Fee Rate for the most recently ended calendar month
("Compensating Interest").

     Section 3.25 ADMINISTRATION OF BUYDOWN FUNDS.

     The Buydown Account established and maintained by the Master Servicer with
respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt
from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage
Loan, the Master Servicer will withdraw from the related Buydown Account the
predetermined amount that, when added to the amount due on such date from the
Mortgagor, equals the Monthly Payment and will deposit that amount together with
the related payment made by the Mortgagor in the Collection Account. The Buydown
Account shall not be an asset of any REMIC and for federal income tax purposes
shall be owned by the Master Servicer.

     If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in
its entirety during the Buydown Period, when Buydown Funds are required to be
applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from
the related Buydown Account and remit to such Mortgagor or any other Person in
accordance with the related Buydown Agreement any Buydown Funds remaining in the
Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown
Period, together with any Buydown Funds in the related Buydown Account, will
result in a Principal Prepayment in Full, the Master Servicer will withdraw from
the related Buydown Account for deposit in the Collection Account the Buydown
Funds, which together with such Principal Prepayment, will result in a Principal
Prepayment in Full. If a Mortgagor defaults during the Buydown Period with
respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at
foreclosure or title thereto is acquired on behalf of the Certificateholders,
the Master Servicer will withdraw from the Buydown Account the Buydown Funds
(which shall thereupon constitute "Liquidation Proceeds" for purposes of this
Agreement) for deposit in the Collection Account.

     Section 3.26 OBLIGATIONS OF THE MASTER SERVICER IN RESPECT OF LOAN RATES
                  AND MONTHLY PAYMENTS.

     In the event that a shortfall in any collection on or liability with
respect to any Mortgage Loan results from or is attributable to a calculation of
the principal balance of a Mortgage Loan that was made by the Master Servicer in
a manner not consistent with the terms of the related Mortgage Note and this
Agreement, the Master Servicer, upon discovery or receipt of notice thereof,
immediately shall deliver to the Trustee for deposit in the Distribution Account
from its own funds the amount of any such shortfall and shall indemnify and hold
harmless the Trust Fund, the Trustee, the Depositor and any successor master
servicer in respect of any such liability. Such indemnities shall survive the
termination or discharge of this Agreement.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

     Section 4.01 DISTRIBUTION ACCOUNT; DISTRIBUTIONS.

     (a) The Master Servicer shall remit to the Trustee for deposit into the
Distribution Account on or before 5:00 P.M. New York time on each Master
Servicer Remittance Date by wire transfer of immediately available funds an
amount equal to the sum of (i) any Advance for the immediately succeeding
Distribution Date, (ii) any amount required to be deposited in the Distribution
Account pursuant to Sections 3.10, 3.11, 3.14 or 3.24 and (iii) all other
amounts constituting the Available Distribution Amount for the immediately
succeeding Distribution Date.

     (b) [reserved]

     (c) On each Distribution Date the Trustee shall distribute to each
Certificateholder of record as of the next preceding Record Date (other than as
provided in Section 10.01 respecting the final distribution) either in
immediately available funds (by wire transfer or otherwise) to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder has so notified the Trustee at least five
(5) Business Days prior to the related Record Date, or otherwise by check mailed
to such Certificateholder at the address of such Holder appearing in the
Certificate Register, such Certificateholder's share (based on the aggregate of
the Percentage Interests represented by Certificates of the applicable Class
held by such Holder) of the following amounts, in the following order of
priority:

          (i) to the Senior Certificates (other than the Class P Certificates),
     on a pro rata basis based on the Monthly Interest Distributable Amount
     payable on such Certificates with respect to such Distribution Date, the
     Monthly Interest Distributable Amount on such Classes of Certificates for
     such Distribution Date, plus any Monthly Interest Distributable Amount
     thereon remaining unpaid from any previous Distribution Date except as
     provided in the last paragraph of this Section 4.01(c) (the "Senior
     Interest Distribution Amount");

          (ii) (X) to the Class P Certificates, the Class P Principal
     Distribution Amount; and

               (Y) to the Senior Certificates (other than the Class P
          Certificates and Interest Only Certificates) in the priorities and
          amounts set forth in Section 4.01(d)(ii) through (vii), the Senior
          Principal Distribution Amount (applied to reduce the Certificate
          Principal Balances of such Senior Certificates, as applicable);

          (iii) if the Certificate Principal Balances of the Subordinate
     Certificates have not been reduced to zero, to the Master Servicer, by
     remitting for deposit to the Collection Account, to the extent of and in
     reimbursement for any Advances previously made with respect to any Mortgage
     Loan or REO Property which remain unreimbursed in whole or in part
     following the Cash Liquidation or REO Disposition of such Mortgage Loan or
     REO Property, minus any such Advances that were made with respect to
     delinquencies that

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     ultimately constituted Excess Special Hazard Losses, Excess Fraud Losses,
     Excess Bankruptcy Losses or Extraordinary Losses;

          (iv) to the Holders of the Class B-1 Certificates, the Monthly
     Interest Distributable Amount thereon for such Distribution Date, plus any
     Monthly Interest Distributable Amount thereon remaining unpaid from any
     previous Distribution Date, except as provided below;

          (v) to the Holders of the Class B-1 Certificates, an amount equal to
     (x) the Subordinate Principal Distribution Amount for such Class of
     Certificates for such Distribution Date, minus (y) the amount of any Class
     P Deferred Amounts for such Distribution Date or remaining unpaid for all
     previous Distribution Dates, to the extent the amounts available pursuant
     to clause (x) of Sections 4.01(c)(vii), (ix), (xi), (xiii), (xiv) and (xv)
     of this Agreement are insufficient therefor, applied in reduction of the
     Certificate Principal Balance of the Class B-1 Certificates;

          (vi) to the Holders of the Class B-2 Certificates, the Monthly
     Interest Distributable Amount thereon for such Distribution Date, plus any
     Monthly Interest Distributable Amount thereon remaining unpaid from any
     previous Distribution Date, except as provided below;

          (vii) to the Holders of the Class B-2 Certificates, an amount equal to
     (x) the Subordinate Principal Distribution Amount for such Class of
     Certificates for such Distribution Date, minus (y) the amount of any Class
     P Deferred Amounts for such Distribution Date or remaining unpaid for all
     previous Distribution Dates, to the extent the amounts available pursuant
     to clause (x) of Sections 4.01(c)(ix), (xi), (xiii), (xiv) and (xv) of this
     Agreement are insufficient therefor, applied in reduction of the
     Certificate Principal Balance of the Class B-2 Certificates;

          (viii) to the Holders of the Class B-3 Certificates, the Monthly
     Interest Distributable Amount thereon for such Distribution Date, plus any
     Monthly Interest Distributable Amount thereon remaining unpaid from any
     previous Distribution Date, except as provided below;

          (ix) to the Holders of the Class B-3 Certificates, an amount equal to
     (x) the Subordinate Principal Distribution Amount for such Class of
     Certificates for such Distribution Date, minus (y) the amount of any Class
     P Deferred Amounts for such Distribution Date or remaining unpaid for all
     previous Distribution Dates, to the extent the amounts available pursuant
     to clause (x) of Sections 4.01(c)(xi), (xiii), (xiv) and (xv) of this
     Agreement are insufficient therefor, applied in reduction of the
     Certificate Principal Balance of the Class B-3 Certificates;

          (x) to the Holders of the Class B-4 Certificates, the Monthly Interest
     Distributable Amount thereon for such Distribution Date, plus any Monthly
     Interest Distributable Amount thereon remaining unpaid from any previous
     Distribution Date, except as provided below;

          (xi) to the Holders of the Class B-4 Certificates, an amount equal to
     (x) the Subordinate Principal Distribution Amount for such Class of
     Certificates for such Distribution Date, minus (y) the amount of any Class
     P Deferred Amounts for such Distribution Date or remaining unpaid for all
     previous Distribution Dates, to the extent the

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     amounts available pursuant to clause (x) of Sections 4.01(c)(xiii), (xiv)
     and (xv) of this Agreement are insufficient therefor, applied in reduction
     of the Certificate Principal Balance of the Class B-4 Certificates;

          (xii) to the Holders of the Class B-5 Certificates, the Monthly
     Interest Distributable Amount thereon for such Distribution Date, plus any
     Monthly Interest Distributable Amount thereon remaining unpaid from any
     previous Distribution Date, except as provided below;

          (xiii) to the Holders of the Class B-5 Certificates, an amount equal
     to (x) the Subordinate Principal Distribution Amount for such Class of
     Certificates for such Distribution Date, minus (y) the amount of any Class
     P Deferred Amounts for such Distribution Date or remaining unpaid for all
     previous Distribution Dates, to the extent the amounts available pursuant
     to clause (x) of Sections 4.01(c) (xiv) and (xv) of this Agreement are
     insufficient therefor, applied in reduction of the Certificate Principal
     Balance of the Class B-5 Certificates;

          (xiv) to the Holders of the Class B-6 Certificates, an amount equal to
     (x) the Monthly Interest Distributable Amount thereon for such Distribution
     Date, plus any Monthly Interest Distributable Amount thereon remaining
     unpaid from any previous Distribution Date, except as provided below, minus
     (y) the amount of any Class P Deferred Amounts for such Distribution Date
     or remaining unpaid for all previous Distribution Dates, to the extent the
     amounts available pursuant to clause (x) of Section 4.01(c)(xv) of this
     Agreement are insufficient therefor;

          (xv) to the Holders of the Class B-6 Certificates, an amount equal to
     (x) the Subordinate Principal Distribution Amount for such Class of
     Certificates for such Distribution Date minus (y) the amount of any Class P
     Deferred Amounts for such Distribution Date or remaining unpaid for all
     previous Distribution Dates applied in reduction of the Certificate
     Principal Balance of the Class B-6 Certificates;

          (xvi) to the Senior Certificates, in the priority set forth in Section
     4.01(d) of this Agreement, the portion, if any, of the Available
     Distribution Amount remaining after the foregoing distributions, applied to
     reduce the Certificate Principal Balances of such Senior Certificates, but
     in no event more than the aggregate of the outstanding Certificate
     Principal Balances of each such Class of Senior Certificates, and
     thereafter, to each Class of Subordinate Certificates then outstanding
     beginning with such Class with the Highest Priority, any portion of the
     Available Distribution Amount remaining after the Senior Certificates have
     been retired, applied to reduce the Certificate Principal Balance of each
     such Class of Subordinate Certificates, but in no event more than the
     outstanding Certificate Principal Balance of each such Class of Subordinate
     Certificates; and

          (xvii) to the Class R-II Certificates, the balance, if any, of the
     Available Distribution Amount.

     Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, the Monthly

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Interest Distributable Amount thereon remaining unpaid from any previous
Distribution Date will be distributable only to the extent that such unpaid
Monthly Interest Distributable Amount was attributable to interest shortfalls
relating to the failure of the Master Servicer to make any required Advance, or
the determination by the Master Servicer that any proposed Advance would be a
Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition or the related Liquidation Proceeds, Insurance Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

     (d) The Class P Principal Distribution Amount, Senior Principal
Distribution Amount and Accrual Distribution Amount shall be distributed to the
Senior Certificates (other than the Interest Only Certificates) as follows:

          (i) to the Class P Certificates, until the Certificate Principal
     Balance thereof is reduced to zero, the Class P Principal Distribution
     Amount;

          (ii) the Senior Principal Distribution Amount shall be distributed to
     the Class R-I Certificates and Class R-II Certificates, concurrently on a
     pro rata basis, until the Certificate Principal Balances thereof have been
     reduced to zero;

          (iii) the balance of the Senior Principal Distribution Amount
     remaining after the distributions, if any, described in clause (ii) above
     shall be distributed to the Class A-4 Certificates, in reduction of the
     Certificate Principal Balance thereof, until the Certificate Principal
     Balance thereof has been reduced to zero, in an amount equal to the sum of
     (a) the Lockout Adjusted Percentage of the aggregate of the collections
     described in clauses (A), (B) and (E) (to the extent clause (E) relates to
     clauses (A) and (B)) of the definition of Senior Principal Distribution
     Amount and (b) the Lockout Prepayment Percentage of the aggregate of the
     collections described in clauses (C) and (E) (to the extent clause (E)
     relates to clause (C)) of the definition of Senior Principal Distribution
     Amount, in each case, without any application of the Senior Percentage or
     Senior Prepayment Percentage;

          (iv) the balance of the Senior Principal Distribution Amount remaining
     after the distributions, if any, described in clauses (ii) and (iii) above
     shall be distributed sequentially, to the Class A-1, Class A-2 and Class
     A-3 Certificates, in that order, until the aggregate Certificate Principal
     Balance thereof has been reduced to the Aggregate Planned Principal Balance
     for such Distribution Date;

          (v) the balance of the Senior Principal Distribution Amount remaining
     after the distributions, if any, described in clauses (ii) through (iv)
     above shall be distributed concurrently on a pro rata basis to the Class
     A-5 Certificates and Class A-6 Certificates, in each case until the
     Certificate Principal Balance thereof has been reduced to zero;

          (vi) the balance of the Senior Principal Distribution Amount remaining
     after the distributions, if any, described in clauses (ii) through (v)
     above shall be distributed sequentially, to the Class A-1, Class A-2 and
     Class A-3 Certificates, in that order, without regard to their Aggregate
     Planned Principal Balance for such Distribution Date, in each case until
     the Certificate Principal Balance thereof has been reduced to zero; and

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          (vii) the balance of the Senior Principal Distribution Amount
     remaining after the distributions, if any, described in clauses (ii)
     through (vi) above shall be distributed to the Class A-4 Certificates,
     until the Certificate Principal Balance thereof has been reduced to zero.

     (e) On or after the Credit Support Depletion Date, all priorities relating
to distributions as described in Section 4.01(d) above in respect of principal
among the various classes of Senior Certificates (other than the Class P
Certificates) will be disregarded, and (i) an amount equal to the Class P
Fraction of the principal portion of scheduled payments and unscheduled
collections received or advanced in respect of the Class P Mortgage Loans will
be distributed to the Class P Certificates, (ii) the Senior Principal
Distribution Amount will be distributed to the remaining Senior Certificates
(other than the Class P Certificates) pro rata in accordance with their
respective outstanding Certificate Principal Balances, and (iii) the Senior
Interest Distribution Amount will be distributed as set forth above in Section
4.01(c)(i).

     (f) After the reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Class P Certificates) to zero but prior to the
Credit Support Depletion Date, the Senior Certificates (other than the Class P
Certificates) will be entitled to no further distributions of principal thereon
and the Available Distribution Amount will be paid solely to the holders of the
Class P Certificates, Class X Certificates and Class B Certificates, in each
case as described herein.

     (g) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. None of the Trustee, the Depositor
or the Master Servicer shall have any responsibility therefor except as
otherwise provided by this Agreement or applicable law.

     (h) Except as otherwise provided in Section 10.01, if the Master Servicer
anticipates that a final distribution with respect to any Class of Certificates
will be made on the next Distribution Date, the Master Servicer shall, no later
than the Determination Date in the month of such final distribution, notify the
Trustee and the Trustee shall, no later than two (2) Business Days after such
Determination Date, mail on such date to each Holder of such Class of
Certificates a notice to the effect that: (i) the Trustee anticipates that the
final distribution with respect to such Class of Certificates will be made on
such Distribution Date but only upon presentation and surrender of such
Certificates at the office of the Trustee or as otherwise specified therein, and
(ii) no interest shall accrue on such Certificates from and after the end of the
prior calendar month.

     Any funds not distributed to any Holder or Holders of Certificates of such
Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held in trust
and credited to the account of the appropriate non- tendering Holder or Holders.
If any Certificates as to which notice has been given pursuant to this Section
4.01(h) shall not have been surrendered for cancellation within six months after
the time specified in such notice, the Trustee shall mail a second notice to the
remaining non-tendering Certificateholders to surrender their Certificates for
cancellation in order to receive the final

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distribution with respect thereto. If within six months after the second notice
all such Certificates shall not have been surrendered for cancellation, the
Trustee shall take reasonable steps as directed by the Depositor, or appoint an
agent to take reasonable steps, to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and
expenses of maintaining the fiends in trust and of contacting such
Certificateholders shall be paid out of the assets remaining in the Trust Fund.
If within nine months after the second notice any such Certificates shall not
have been surrendered for cancellation, the Class R Certificateholders shall be
entitled to all unclaimed funds and other assets which remain subject hereto. No
interest shall accrue or be payable to any Certificateholder on any amount held
in trust as a result of such Certificateholder's failure to surrender its
Certificate(s) for final payment thereof in accordance with this Section
4.01(h).

     (i) Distributions of interest shall be deemed to be made to each REMIC I
Regular Interest in an amount equal to the related Uncertificated Monthly
Interest Distributable Amount. Distributions of principal shall be deemed to be
made to the REMIC I Regular Interests V, W, X, Y and Z in the same manner and
priority as principal payments are made to Corresponding Certificated Interests.

     Section 4.02 STATEMENTS TO CERTIFICATEHOLDERS.

     On each Distribution Date the Trustee shall make available to each Holder
of a Certificate and to the Depositor, the Master Servicer and the Rating
Agencies, a statement based on information contained in the Remittance Report:

          (i) the amount of the distribution made on such Distribution Date to
     the Holders of each Class of Certificates, separately identified, allocable
     to principal;

          (ii) the amount of the distribution made on such Distribution Date to
     the Holders of each Class of Certificates allocable to interest, separately
     identified;

          (iii) the aggregate amount of servicing compensation received by the
     Master Servicer during the related Due Period and such other customary
     information as the Trustee deems necessary or desirable, or which a
     Certificateholder reasonably requests, to enable Certificateholders to
     prepare their tax returns;

          (iv) the aggregate amount of Advances for the related Due Period;

          (v) the aggregate Stated Principal Balance of the Mortgage Loans at
     the close of business at the end of the related Due Period;

          (vi) the number, weighted average remaining term to maturity and
     weighted average Loan Rate of the Mortgage Loans as of the related Due
     Date;

          (vii) the number and aggregate unpaid principal balance of Mortgage
     Loans (a) one month, two months or three months delinquent on a contractual
     basis, (b) as to which foreclosure proceedings have been commenced and (c)
     in bankruptcy as of the close of business on the last day of the calendar
     month preceding such Distribution Date;

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          (viii) with respect to any Mortgage Loan that became an REO Property
     during the preceding calendar month, the unpaid principal balance and the
     Stated Principal Balance of such Mortgage Loan as of the date it became an
     REO Property;

          (ix) the book value of any REO Property as of the close of business on
     the last Business Day of the calendar month preceding the Distribution
     Date, and, cumulatively, the total number and cumulative principal balance
     of all REO Properties as of the close of business of the last day of the
     preceding due period;

          (x) the aggregate amount of Principal Prepayments made during the
     related Prepayment Period;

          (xi) the aggregate amount of Realized Losses incurred during the
     related Due Period and the cumulative amount of Realized Losses;

          (xii) the aggregate amount of Extraordinary Trust Fund Expenses
     withdrawn from the Collection Account for such Distribution Date;

          (xiii) the Certificate Principal Balance or Notional Amount, as the
     case maybe, of each Class of Certificates, after giving effect to the
     distributions made on such Distribution Date;

          (xiv) the aggregate amount of interest accrued at the related
     Pass-Through Rate with respect to each Class during the related Interest
     Accrual Period and the respective portions thereof, if any, remaining
     unpaid following the distributions made in respect of such Certificates on
     such Distribution Date;

          (xv) the aggregate amount of any Prepayment Interest Shortfalls for
     such Distribution Date, to the extent not covered by payments of
     Compensating Interest by the Master Servicer pursuant to Section 3.24;

          (xvi) the Available Distribution Amount; and

          (xvii) the aggregate Stated Principal Balance of Mortgage Loans
     purchased by the Master Servicer during the related Due Period and
     indicating the Section of this Agreement requiring or allowing the purchase
     of each such Mortgage Loan.

     The Trustee will make the monthly statements described above (and, at its
option, any additional files containing the same information in an alternative
format) available on each Distribution Date to Certificateholders, and other
parties to the Pooling and Servicing Agreement via the Trustee's internet
website and its fax-on-demand service. The Trustee's internet website shall
initially be located at "www.sf.citidirect.com". Assistance in using the website
can be obtained by calling the Trustee's customer service desk at (212)
657-2186. Parties that are unable to use the above distribution options are
entitled to have a paper copy mailed to them via first class mail by calling the
customer service desk and indicating such. The Trustee shall have the right to
change the way monthly statements are distributed in order to make such
distribution more convenient and/or

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more accessible to the above parties and the Trustee shall provide timely and
adequate notification to all above parties regarding any such changes.

     On each Distribution Date, the Trustee shall provide Bloomberg Financial
Markets, L.P. ("Bloomberg") CUSIP level information for each Class of
Certificates as of such Distribution Date, using a format and media mutually
acceptable to the Trustee and Bloomberg.

     In addition, the Trustee will make available, as a convenience for
interested parties (and not in furtherance of the distribution of any related
prospectus or prospectus supplement under the securities laws), this Agreement,
the related prospectus and prospectus supplement via the Trustee's internet
website.

     The Trustee will make no representations or warranties as to the accuracy
of completeness of such documents and will assume no responsibility therefor.

     In connection with providing access to the Trustee's website, the Trustee
may require registration and the acceptance of a disclaimer. The Trustee shall
not be liable for the dissemination of information in accordance with this
Agreement which is not due to an error on the part of the Trustee with respect
to such information.

     In the case of information furnished pursuant to subclauses (i)-(iii)
above, the amounts shall also be expressed as a dollar amount per Single
Certificate.

     The Trustee shall provide to each Certificateholder any written reports or
other information required by the Code and regulations thereunder as from time
to time are in force. In addition, upon written request, within a reasonable
period of time after the end of each calendar year, the Trustee shall prepare
and forward, to each Person who at any time during the calendar year was a
Certificateholder, a statement containing the information set forth in
subclauses (i) - (iii) above, aggregated for such calendar year or applicable
portion thereof during which such person was a Certificateholder.

     Section 4.03 REMITTANCE REPORTS; ADVANCES BY THE MASTER SERVICER.

     (a) On the second Business Day following each Determination Date but in no
event less than five Business Days prior to the related Distribution Date, the
Master Servicer shall deliver to the Trustee by telecopy (or by such other means
as the Master Servicer and the Trustee may agree from time to time) a Remittance
Report, and other data mutually agreed upon, with respect to the related
Distribution Date. On the same date, the Master Servicer shall forward to the
Trustee by overnight mail a computer readable magnetic tape or diskette or in
such other medium as may be agreed between the Master Servicer and the Trustee
containing the information set forth in such Remittance Report with respect to
the related Distribution Date. The Master Servicer shall deliver or cause to be
delivered to the Trustee in addition to the information provided on the
Remittance Report, such other information reasonably available to it with
respect to the Mortgage Loans as the Trustee may reasonably require to perform
the calculations necessary to make the distributions contemplated by Section
4.01 and 4.06 and to prepare the statements to Certificateholders contemplated
by Section 4.02. The Master Servicer shall make a good faith effort to deliver
any such additional information to the Trustee within two Business Days of any
such request, provided that

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in no event shall the Master Servicer be required to provide any such additional
information to the Trustee to the extent the Trustee makes such request prior to
five Business Days prior to the Master Servicer Remittance Date. The Trustee
shall not be responsible to recompute, recalculate or verify any information
provided to it by the Master Servicer.

     (b) The amount of Advances to be made by the Master Servicer for any
Distribution Date shall equal the sum of (i) the aggregate amount of Monthly
Payments (net of the related Servicing Fee), due during the related Due Period
in respect of the Mortgage Loans, which Monthly Payments were delinquent on a
contractual basis as of the close of business on the related Determination Date
and (ii) with respect to each REO Property, which REO Property was acquired
during or prior to the related Due Period and as to which REO Property an REO
Disposition did not occur during the related Due Period, an amount equal to the
excess, if any, of the REO Imputed Interest on such REO Property for the most
recently ended calendar month, over the net income from such REO Property
transferred to the Distribution Account pursuant to Section 4.01 for
distribution on such Distribution Date, less amounts held for future
distributions..

     Before the close of business New York time on the Master Servicer
Remittance Date, the Master Servicer shall remit in immediately available funds
to the Trustee for deposit in the Distribution Account an amount equal to the
aggregate amount of Advances, if any, to be made in respect of the Mortgage
Loans and REO Properties for the related Distribution Date either (i) from its
own funds or (ii) from the Collection Account, to the extent of funds held
therein for future distribution (in which case it will cause to be made an
appropriate entry in the records of Collection Account that amounts held for
future distribution have been, as permitted by this Section 4.03, used by the
Master Servicer in discharge of any such Advance) or (iii) in the form of any
combination of (i) and (ii) aggregating the total amount of Advances to be made
by the Master Servicer with respect to the Mortgage Loans and REO Properties.
Any amounts held for future distribution and so used shall be appropriately
reflected in the Master Servicer's records and replaced by the Master Servicer
by deposit in the Collection Account on or before any future Master Servicer
Remittance Date to the extent that the Available Distribution Amount for the
related Distribution Date (determined without regard to Advances to be made on
the Master Servicer Remittance Date) shall be less than the total amount that
would be distributed to the Classes of Certificateholders pursuant to Section
4.01 on such Distribution Date if such amounts held for future distributions had
not been so used to make Advances. The Trustee will provide notice to the Master
Servicer by telecopy on any Master Servicer Remittance Date or within one
Business Day in the event that the amount remitted by the Master Servicer to the
Trustee on such date is less than the Advances required to be made by the Master
Servicer for the related Distribution Date, less amounts held for future
distributions, as set forth in the related Remittance Report.

     (c) The obligation of the Master Servicer to make such Advances is
mandatory, notwithstanding any other provision of this Agreement but subject to
(d) below, and, with respect to any Mortgage Loan, shall continue until the
Mortgage Loan is paid in full or until the recovery of all Liquidation Proceeds
thereon; provided, however, that such obligation will cease if title to the
Mortgaged Property is acquired by the Trust Fund in foreclosure or by deed in
lieu of foreclosure.

     (d) Notwithstanding anything herein to the contrary, no Advance shall be
required to be made hereunder by the Master Servicer if such Advance would, if
made, constitute a Nonrecoverable Advance. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or

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that any proposed Advance, if made, would constitute a Nonrecoverable Advance,
shall be evidenced by an Officers' Certificate of the Master Servicer delivered
to the Depositor and the Trustee.

     Section 4.04 ALLOCATION OF REALIZED LOSSES.

     Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Prepayment Period. The amount of each Realized Loss
shall be evidenced by an Officers' Certificate. All Realized Losses, other than
Excess Special Hazard Losses, Extraordinary Losses, Excess Bankruptcy Losses or
Excess Fraud Losses, shall be allocated as follows: first, to the Class B-6
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; second, to the Class B-5 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; third, to the Class B-4 Certificates
until the Certificate Principal Balance thereof has been reduced to zero;
fourth, to the Class B-3 Certificates until the Certificate Principal Balance
thereof has been reduced to zero; fifth, to the Class B-2 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; sixth, to the
Class B-1 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; and thereafter, if any such Realized Losses are on a Class P
Mortgage Loan, to the Class P Certificates in an amount equal to the Class P
Fraction of the principal portion thereof, and the remainder of such Realized
Losses on the Class P Mortgage Loans and the entire amount of such Realized
Losses on Premium Rate Mortgage Loans will be allocated among all the Senior
Certificates (other than the Class P Certificates) on a pro rata basis, as
described below. Any Excess Special Hazard Losses, Excess Bankruptcy Losses,
Excess Fraud Losses, Extraordinary Losses on Premium Rate Mortgage Loans will be
allocated among the Senior Certificates (other than the Class P Certificates)
and Subordinate Certificates, on a pro rata basis, as described below. The
principal portion of such Realized Losses on the Class P Mortgage Loans will be
allocated to the Class P Certificates in an amount equal to the Class P Fraction
thereof and the remainder of such Realized Losses on the Class P Mortgage Loans
and the entire amount of such Realized Losses on Premium Rate Mortgage Loans
will be allocated among the Senior Certificates (other than the Class P
Certificates) and Subordinate Certificates, on a pro rata basis, as described
below.

     As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Monthly Interest Distributable Amount thereon payable on such Distribution Date
(without regard to any Compensating Interest for such Distribution Date) in the
case of an interest portion of a Realized Loss. Any allocation of the principal
portion of Realized Losses (other than Debt Service Reductions) to the Class B
Certificates then outstanding with the highest numerical designation shall be
made by operation of the definition of "Certificate Principal Balance" and by
operation of the provisions of Section 4.01. Allocations of the interest
portions of Realized Losses shall be made by operation of the definition of
"Monthly Interest Distributable Amount" and by operation of the provisions of
Section 4.01. Allocations of the principal portion of Debt Service Reductions
shall be made by operation of the provisions of Section 4.01. All Realized
Losses and all other losses allocated to a Class of Certificates hereunder will
be allocated among the Certificates of such Class in proportion to the
Percentage Interests

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evidenced thereby. Realized Losses shall be applied to the REMIC I Regular
Interests in the amount and priority allocated to Corresponding Certificated
Interests.

     Section 4.05 INFORMATION REPORTS TO BE FILED BY THE MASTER SERVICER.

     The Master Servicer or the Sub-Servicers shall file information reports
with respect to the receipt of mortgage interest received in a trade or
business, foreclosures and abandonments of any Mortgaged Property and the
information returns relating to cancellation of indebtedness income with respect
to any Mortgaged Property required by Sections 6050H, 6050J and 6050P of the
Code, respectively, and deliver to the Trustee an Officers' Certificate stating
that such reports have been filed. Such reports shall be in form and substance
sufficient to meet the reporting requirements imposed by such Sections 6050H,
6050J and 6050P of the Code.

     Section 4.06 COMPLIANCE WITH WITHHOLDING REQUIREMENTS.

     Notwithstanding any other provision of this Agreement, the Trustee shall
comply with all federal withholding requirements respecting payments to
Certificateholders of interest or original issue discount on the Mortgage Loans,
that the Trustee reasonably believes are applicable under the Code. The consent
of Certificateholders shall not be required for such withholding. In the event
the Trustee withholds any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Trustee shall, together with its monthly report to
such Certificateholders pursuant to Section 4.03 hereof, indicate such amount
withheld.

     Section 4.07 [RESERVED].

     Section 4.08 LIMITED PURPOSE SURETY BOND.

     If a Required Surety Payment is payable pursuant to the Limited Purpose
Surety Bond with respect to any Additional Collateral Mortgage Loans, as
determined by the Master Servicer and the Additional Collateral Servicer, the
Master Servicer shall so notify the Trustee as soon as reasonably practicable
and the Trustee shall promptly complete the notice in the form of Attachment 1
to the Limited Purpose Surety Bond and shall promptly submit such notice to the
surety as a claim for a Required Surety Payment. The Master Servicer shall upon
request assist the Trustee in completing such notice and shall provide any
information requested by the Trustee in connection therewith.

     Upon receipt of a Required Surety Payment from the surety on behalf of the
Certificateholders, the Trustee shall deposit such Required Surety Payment in
the Distribution Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.01.

     The Trustee shall (i) receive as attorney-in-fact of each Holder of a
Certificate any Required Surety Payment from the surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.01.

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                                    ARTICLE V

                                THE CERTIFICATES

     Section 5.01 THE CERTIFICATES.

     Each of the Class A, Class P, Class X, Class B and Class R Certificates
shall be substantially in the forms annexed hereto as exhibits, and shall, on
original issue, be executed, authenticated and delivered by the Trustee to or
upon the receipt of a Written Order to Authenticate from the Depositor
concurrently with the sale and assignment to the Trustee of the Trust Fund. Each
Class of the Certificates (other than the Class A-2, Class A-3, Class A-4 and
Class R Certificates) shall be initially evidenced by one or more Certificates
representing a Percentage Interest with a minimum dollar denomination of $25,000
(or $1,000 in the case of the Class A-2, Class A-3 and Class A-4 Certificates)
and integral dollar multiples of $1 in excess thereof. Each Class of Residual
Certificates will be issued in registered, certificated form in minimum
denominations of a 20% Percentage Interest except in the case of one of each of
the Class R-I Certificates and one Class R-II Certificates. Provided however,
that one Certificate of each such Class of Certificates may be in a different
denomination so that the sum of the denominations of all outstanding
Certificates of such Class shall equal the Certificate Principal Balance or
Class Certificate Notional Amount of such Class on the Closing Date.

     The Certificates shall be executed on behalf of the Trust by manual or
facsimile signature on behalf of the Trustee by a Responsible Officer.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures were affixed, authorized to sign on behalf of
the Trustee shall bind the Trust, notwithstanding that such individuals or any
of them have ceased to be so authorized prior to the authentication and delivery
of such Certificates or did not hold such offices at the date of such
Certificate. No Certificate shall be entitled to any benefit under this
Agreement or be valid for any purpose, unless such Certificate shall have been
manually authenticated by the Trustee substantially in the form provided for
herein, and such authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication. Subject to Section 5.02(c), the Certificates, other
than the Class P Certificates and Class R Certificates, shall be Book-Entry
Certificates.

     Section 5.02 REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

     (a) The Certificate Registrar shall cause to be kept at the Corporate Trust
Office a Certificate Register in which, subject to such reasonable regulations
as it may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Trustee shall initially serve as Certificate Registrar for
the purpose of registering Certificates and transfers and exchanges of
Certificates as herein provided.

     Upon surrender for registration of transfer of any Certificate at any
office or agency of the Certificate Registrar maintained for such purpose
pursuant to the foregoing paragraph and, in the case of a Class R Certificate,
upon satisfaction of the conditions set forth below, the Trustee on behalf of
the Trust shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates of the same aggregate
Percentage Interest.

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     At the option of the Certificateholders, Certificates may be exchanged for
other Certificates in authorized denominations and the same aggregate Percentage
Interests, upon surrender of the Certificates to be exchanged at any such office
or agency. Whenever any Certificates are so surrendered for exchange, the
Trustee shall execute on behalf of the Trust and authenticate and deliver the
Certificates which the Certificateholder making the exchange is entitled to
receive. Every Certificate presented or surrendered for registration of transfer
or exchange shall (if so required by the Trustee or the Certificate Registrar)
be duly endorsed by, or be accompanied by a written instrument of transfer
satisfactory to the Trustee and the Certificate Registrar duly executed by, the
Holder thereof or his attorney duly authorized in writing.

     (b) Except as provided in paragraph (c) below, the Book-Entry Certificates
shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of such Certificates may not be
transferred by the Trustee except to another Depository; (ii) the Depository
shall maintain book-entry records with respect to the Certificate Owners and
with respect to ownership and transfers of such Certificates; (iii) ownership
and transfers of registration of such Certificates on the books of the
Depository shall be governed by applicable rules established by the Depository;
(iv) the Depository may collect its usual and customary fees, charges and
expenses from its Depository Participants; (v) the Trustee shall for all
purposes deal with the Depository as representative of the Certificate Owners of
the Certificates for purposes of exercising the rights of Holders under this
Agreement, and requests and directions for and votes of such representative
shall not be deemed to be inconsistent if they are made with respect to
different Certificate Owners; (vi) the Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect
to its Depository Participants and furnished by the Depository Participants with
respect to indirect participating firms and Persons shown on the books of such
indirect participating firms as direct or indirect Certificate Owners; and (vii)
the direct participants of the Depository shall have no rights under this
Agreement under or with respect to any of the Certificates held on their behalf
by the Depository, and the Depository may be treated by the Trustee and its
agents, employees, officers and directors as the absolute owner of the
Certificates for all purposes whatsoever.

     All transfers by Certificate Owners of Book-Entry Certificates shall be
made in accordance with the procedures established by the Depository Participant
or brokerage firm representing such Certificate Owners. Each Depository
Participant shall only transfer Book-Entry Certificates of Certificate Owners
that it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures. The parties hereto are
hereby authorized to execute a Letter of Representations with the Depository or
take such other action as may be necessary or desirable to register a Book-Entry
Certificate to the Depository. In the event of any conflict between the terms of
any such Letter of Representation and this Agreement, the terms of this
Agreement shall control.

     (c) If (i)(x) the Depository or the Depositor advises the Trustee in
writing that the Depository is no longer willing or able to discharge properly
its responsibilities as Depository and (y) the Trustee or the Depositor is
unable to locate a qualified successor, (ii) the Depositor, at its sole option,
with the consent of the Trustee, elects to terminate the book-entry system
through the Depository or (iii) after the occurrence of a Master Servicer Event
of Termination, the Certificate Owners of each Class of Book-Entry Certificates
representing Percentage Interests of such Classes aggregating not less than 51 %
advises the Trustee and the Depository Participants in writing that the
continuation of a book-entry system through the Depository to the exclusion of
definitive, fully

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registered certificates (the "Definitive Certificates") to Certificate Owners is
no longer in the best interests of the Certificate Owners. Upon surrender to the
Certificate Registrar of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration,
the Trustee shall, at the Depositor's expense, in the case of (ii) above, or the
related Seller's expense, in the case of (i) and (iii) above, execute on behalf
of the Trust and authenticate the Definitive Certificates. Neither the Depositor
nor the Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates, the Trustee, the
Certificate Registrar, the Master Servicer, any Paying Agent and the Depositor
shall recognize the Holders of the Definitive Certificates as Certificateholders
hereunder.

     (d) Except with respect to the initial transfer of the Private Certificates
by the Depositor, no transfer, sale, pledge or other disposition of any Private
Certificate shall be made unless such disposition is exempt from the
registration requirements of the Securities Act of 1933, as amended (the "1933
Act"), and any applicable state securities laws or is made in accordance with
the 1933 Act and laws. In the event of any such transfer, (i) if such transfer
is made in reliance upon Rule 144A under the 1933 Act, the Trustee shall require
the transferee to execute an investment letter in substantially the form
attached hereto as Exhibit F-1, or (ii) (A) the Trustee shall require the
transferor to execute a transferor certificate (in substantially the form
attached hereto as Exhibit F-2) and the transferee to execute an investment
letter (in substantially the form attached hereto as Exhibit F-3) acceptable to
and in form and substance reasonably satisfactory to the Depositor and the
Trustee certifying to the Depositor and the Trustee the facts surrounding such
transfer, which investment letter shall not be an expense of the Trustee or the
Depositor and (B) the Trustee and the Depositor shall require a written Opinion
of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Trustee and the Depositor that such
transfer may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from the 1933 Act or is being made pursuant to
the 1933 Act, which Opinion of Counsel shall not be an expense of the Trustee or
the Depositor. The Holder of a Private Certificate desiring to effect such
transfer shall, and does hereby agree to, indemnify the Trustee and the
Depositor against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

     (e) No transfer of an ERISA-Restricted Certificate shall be made unless the
Trustee shall have received (i) a representation from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the Trustee
and the Depositor, (such requirement is satisfied only by the Trustee's receipt
of a representation letter from the transferee (in the case of a Class B-4,
Class B-5 or Class B-6 Certificate) substantially in the form of Exhibit G
hereto or receipt of a representation from the transferee (in the case of a
Class R Certificate) substantially in the form of paragraph (xvii) or Exhibit
F-4, as appropriate), to the effect that either (a) such transferee is not an
employee benefit plan or arrangement subject to Section 406 of ERISA or a plan
subject to Section 4975 of the Code, nor a person acting on behalf of any such
plan or arrangement nor using the assets of any such plan or arrangement to
effect such transfer (each, a "Plan Investor") or (b) in the case of a Class
B-4, Class B-5 or Class B-6 Certificate, the purchase of such Certificate by or
on behalf of such Plan is permissible under applicable law, will not subject the
Depositor, the Trustee or the Master Servicer to any obligation in addition to
those undertaken in the Agreement and the following conditions are satisfied:
(I) the transferee is an insurance company, (II) the source of funds used to
purchase such Certificates is an "insurance company general account" (as such
term is defined in

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Prohibited Transaction Class Exemption ("PTCE") 95-60) and (III) the conditions
set forth in Section III of PTCE 95-60 and all other applicable conditions of
PTCE 95-60 have been satisfied and as a result the acquisition and holding of
such Certificates will not constitute or result in a non- exempt prohibited
transaction under ERISA or Section 4975 of the Code or (ii) in the case of any
such ERISA-Restricted Certificate presented for registration in the name of an
employee benefit plan subject to ERISA or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), or a trustee of any such plan or any other person acting on behalf
of any such plan or arrangement or using such plan's or arrangement's assets, an
Opinion of Counsel addressed to the Depositor, the Trustee and the Master
Servicer, satisfactory to such entities, which Opinion of Counsel shall not be
an expense of such entities, to the effect that the purchase or holding of such
ERISA-Restricted Certificate is permissible under applicable law, will not
result in a non-exempt prohibited transaction provisions of ERISA or Section
4975 of the Code and will not subject the Trustee, the Master Servicer or the
Depositor to any obligation or liability in addition to those expressly
undertaken in this Agreement. Notwithstanding anything else to the contrary
herein, any purported transfer of an ERISA-Restricted Certificate to or on
behalf of an employee benefit plan subject to ERISA or to the Code without the
delivery to the Trustee of either a representation in the form of Exhibit G (in
the case of a Class B-4, Class B-5 or Class B-6 Certificate) or paragraph (xvii)
of Exhibit F-4 (in the case of a Class R Certificate) hereto or an Opinion of
Counsel as described above shall be void and of no effect.

     If any Book-Entry Certificate (or any interest therein) is acquired or held
in violation of the provisions of Section 5.02(e) above, then the last preceding
Transferee that either (i) is not a Plan Investor or (ii) is not in compliance
with (b) of the immediately preceding paragraph shall be restored, to the extent
permitted by law, to all rights and obligations as Certificate Owner thereof
retroactive to the date of such Transfer of such Certificate. The Trustee shall
be under no liability to any Person for making any payments due on such
Certificate to such preceding Transferee.

     Any purported Certificate Owner whose acquisition or holding of any
Book-Entry Certificate (or interest therein) was effected in violation of the
restrictions in this Section 5.02(e) shall indemnify and hold harmless the
Depositor, the Trustee, the Master Servicer and the Trust Fund from and against
any and all liabilities, claims, costs or expenses incurred by such parties as a
result of such acquisition or holding.

     Any Holder of a Class B-1, Class B-2 or Class B-3 Certificate or any
interest therein shall be deemed to have represented, by virtue of its
acquisition or holding thereof, that either (i) such Holder is not a Plan
Investor or (ii) such Holder is an "accredited investor" as defined in Rule
501(a)(1) of Regulation D of the Securities and Exchange Commission under the
Securities Act of 1933.

     (f) Each Person who has or who acquires any Ownership Interest in a Class R
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and to have
irrevocably appointed the Depositor or its designee as its attorney-in-fact to
negotiate the terms of any mandatory sale under clause (v) below and to execute
all instruments of transfer and to do all other things necessary in connection
with any such sale, and the rights of each Person acquiring any Ownership
Interest in a Class R Certificate are expressly subject to the following
provisions:

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          (i) Each Person holding or acquiring any Ownership Interest in a Class
     R Certificate shall be a Permitted Transferee and shall promptly notify the
     Trustee of any change or impending change in its status as a Permitted
     Transferee.

          (ii) No Person shall acquire an Ownership Interest in a Class R
     Certificate unless such Ownership Interest is a pro rata undivided
     interest.

          (iii) In connection with any proposed transfer of any Ownership
     Interest in a Class R Certificate, the Trustee shall as a condition to
     registration of the transfer, require delivery to it, in form and substance
     satisfactory to it, of each of the following:

               A. an affidavit in the form of Exhibit F-4 hereto from the
          proposed transferee to the effect that such transferee is a Permitted
          Transferee and that it is not acquiring its Ownership Interest in the
          Class R Certificate that is the subject of the proposed transfer as a
          nominee, trustee or agent for any Person who is not a Permitted
          Transferee; and

               B. covenant of the proposed transferee to the effect that the
          proposed transferee agrees to be bound by and to abide by the transfer
          restrictions applicable to the Class R Certificates.

          (iv) Any attempted or purported transfer of any Ownership Interest in
     a Class R Certificate in violation of the provisions of this Section shall
     be absolutely null and void and shall vest no rights in the purported
     transferee. If any purported transferee shall, in violation of the
     provisions of this Section, become a Holder of a Class R Certificate, then
     the prior Holder of such Class R Certificate that is a Permitted Transferee
     shall, upon discovery that the registration of transfer of such Class R
     Certificate was not in fact permitted by this Section, be restored to all
     rights as Holder thereof retroactive to the date of registration of
     transfer of such Class R Certificate. The Trustee shall be under no
     liability to any Person for any registration of transfer of a Class R
     Certificate that is in fact not permitted by this Section or for malting
     any distributions due on such Class R Certificate to the Holder thereof or
     tatting any other action with respect to such Holder under the provisions
     of this Agreement so long as the Trustee received the documents specified
     in clause (iii). The Trustee shall be entitled to recover from any Holder
     of a Class R Certificate that was in fact not a Permitted Transferee at the
     time such distributions were made all distributions made on such Class R
     Certificate. Any such distributions so recovered by the Trustee shall be
     distributed and delivered by the Trustee to the prior Holder of such Class
     R Certificate that is a Permitted Transferee.

          (v) If any Person other than a Permitted Transferee acquires any
     Ownership Interest in a Class R Certificate in violation of the
     restrictions in this Section, then the Trustee shall have the right but not
     the obligation, without notice to the Holder of such Class R Certificate or
     any other Person having an Ownership Interest therein, to notify the
     Depositor to arrange for the sale of such Class R Certificate. The proceeds
     of such sale, net of commissions (which may include commissions payable to
     the Depositor or its affiliates in connection with such sale), expenses and
     taxes due, if any, will be remitted by the Trustee to the previous Holder
     of such Class R Certificate that is a Permitted Transferee, except that

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     in the event that the Trustee determines that the Holder of such Class R
     Certificate may be liable for any amount due under this Section or any
     other provisions of this Agreement, the Trustee may withhold a
     corresponding amount from such remittance as security for such claim. The
     terms and conditions of any sale under this clause (v) shall be determined
     in the sole discretion of the Trustee and it shall not be liable to any
     Person having an Ownership Interest in a Class R Certificate as a result of
     its exercise of such discretion.

          (vi) If any Person other than a Permitted Transferee acquires any
     Ownership Interest in a Class R Certificate in violation of the
     restrictions in this Section, then the Trustee upon receipt of reasonable
     compensation will provide to the Internal Revenue Service, and to the
     persons specified in Sections 860E(e)(3) and (6) of the Code, information
     needed to compute the tax imposed under Section 860E(e)(5) of the Code on
     transfers of residual interests to disqualified organizations.

The foregoing provisions of this Section shall cease to apply to transfers
occurring on or after the date on which there shall have been delivered to the
Trustee, in form and substance satisfactory to the Trustee, (i) written
notification from each Rating Agency that the removal of the restrictions on
Transfer set forth in this Section will not cause such Rating Agency to
downgrade its rating of the Certificates and (ii) an Opinion of Counsel to the
effect that such removal will not cause the REMIC hereunder to fail to qualify
as a REMIC.

     (g) No service charge shall be made for any registration of transfer or
exchange of Certificates of any Class, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer or exchange of Certificates.

     All Certificates surrendered for registration of transfer or exchange shall
be cancelled by the Certificate Registrar and disposed of pursuant to its
standard procedures.

     Section 5.03 MUTILATED. DESTROYED. LOST OR STOLEN CERTIFICATES.

     If (i) any mutilated Certificate is surrendered to the Certificate
Registrar or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate and (ii) there is delivered to
the Trustee, the Depositor and the Certificate Registrar such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice to the Trustee or the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute on behalf of the Trust, authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor and Percentage Interest. Upon the issuance of any new
Certificate under this Section, the Trustee or the Certificate Registrar may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee and the Certificate Registrar) in
connection therewith. Any duplicate Certificate issued pursuant to this Section,
shall constitute complete and indefeasible evidence of ownership in the Trust,
as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

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     Section 5.04 PERSONS DEEMED OWNERS.

     The Master Servicer, the Depositor, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of the Master Servicer, the Depositor, the
Certificate Registrar, any Paying Agent or the Trustee may treat the Person,
including a Depository, in whose name any Certificate is registered as the owner
of such Certificate for the purpose of receiving distributions pursuant to
Section 4.01 and for all other purposes whatsoever, and none of the Master
Servicer, the Trust, the Trustee nor any agent of any of them shall be affected
by notice to the contrary.

     To the extent the Trustee, Certificate Registrar or any Paying Agent is
required pursuant to this Agreement to determine the identity of the beneficial
owner of a Book-Entry Certificate, any costs assessed by the Depository in
making such determination shall be an expense of the party making such request,
but in no event shall such cost be an expense of the Trust Fund.

     Section 5.05 APPOINTMENT OF PAYING AGENT.

     (a) The Paying Agent shall make distributions to Certificateholders from
the Distribution Account pursuant to Section 4.01 and shall report the amounts
of such distributions to the Trustee. The duties of the Paying Agent may include
the obligation (i) to withdraw funds from the Distribution Account pursuant to
Sections 3.10 and 3.11 and for the purpose of making the distributions referred
to above and (ii) to distribute statements and provide information to
Certificateholders as required hereunder. The Paying Agent hereunder shall at
all times be an entity duly incorporated and validly existing under the laws of
the United States of America or any state thereof, authorized under such laws to
exercise corporate trust powers and subject to supervision or examination by
federal or state authorities. The Paying Agent shall initially be the Trustee.
The Trustee may appoint a successor to act as Paying Agent, which appointment
shall be reasonably satisfactory to the Depositor and the Rating Agencies.

     (b) The Trustee shall cause the Paying Agent (if other than the Trustee) to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee that such Paying Agent shall hold all sums, if any,
held by it for payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders and shall agree that it shall comply with all requirements of
the Code regarding the withholding of payments in respect of Federal income
taxes due from Certificate Owners and otherwise comply with the provisions of
this Agreement applicable to it.

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                                   ARTICLE VI

                      THE MASTER SERVICER AND THE DEPOSITOR

     Section 6.01 LIABILITY OF THE MASTER SERVICER AND THE DEPOSITOR.

     The Master Servicer shall be liable in accordance herewith only to the
extent of the obligations specifically imposed upon and undertaken by the Master
Servicer, as the case may be, herein. The Depositor shall be liable in
accordance herewith only to the extent of the obligations specifically imposed
upon and undertaken by the Depositor.

     Section 6.02 MERGER OR CONSOLIDATION OF OR ASSUMPTION OF THE OBLIGATIONS OF
                  THE MASTER SERVICER OR THE DEPOSITOR.

     Any entity into which the Master Servicer or Depositor may be merged or
consolidated, or any entity resulting from any merger, conversion or
consolidation to which the Master Servicer or the Depositor shall be a party, or
any corporation succeeding to the business of the Master Servicer or the
Depositor, shall be the successor of the Master Servicer or the Depositor, as
the case may be, hereunder, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided, however, that the successor master servicer
shall satisfy all the requirements of Section 7.02 with respect to the
qualifications of a successor master servicer.

     Section 6.03 LIMITATION ON LIABILITY OF THE MASTER SERVICER AND OTHERS.

     Neither the Master Servicer nor any of the directors or officers or
employees or agents of the Master Servicer shall be under any liability to the
Trust or the Certificateholders for any action taken or for refraining from the
taking of any action by the Master Servicer in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Master Servicer or any such Person against any liability
which would otherwise be imposed by reason of its willful misfeasance, bad faith
or negligence in the performance of duties of the Master Servicer or by reason
of its reckless disregard of its obligations and duties of the Master Servicer
hereunder; provided, further, that this provision shall not be construed to
entitle the Master Servicer to indemnity in the event that amounts advanced by
the Master Servicer to retire any senior lien exceed Liquidation Proceeds (in
excess of related liquidation expenses) realized with respect to the related
Mortgage Loan. The Master Servicer and any director or officer or employee or
agent of the Master Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Master Servicer and any director or officer or employee
or agent of the Master Servicer shall be indemnified by the Trust and held
harmless against any loss, liability or expense incurred in connection with any
legal action relating to this Agreement or the Certificates, other than any
loss, liability or expense related to any specific Mortgage Loan or Mortgage
Loans (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) and any loss, liability or expense
incurred by reason of its willful misfeasance, bad faith or negligence in the
performance of duties hereunder or by reason of its reckless disregard of
obligations and duties hereunder. The Master Servicer may undertake any such
action which it may deem necessary or desirable in respect of this Agreement,
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder.

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In such event, the reasonable legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust and the Master Servicer shall be entitled to be reimbursed therefor only
pursuant to Section 3.11. The Master Servicer's right to indemnity or
reimbursement pursuant to this Section shall survive any resignation or
termination of the Master Servicer pursuant to Section 6.04 or 7.01 with respect
to any losses, expenses, costs or liabilities arising prior to such resignation
or termination (or arising from events that occurred prior to such resignation
or termination). This paragraph shall apply to the Master Servicer solely in its
capacity as Master Servicer hereunder and in no other capacities.

     Section 6.04 MASTER SERVICER NOT TO RESIGN.

     Subject to the provisions of Section 7.01 and Section 6.02, the Master
Servicer shall not resign from the obligations and duties hereby imposed on it
except (i) upon determination that the performance of its obligations or duties
hereunder are no longer permissible under applicable law or are in material
conflict by reason of applicable law with any other activities carried on by it
or its subsidiaries or Affiliates, the other activities of the Master Servicer
so causing such a conflict being of a type and nature carried on by the Master
Servicer or its subsidiaries or Affiliates at the date of this Agreement or (ii)
upon satisfaction of the following conditions: (a) the Master Servicer has
proposed a successor master servicer to the Trustee in writing and such proposed
successor master servicer is reasonably acceptable to the Trustee; and (b) each
Rating Agency shall have delivered a letter to the Trustee prior to the
appointment of the successor master servicer stating that the proposed
appointment of such successor master servicer as Master Servicer hereunder will
not result in the reduction or withdrawal of the then current rating of the
Regular Certificates or the ratings that are in effect; provided, however, that
no such resignation by the Master Servicer shall become effective until such
successor master servicer or, in the case of (i) above, the Trustee shall have
assumed the Master Servicer's responsibilities and obligations hereunder or the
Trustee shall have designated a successor master servicer in accordance with
Section 7.02. Any such resignation shall not relieve the Master Servicer of
responsibility for any of the obligations specified in Sections 7.01 and 7.02 as
obligations that survive the resignation or termination of the Master Servicer.
Any such determination permitting the resignation of the Master Servicer shall
be evidenced by an Opinion of Counsel to such effect delivered to the Trustee.

     Section 6.05 DELEGATION OF DUTIES.

     In the ordinary course of business, the Master Servicer at any time may
delegate any of its duties hereunder to any Person, including any of its
Affiliates, who agrees to conduct such duties in accordance with standards
comparable to those set forth in Section 3.01, including entering into Sub-
Servicing Agreements with Sub-Servicers, for the servicing and administration of
the Mortgage Loans, in accordance with the provisions of Section 3.02. Such
delegation shall not relieve the Master Servicer of its liabilities and
responsibilities with respect to such duties and shall not constitute a
resignation within the meaning of Section 6.04. The Master Servicer shall
provide the Trustee and the Rating Agencies with 60 days prior written notice
prior to the delegation of any of its duties to any Person other than any of the
Master Servicer's Affiliates or their respective successors and assigns.

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                                   ARTICLE VII

                                     DEFAULT

     Section 7.01 MASTER SERVICER EVENTS OF TERMINATION.

     (a) If any one of the following events ("Master Servicer Events of
Termination' ) shall occur and be continuing:

          (i) (A) The failure by the Master Servicer to make any Advance (other
     than a Nonrecoverable Advance); or (B) any other failure by the Master
     Servicer to deposit in the Collection Account or Distribution Account any
     deposit required to be made under the terms of this Agreement which
     continues unremedied for a period of (i) one Business Day in the case of
     any such Advance that was required to be remitted to the Trustee or (ii)
     five Business Days in the case of any such deposit that was required to be
     remitted to the Trustee, provided, that, if the Master Servicer cures such
     failure within the applicable grace period, the amounts remitted shall
     include interest calculated at the applicable federal funds rate; or

          (ii) The failure by the Master Servicer duly to observe or perform, in
     any material respect, any other covenants, obligations or agreements of the
     Master Servicer as set forth in this Agreement, which failure continues
     unremedied for a period of 30 days, after the date (A) on which written
     notice of such failure, requiring the same to be remedied, shall have been
     given to the Master Servicer by the Trustee or by any Holder of a Regular
     Certificate evidencing at least 25% of the Voting Rights or (B) actual
     knowledge of such failure by a Servicing Officer of the Master Servicer; or

          (iii) The entry against the Master Servicer of a decree or order by a
     court or agency or supervisory authority having jurisdiction in the
     premises for the appointment of a trustee, conservator, receiver or
     liquidator in any insolvency, conservatorship, receivership, readjustment
     of debt, marshalling of assets and liabilities or similar proceedings, or
     for the winding up or liquidation of its affairs, and the continuance of
     any such decree or order unstayed and in effect for a period of 60 days; or

          (iv) The Master Servicer shall voluntarily go into liquidation,
     consent to the appointment of a conservator or receiver or liquidator or
     similar person in any insolvency, readjustment of debt, marshalling of
     assets and liabilities or similar proceedings of or relating to the Master
     Servicer or of or relating to all or substantially all of its property; or
     a decree or order of a court or agency or supervisory authority having
     jurisdiction in the premises for the appointment of a conservator,
     receiver, liquidator or similar person in any insolvency, readjustment of
     debt, marshalling of assets and liabilities or similar proceedings, or for
     the winding-up or liquidation of its affairs, shall have been entered
     against the Master Servicer and such decree or order shall have remained in
     force undischarged, unbonded or unstayed for a period of 60 days; or the
     Master Servicer shall admit in writing its inability to pay its debts
     generally as they become due, file a petition to take advantage of any
     applicable insolvency or reorganization statute, make an assignment for the
     benefit of its creditors or voluntarily suspend payment of its obligations;

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     (b) then, and in each and every such case, so long as a Master Servicer
Event of Termination shall not have been remedied within the applicable grace
period, (x) with respect solely to clause (i)(A) above, if such Advance is not
made by 11:00 A.M., New York time, on the Business Day immediately following the
Master Servicer Remittance Date (provided the Trustee shall give the Master
Servicer, and the Master Servicer shall have received, notice of such failure to
above by 5:00 P.M. New York time on the Master Servicer Remittance Date), the
Trustee shall terminate all of the rights and obligations of the Master Servicer
under this Agreement and the Trustee, or a successor master servicer appointed
in accordance with Section 7.02, shall immediately make such Advance and assume,
pursuant to the terms of Section 7.02, the duties of a successor master servicer
and (y) in the case of (i)(B), (ii), (iii) and (iv) above, the Trustee shall, at
the direction of the Holders of each Class of Regular Certificates evidencing
Percentage Interests aggregating not less than 51%, by notice then given in
writing to the Master Servicer (and to the Trustee if given by Holders of
Certificates), terminate all of the rights and obligations of the Master
Servicer as servicer under this Agreement, to the extent permitted by law, and
in and to the Mortgage Loans and the proceeds thereof. Any such notice to the
Master Servicer shall also be given to each Rating Agency and the Depositor. On
or after the receipt by the Master Servicer (and by the Trustee if such notice
is given by the Holders) of such written notice, all authority and power of the
Master Servicer under this Agreement, whether with respect to the Certificates
or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee
or duly appointed successor master servicer pursuant to and under this Section;
and, without limitation, the Trustee or duly appointed successor master servicer
is hereby authorized and empowered to execute and deliver, on behalf of the
Master Servicer, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of each Mortgage Loan and Related
Documents or otherwise. The Master Servicer agrees to cooperate with the Trustee
(or the applicable successor master servicer) in effecting the termination of
the responsibilities and rights of the Master Servicer hereunder, including,
without limitation, the delivery to the Trustee of all documents and records
requested by it to enable it to assume the Master Servicer's functions under
this Agreement within ten Business Days subsequent to such notice, the transfer
within one Business Day subsequent to such notice to the Trustee (or the
applicable successor master servicer) for the administration by it of all cash
amounts that shall at the time be held by the Master Servicer and to be
deposited by it in the Collection Account, the Distribution Account, any REO
Account or any Servicing Account or that have been deposited by the Master
Servicer in such accounts or thereafter received by the Master Servicer with
respect to the Mortgage Loans or any REO Property received by the Master
Servicer. All Transition Costs incurred in connection with transferring the
Mortgage Files to the successor master servicer and amending this Agreement to
reflect such succession as Master Servicer pursuant to this Section shall be
paid by the predecessor Master Servicer (or if the predecessor Master Servicer
is the Trustee, the initial Master Servicer) or by the Trust pursuant to Section
3.11(b)(iv) herein if the Master Servicer does not fulfill its obligations
hereunder within 45 days of presentation of reasonable documentation of such
costs and expenses. For purposes of this Section 7.01, the Trustee shall not be
deemed to have knowledge of a Master Servicer Event of Termination unless a
Responsible Officer of the Trustee assigned to and working in the Trustee's
Corporate Trust Office has actual knowledge thereof or unless written notice of
any event which is in fact such a Master Servicer Event of Termination is
received by the Trustee and such notice references the Certificates, the Trust
Fund or this Agreement.

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     Section 7.02 TRUSTEE TO ACT: APPOINTMENT OF SUCCESSOR.

     (a) Within 90 days of the time the Master Servicer (and the Trustee, if
notice is sent by the Holders) receives a notice of termination pursuant to
Section 7.01 or 6.04, the Trustee (or such other successor master servicer as is
approved in accordance with this Agreement) shall be the successor in all
respects to the Master Servicer in its capacity as servicer under this Agreement
and the transactions set forth or provided for herein and shall be subject to
all the responsibilities, duties and liabilities relating thereto placed on the
Master Servicer by the terms and provisions hereof arising on and after its
succession; provided, however, that if the Trustee is prohibited by law or
regulation from obligating itself to make advances regarding delinquent mortgage
loans, then the Trustee shall not be obligated to make Advances pursuant to
Section 4.06; and provided further, it is understood and acknowledged that by
the parties hereto that there will be a period of transition (not to exceed 90
days) before the transfer of servicing obligations is fully effected and that
the Trustee (i) shall be under no obligation to purchase any Mortgage Loan, and
(ii) shall have no obligation whatsoever with respect to any liability (other
than advances deemed recoverable and not previously made) incurred by the Master
Servicer at or prior to the time of termination As compensation therefor, the
Trustee (or such other successor master servicer) shall be entitled to such
compensation as the Master Servicer would have been entitled to hereunder if no
such notice of termination had been given. Notwithstanding the above, (i) if the
Trustee is unwilling to act as successor master servicer or (ii) if the Trustee
is legally unable so to act, or if the Holders of Certificates entitled to at
least 51% of the Voting Rights so request in writing to the Trustee, the Trustee
shall appoint or petition a court of competent jurisdiction to appoint, any
established housing and home finance institution, bank or other mortgage loan or
home equity loan servicer having a net worth of not less than $50,000,000 as the
successor to the Master Servicer hereunder in the assumption of all or any part
of the responsibilities, duties or liabilities of the Master Servicer hereunder,
provided, that the appointment of any such successor master servicer will not
result in the qualification, reduction or withdrawal of the ratings assigned to
the Certificates or the ratings that are in effect by the Rating Agencies as
evidenced by a letter to such effect from the Rating Agencies. Pending
appointment of a successor to the Master Servicer hereunder, unless the Trustee
is prohibited by law from so acting, the Trustee shall act in such capacity as
herein above provided. In connection with such appointment and assumption, the
successor shall be entitled to receive compensation out of payments on Mortgage
Loans in an amount equal to the compensation which the Master Servicer would
otherwise have received pursuant to Section 3.18 (or such other compensation as
the Trustee and such successor shall agree, not to exceed the Servicing Fee).
The appointment of a successor master servicer shall not affect any liability of
the predecessor Master Servicer which may have arisen under this Agreement prior
to its termination as Master Servicer to pay any deductible under an insurance
policy pursuant to Section 3.13 or to indemnify the Trustee pursuant to Section
8.05, nor shall any successor master servicer be liable for any acts or
omissions of the predecessor Master Servicer or for any breach by such Master
Servicer of any of its representations or warranties contained herein or in any
related document or agreement. The Trustee and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession.

     (b) Any successor, including the Trustee, to the Master Servicer as
servicer shall during the term of its service as master servicer continue to
master service and administer the Mortgage Loans for the benefit of
Certificateholders, and maintain in force a policy or policies of insurance
covering errors and omissions in the performance of its obligations as Master
Servicer hereunder and

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a Fidelity Bond in respect of its officers, employees and agents to the same
extent as the Master Servicer is so required pursuant to Section 3.14.

     (c) In connection with the termination or resignation of the Master
Servicer hereunder, either (i) the successor Master Servicer, including the
Trustee if the Trustee is acting as successor Master Servicer, shall represent
and warrant that it is a member of MERS in good standing and shall agree to
comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with
MERS, in which case the predecessor Master Servicer shall cooperate with the
successor Master Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor Master Servicer as necessary under MERS'
rules and regulations, or (ii) the predecessor Master Servicer shall cooperate
with the successor Master Servicer in causing MERS to execute and deliver an
assignment of Mortgage in recordable form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other notices, documents and other
instruments as may be necessary or desirable to effect a transfer of such
Mortgage Loan or servicing of such Mortgage Loan on the MERS(R) System to the
successor Master Servicer. The predecessor Master Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
predecessor Master Servicer shall bear any and all fees of MERS, costs of
preparing any assignments of Mortgage, and fees and costs of filing any
assignments of Mortgage that may be required under this subsection (c). The
successor Master Servicer shall cause such assignment to be delivered to the
Trustee promptly upon receipt of the original with evidence of recording thereon
or a copy certified by the public recording office in which such assignment was
recorded.

     Section 7.03 WAIVER OF MASTER SERVICER EVENTS OF TERMINATION.

     The Majority Certificateholders may, on behalf of all Certificateholders,
waive any events permuting removal of the Master Servicer as servicer pursuant
to this Article VII, provided, however, that the Majority Certificateholders may
not waive such events or a Master Servicer Event of Termination in making a
required distribution on a Certificate without the consent of the Holder of such
Certificate. Upon any waiver of a past default, such default shall cease to
exist and any Master Servicer Event of Termination arising therefrom shall be
deemed to have been remedied for every purpose of this Agreement. No such waiver
shall extend to any subsequent or other default or impair any right consequent
thereto except to the extent expressly so waived. Notice of any such waiver
shall be given by the Trustee to the Rating Agencies.

     Section 7.04 NOTIFICATION TO CERTIFICATEHOLDERS.

     (a) Upon any termination or appointment of a successor the Master Servicer
pursuant to this Article VII or Section 6.04, the Trustee shall give prompt
written notice thereof to the Certificateholders at their respective addresses
appearing in the Certificate Register and each Rating Agency.

     (b) No later than 60 days after the occurrence of any event which
constitutes or which, with notice or a lapse of time or both, would constitute a
Master Servicer Event of Termination the Trustee shall be deemed to have actual
knowledge of such Master Servicer Event of Termination five Business Days after
a Responsible Officer of the Trustee becomes aware of the occurrence of such an
event and the Trustee shall transmit by mail to all Certificateholders notice of
such occurrence

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unless such default or Master Servicer Event of Termination shall have been
waived or cured. Such notice shall be given to the Rating Agencies promptly
after any such occurrence.

     Section 7.05 SURVIVABILITY OF MASTER SERVICER LIABILITIES.

     Notwithstanding anything herein to the contrary, upon termination of the
Master Servicer hereunder, any liabilities of the Master Servicer which accrued
prior to such termination shall survive such termination.

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                                  ARTICLE VIII

                                   THE TRUSTEE

     Section 8.01 DUTIES OF TRUSTEE.

     The Trustee, prior to the occurrence of a Master Servicer Event of
Termination of which a Responsible Officer of the Trustee shall have actual
knowledge and after the curing of all Master Servicer Events of Termination
which may have occurred, undertakes to perform such duties and only such duties
as are specifically set forth in this Agreement. If a Master Servicer Event of
Termination has occurred (which has not been cured) of which a Responsible
Officer has actual knowledge, the Trustee shall exercise such of the rights and
powers vested in it by this Agreement, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

     As provided in Section 4.02 hereof, on each Distribution Date, the Trustee
shall provide Bloomberg Financial Markets, L.P. ("Bloomberg") CUSIP level
information for each Class of Certificates as of such Distribution Date, using a
format and media mutually acceptable to the Trustee and Bloomberg.

     The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement; provided, however, that the
Trustee shall not be responsible for the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished by the Master Servicer, the Additional Collateral Servicer or the
Depositor hereunder. If any such instrument is found not to conform in any
material respect to the requirements of this Agreement, the Trustee shall notify
the Certificateholders of such instrument in the event that the Trustee, after
so requesting, does not receive a satisfactorily corrected instrument.

     The Trustee shall prepare and file or cause to be filed on behalf of the
Trust Fund any tax return that is required with respect to the Trust Fund
pursuant to applicable federal, state or local tax laws.

     The Trustee covenants and agrees that it shall perform its obligations
hereunder in a manner so as to maintain the status of the Trust Fund as two
REMICs under the REMIC Provisions and to prevent the imposition of any federal,
state or local income, prohibited transaction, contribution or other tax on the
Trust Fund to the extent that maintaining such status and avoiding such taxes
are within the control of the Trustee and are within the commercially reasonable
scope of specific responsibilities under this Agreement.

     No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own misconduct; provided, however, that:

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          (i) prior to the occurrence of a Master Servicer Event of Termination,
     and after the curing of all such Master Servicer Events of Termination
     which may have occurred, the duties and obligations of the Trustee shall be
     determined solely by the express provisions of this Agreement, the Trustee
     shall not be liable except for the performance of such duties and
     obligations as are specifically set forth in this Agreement, no implied
     covenants or obligations shall be read into this Agreement against the
     Trustee and, in the absence of bad faith on the part of the Trustee, the
     Trustee may conclusively rely, as to the truth of the statements and the
     correctness of the opinions expressed therein, upon any certificates or
     opinions furnished to the Trustee and conforming to the requirements of
     this Agreement;

          (ii) the Trustee shall not be personally liable for an error of
     judgment made in good faith by a Responsible Officer of the Trustee, unless
     it shall be proved by a court of competent jurisdiction that the Trustee
     was negligent in ascertaining or investigating the facts related thereto;

          (iii) the Trustee shall not be personally liable with respect to any
     action taken, suffered or omitted to be taken by it in good faith in
     accordance with the direction of the Majority Certificateholders relating
     to the time, method and place of conducting any proceeding for any remedy
     available to the Trustee, or exercising or omitting to exercise any trust
     or power conferred upon the Trustee, under this Agreement; and

          (iv) the Trustee shall not be charged with knowledge of any failure by
     the Master Servicer to comply with the obligations of the Master Servicer
     referred to in clauses (i) and (ii) of Section 7.01 or any Master Servicer
     Event of Termination unless a Responsible Officer of the Trustee at the
     Corporate Trust Office obtains actual knowledge of such failure or the
     Trustee receives written notice of such failure from the Master Servicer or
     the Majority Certificateholders. In the absence of such receipt of such
     notice, the Trustee may conclusively assume that there is no Master
     Servicer Event of Termination.

     The Trustee shall not be required to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if there is
reasonable ground for believing that the repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it, and
none of the provisions contained in this Agreement shall in any event require
the Trustee to perform, or be responsible for the manner of performance of, any
of the obligations of the Master Servicer or Additional Collateral Servicer
under this Agreement, except during such time, if any, as the Trustee shall be
the successor to, and be vested with the rights, duties, powers and privileges
of, the Master Servicer in accordance with the terms of this Agreement.

     The Trustee shall not complete foreclosure proceedings, or accept a deed in
lieu of foreclosure, with respect to any Mortgage Loan, unless the Trustee has
been supplied with an Opinion of Counsel to the effect that if the related
Mortgaged Property is acquired by the Trust, such Mortgaged Property from such
Mortgage will qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code. In the event that the Trustee acquires possession of any
Mortgaged Property in spite of the foregoing, the Trustee shall dispose of the
acquired Mortgaged Property as expeditiously as possible.

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     The Trustee shall have no duty (A) to see any recording, filing, or
depositing of this Agreement or any agreement referred to herein or any
financing statement or continuation statement evidencing a security interest, or
to see to the maintenance of any such recording or filing or depositing or to
any rerecording, refiling or redepositing of any thereof, (B) to see to any
insurance or (C) to see to the payment or discharge of any tax, assessment, or
other governmental charge or any lien or encumbrance of any kind owing with
respect to, assessed or levied against, any part of the Trust Fund other than
from funds available in the Distribution Account to confirm or verify the
contents of any reports or certificates of the Master Servicer or the Additional
Collateral Servicer delivered to the Trustee pursuant to this Agreement believed
by the Trustee to be genuine and to have been signed or presented by the proper
party or parties.

     Section 8.02 CERTAIN MATTERS AFFECTING THE TRUSTEE.

     (a) Except as otherwise provided in Section 8.01:

          (i) the Trustee may request and conclusively rely upon, and shall be
     fully protected in acting or refraining from acting upon, any resolution,
     Officer's Certificate, certificate of auditors or any other certificate,
     statement, instrument, opinion, report, notice, request, consent, order,
     appraisal, bond or other paper or document reasonably believed by it to be
     genuine and to have been signed or presented by the proper party or
     parties;

          (ii) the Trustee may consult with counsel and any advice or Opinion of
     Counsel shall be full and complete authorization and protection in respect
     of any action taken or suffered or omitted by it hereunder in good faith
     and in accordance with such advice or Opinion of Counsel;

          (iii) the Trustee shall be under no obligation to exercise any of the
     rights or powers vested in it by this Agreement, or to institute, conduct
     or defend any litigation hereunder or in relation hereto, at the request,
     order or direction of the Certificateholders pursuant to the provisions of
     this Agreement, unless such Certificateholders shall have offered to the
     Trustee reasonable security or indemnity against the costs, expenses and
     liabilities which may be incurred therein or thereby; the right of the
     Trustee to perform any discretionary act enumerated in this Agreement shall
     not be construed as a duty, and the Trustee shall not be answerable for
     other than its negligence or willful misconduct in the performance of any
     such act;

          (iv) the Trustee shall not be personally liable for any action taken,
     suffered or omitted by it in good faith and believed by it to be authorized
     or within the discretion or rights or powers conferred upon it by this
     Agreement;

          (v) prior to the occurrence of a Master Servicer Event of Termination
     and after the curing of all Master Servicer Events of Termination which may
     have occurred, the Trustee shall not be bound to make any investigation
     into the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, consent, order, approval,
     bond or other paper or documents, unless requested in writing to do so by
     the Majority Certificateholder; provided, however, that if the payment
     within a reasonable time to the Trustee of the costs, expenses or
     liabilities likely to be incurred by it in the making of

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     such investigation is, in the opinion of the Trustee, not reasonably
     assured to the Trustee by the security afforded to it by the terms of this
     Agreement, the Trustee may require reasonable indemnity against such cost,
     expense or liability as a condition to such proceeding. The reasonable
     expense of every such examination shall be paid by the Master Servicer or,
     if paid by the Trustee, shall be reimbursed by the Master Servicer upon
     demand. Nothing in this clause (v) shall derogate from the obligation of
     the Master Servicer to observe any applicable law prohibiting disclosure of
     information regarding the Mortgagors;

          (vi) the Trustee shall not be accountable, shall have no liability and
     makes no representation as to any acts or omissions hereunder of the Master
     Servicer until such time as the Trustee may be required to act as Master
     Servicer pursuant to Section 7.02;

          (vii) the Trustee may execute any of the trusts or powers hereunder or
     perform any duties hereunder either directly or by or through agents or
     attorneys or a custodian and the Trustee shall not be responsible for any
     misconduct or negligence on the part of any such agent, attorney or
     custodian appointed by the Trustee with due care; and

          (viii) the right of the Trustee to perform any discretionary act
     enumerated in this Agreement shall not be construed as a duty, and the
     Trustee shall not be answerable for other than its negligence or willful
     misconduct in the performance of such act.

     Section 8.03 TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS.

     The recitals contained herein and in the Certificates (other than the
authentication of the Trustee on the Certificates) shall be taken as the
statements of the Master Servicer, and the Trustee assumes no responsibility for
the correctness of the same. The Trustee makes no representations as to the
validity or sufficiency of this Agreement or of the Certificates (other than the
signature and authentication of the Trustee on the Certificates) or of any
Mortgage Loan or Related Document, or of MERS or the MERS(R) System. The Trustee
shall not be accountable for the use or application by the Master Servicer, or
for the use or application of any funds paid to the Master Servicer in respect
of the Mortgage Loans or deposited in or withdrawn from the Collection Account
by the Master Servicer. The Trustee shall at no time have any responsibility or
liability for or with respect to the legality, validity and enforceability of
any Mortgage or any Mortgage Loan, or the perfection and priority of any
Mortgage or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Trust or its ability to generate the payments
to be distributed to Certificateholders under this Agreement, including, without
limitation: the existence, condition and ownership of any Mortgaged Property;
the existence and enforceability of any hazard insurance thereon (other than if
the Trustee shall assume the duties of the Master Servicer pursuant to Section
7.02); the validity of the assignment of any Mortgage Loan to the Trustee or of
any intervening assignment; the completeness of any Mortgage Loan; the
performance or enforcement of any Mortgage Loan (other than if the Trustee shall
assume the duties of the Master Servicer pursuant to Section 7.02); the
compliance by the Depositor or the Master Servicer with any warranty or
representation made under this Agreement or in any related document or the
accuracy of any such warranty or representation prior to the Trustee's receipt
of notice or other discovery of any noncompliance therewith or any breach
thereof, any investment of monies by or at the direction of the Master Servicer
or any loss resulting therefrom, it being understood that the Trustee shall
remain responsible for any Trust property that it may hold in its individual
capacity; the acts or omissions

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of any of the Master Servicer (other than if the Trustee shall assume the duties
of the Master Servicer pursuant to Section 7.02), any Sub-Servicer or any
Mortgagor, any action of the Master Servicer (other than if the Trustee shall
assume the duties of the Master Servicer pursuant to Section 7.02), or any
Sub-Servicer taken in the name of the Trustee; the failure of the Master
Servicer or any Sub- Servicer to act or perform any duties required of it as
agent of the Trustee hereunder; or any action by the Trustee taken at the
instruction of the Master Servicer (other than if the Trustee shall assume the
duties of the Master Servicer pursuant to Section 7.02); provided, however, that
the foregoing shall not relieve the Trustee of its obligation to perform its
duties under this Agreement. The Trustee shall have no responsibility for filing
any financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder (unless the Trustee shall have become the successor
master servicer).

     Section 8.04 TRUSTEE MAY OWN CERTIFICATES.

     The Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates with the same rights as it would have if it were not
Trustee and may transact any banking and trust business with the Master
Servicer, the Depositor or their Affiliates.

     Section 8.05 MASTER SERVICER TO PAY TRUSTEE EXPENSES; TRUSTEE FEES.

     On each Distribution Date, the Trustee shall be entitled to withdraw from
the Distribution Account as compensation hereunder the Trustee Fees. The Master
Servicer will pay or reimburse the Trustee (or, if the Master Servicer does not
fulfill its obligations hereunder, the Trust Fund will reimburse pursuant to
Section 3.11(b)(ii) herein) within 30 days upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Agreement (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence or bad faith or which is the
responsibility of the Trustee hereunder. In addition, the Master Servicer
covenants and agrees to indemnify the Trustee (or, if the Master Servicer does
not fulfill its obligations hereunder within 30 days upon the Trustee's request,
the Trust Fund will indemnify pursuant to Section 3.11(b)(ii) herein) and its
officers, directors, employees and agents from, and hold it harmless against,
any and all losses, liabilities, damages, claims or expenses incurred in
connection with any legal action relating to this Agreement or the Certificates,
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence of the Trustee in the performance of its
duties hereunder or by reason of the Trustee's reckless disregard of obligations
and duties hereunder. Anything in this Agreement to the contrary
notwithstanding, in no event shall the Trustee be liable for special, indirect
or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action. The Trustee and any
director, officer, employee or agent of the Trustee shall be indemnified, by the
Trust Fund and held harmless against any loss, liability or expense (not
including expenses, disbursements and advances incurred or made by the Trustee,
including the compensation and the expenses and disbursements of its agents and
its counsel, in the ordinary course of the Trustee's performance of its regular
duties in accordance with the provisions of this Agreement) incurred by the
Trustee or such party arising out of or in connection with the acceptance or
administration of its duties under this Agreement, other than any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or
negligence in the performance by the Trustee of its

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duties under this Agreement or by reason of the reckless disregard of the
Trustee's obligations and duties under this Agreement. This section shall
survive termination of this Agreement or the resignation or removal of any
Trustee hereunder.

     Section 8.06 ELIGIBILITY REQUIREMENTS FOR TRUSTEE.

     The Trustee hereunder shall be a corporation or a national banking
association, and duly organized and validly existing under the laws of the
United States of America or any state thereof, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 and a minimum long-term debt rating of Baa3 by Moody's
Investors Service, Inc. and a short-term rating of at least A-1 by S&P and A by
Fitch, and subject to supervision or examination by federal or state authority.
If such entity publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 8.06, the combined capital and surplus of such
entity shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. The principal office of the
Trustee (other than the initial Trustee) shall be in a state with respect to
which an Opinion of Counsel has been delivered to such Trustee at the time such
Trustee is appointed Trustee to the effect that the Trust will not be a taxable
entity under the laws of such state. In case at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section 8.06, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 8.07.

     Section 8.07 RESIGNATION OR REMOVAL OF TRUSTEE.

     The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Depositor, the Master Servicer
and each Rating Agency. Upon receiving such notice of resignation, the Depositor
shall promptly appoint a successor Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor Trustee. If no successor Trustee shall have been so
appointed and having accepted appointment within 60 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

     If at any time the Trustee shall cease to be eligible in accordance with
the provisions of Section 8.06 and shall fail to resign after written request
therefor by the Depositor, or if at any time the Trustee shall be legally unable
to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Depositor may remove
the Trustee. If the Depositor or the Master Servicer removes the Trustee under
the authority of the immediately preceding sentence, the Depositor shall
promptly appoint a successor Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor Trustee.

     The Majority Certificateholders may at any time remove the Trustee by
written instrument or instruments delivered to the Master Servicer, the
Depositor and the Trustee; the Depositor shall thereupon use its best efforts to
appoint a successor Trustee in accordance with this Section.

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     Any resignation or removal of the Trustee and appointment of a successor
Trustee pursuant to any of the provisions of this Section 8.07 shall not become
effective until acceptance of appointment by the successor Trustee as provided
in Section 8.08.

     Section 8.08 SUCCESSOR TRUSTEE.

     Any successor Trustee appointed as provided in Section 8.07 shall execute,
acknowledge and deliver to the Depositor, the Rating Agencies, the Master
Servicer and to its predecessor Trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor Trustee
shall become effective, and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with like effect as if
originally named as Trustee. The Depositor, the Master Servicer and the
predecessor Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and
confirming in the successor Trustee all such rights, powers, duties and
obligations.

     No successor Trustee shall accept appointment as provided in this Section
8.08 unless at the time of such acceptance such successor Trustee shall be
eligible under the provisions of Section 8.06 and the appointment of such
successor Trustee shall not result in a downgrading of the Regular Certificates
by either Rating Agency, as evidenced by a letter from each Rating Agency.

     Upon acceptance of appointment by a successor Trustee as provided in this
Section 8.08, the successor Trustee shall mail notice of the appointment of a
successor Trustee hereunder to all Holders of Certificates at their addresses as
shown in the Certificate Register and to each Rating Agency.

     Section 8.09 MERGER OR CONSOLIDATION OF TRUSTEE.

     Any entity into which the Trustee may be merged or converted or with which
it may be consolidated, or any entity resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any entity succeeding to
the business of the Trustee, shall be the successor of the Trustee hereunder,
provided such entity shall be eligible under the provisions of Section 8.06 and
8.08, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding.

     Section 8.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

     Notwithstanding any other provisions of this Agreement, at anytime, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or any Mortgaged Property may at the time be located, the Depositor
and the Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Trustee
to act as co-trustee or co-trustees, jointly with the Trustee, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the
Certificateholders, such title to the Trust, or any part thereof, and, subject
to the other provisions of this Section 8.10, such powers, duties, obligations,
rights and trusts as the Master Servicer and the Trustee may consider necessary
or desirable. Any such co-trustee or separate trustee shall be subject to the
written approval of the Master Servicer. If the Master Servicer shall not have

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joined in such appointment within 15 days after the receipt by it of a request
so to do, or in the case a Master Servicer Event of Termination shall have
occurred and be continuing, the Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor Trustee under Section 8.06, and no
notice to Certificateholders of the appointment of any co-trustee or separate
trustee shall be required under Section 8.08. The Master Servicer shall be
responsible for the fees of any co-trustee or separate trustee appointed
hereunder.

     Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

          (i) all rights, powers, duties and obligations conferred or imposed
     upon the Trustee shall be conferred or imposed upon and exercised or
     performed by the Trustee and such separate trustee or co-trustee jointly
     (it being understood that such separate trustee or co-trustee is not
     authorized to act separately without the Trustee joining in such act),
     except to the extent that under any law of any jurisdiction in which any
     particular act or acts are to be performed (whether as Trustee hereunder or
     as successor to the Master Servicer hereunder), the Trustee shall be
     incompetent or unqualified to perform such act or acts, in which event such
     rights, powers, duties and obligations (including the holding of title to
     the Trust or any portion thereof in any such jurisdiction) shall be
     exercised and performed singly by such separate trustee or co-trustee, but
     solely at the direction of the Trustee;

          (ii) no trustee hereunder shall be held personally liable by reason of
     any act or omission of any other trustee hereunder; and

          (iii) the Master Servicer and the Trustee, acting jointly may at any
     time accept the resignation of or remove any separate trustee or co-trustee
     except that following the occurrence of a Master Servicer Event of
     Termination, the Trustee acting alone may accept the resignation or remove
     any separate trustee or co-trustee.

     Any notice, request or other writing given to the Trustee shall be deemed
to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Depositor, the Rating Agencies and the Master Servicer.

         Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co- trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor Trustee.

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     Section 8.11 LIMITATION OF LIABILITY.

     The Certificates are executed by the Trustee, not in its individual
capacity but solely as Trustee of the Trust, in the exercise of the powers and
authority conferred and vested in it by the Trust Agreement. Each of the
undertakings and agreements made on the part of the Trustee in the Certificates
is made and intended not as a personal undertaking or agreement by the Trustee
but is made and intended for the purpose of binding only the Trust.

     Section 8.12 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF CERTIFICATES.

     (a) All rights of action and claims under this Agreement or the
Certificates may be prosecuted and enforced by the Trustee without the
possession of any of the Certificates or the production thereof in any
proceeding relating thereto, and such proceeding instituted by the Trustee shall
be brought in its own name or in its capacity as Trustee for the benefit of all
Holders of such Certificates, subject to the provisions of this Agreement. Any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursement and advances of the Trustee, its agents and
counsel, be for the ratable benefit of the Certificateholders in respect of
which such judgment has been recovered.

     (b) The Trustee shall afford the Depositor, the Master Servicer and each
Certificateholder upon reasonable notice during normal business hours, access to
all records maintained by the Trustee in respect of its duties hereunder and
access to officers of the Trustee responsible for performing such duties. The
Trustee shall cooperate fully with the Master Servicer, the Depositor and such
Certificateholder and shall make available to the Master Servicer, the Depositor
and such Certificateholder for review and copying at the expense of the party
requesting such copies, such books, documents or records as may be requested
with respect to the Trustee's duties hereunder. The Depositor, the Master
Servicer and the Certificateholders shall not have any responsibility or
liability for any action or failure to act by the Trustee and are not obligated
to supervise the performance of the Trustee under this Agreement or otherwise.

     Section 8.13 SUITS FOR ENFORCEMENT.

     In case a Master Servicer Event of Termination or other default by the
Master Servicer or the Depositor hereunder shall occur and be continuing, the
Trustee may proceed to protect and enforce its rights and the rights of the
Certificateholders under this Agreement by a suit, action or proceeding in
equity or at law or otherwise, whether for the specific performance of any
covenant or agreement contained in this Agreement or in aid of the execution of
any power granted in this Agreement or for the enforcement of any other legal,
equitable or other remedy, as the Trustee, being advised by counsel, and subject
to the foregoing, shall deem most effectual to protect and enforce any of the
rights of the Trustee and the Certificateholders.

     Section 8.14 WAIVER OF BOND REQUIREMENT.

     The Trustee shall be relieved of, and each Certificateholder hereby waives,
any requirement of any jurisdiction in which the Trust, or any part thereof, may
be located that the Trustee post a bond or other surety with any court, agency
or body whatsoever.

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     Section 8.15 WAIVER OF INVENTORY. ACCOUNTING AND APPRAISAL REQUIREMENT.

     The Trustee shall be relieved of, and each Certificateholder hereby waives,
any requirement of any jurisdiction in which the Trust, or any part thereof, may
be located that the Trustee file any inventory, accounting or appraisal of the
Trust with any court, agency or body at any time or in any manner whatsoever.

     Section 8.16 RIGHT OF TRUSTEE IN CAPACITY OF CERTIFICATE REGISTRAR OR
                  PAYING AGENT.

     In the event that the Trustee is also acting in the capacity of Paying
Agent or Certificate Registrar hereunder, the rights, protections, indemnities
and immunities afforded to the Trustee pursuant to this Article VIII shall also
be afforded to the Trustee in its capacity as Paying Agent or Certificate
Registrar.

     Section 8.17 PERIODIC FILINGS.

          The Trustee shall, on behalf of the Trust Fund, prepare, sign (as
trustee for the Trust Fund) and cause to be filed with the Commission on a
timely basis any periodic reports required to be filed under the provisions of
the Exchange Act, and the rules and regulations of the Commission thereunder;
provided, however, that any annual report of the Depositor on Form 10-K shall be
signed by the Chief Executive Officer of the Master Servicer on behalf of the
Depositor and in respect of the Trust Fund. The Trustee shall provide copies of
all such reports to the Depositor for approval prior to filing. In connection
with the preparation and filing of such periodic reports, the Depositor and the
Master Servicer shall timely provide to the Trustee all material information
available to them which is required to be included in such reports. Prior to
January 30 of the first year in which the Trustee is able to do so under
applicable law, the Trustee shall file a Form 15 Suspension Notification with
respect to the Trust Fund. Any Form 10-K filed with the Commission in connection
with this Section 8.17 shall include a certification, signed by the Chief
Executive Officer of the Master Servicer, in the form attached as Exhibit M
hereto or such other form as may be required or permitted by the Commission (the
"Form 10-K Certification"), in compliance with Rule 13a-14 and 15d-14 under the
Exchange Act and any additional directives of the Commission. In connection with
the Form 10-K Certification, the Trustee shall provide the Master Servicer with
a back-up certification substantially in the form attached hereto as Exhibit N.

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                                   ARTICLE IX

                              REMIC ADMINISTRATION

     Section 9.01 REMIC ADMINISTRATION.

     (a) The Trustee shall make elections to treat the Trust Fund as two REMICs
under the Code and, if necessary, under applicable state law. Each such election
will be made on Form 1066 or other appropriate federal tax or information return
or any appropriate state return for the taxable year ending on the last day of
the calendar year in which the Certificates are issued. For the purposes of the
REMIC elections in respect of the Trust Fund, the Regular Certificates shall be
designated as the "regular interest", the Class R-I Certificates shall be
designated as the sole class of "residual interest" in REMIC I and the Class
R-II Certificates shall be designated as the sole class of "residual interest"
in REMIC II. The Master Servicer and the Trustee shall not permit the creation
of any "interests" (within the meaning of Section 860G of the Code) in any REMIC
other than the Regular Certificates and the Class R Certificates. Within 30 days
after the Closing Date, the Trustee shall prepare and file with the Internal
Revenue Service Form 8811, "Information Return for Real Estate Mortgage
Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations" for
each REMIC.

     The Trustee will apply for an Employee Identification Number from the IRS
via form SS-4 or any other acceptable method for all tax entities.

     (b) The Closing Date is hereby designated as the "Startup Day" of the Trust
Fund within the meaning of Section 860G(a)(9) of the Code.

     (c) The Trustee shall pay out of its own funds, without any right of
reimbursement, any and all expenses relating to any tax audit of the Trust Fund
other than the expense of obtaining any tax related Opinion of Counsel except as
specified herein and except that the Trustee shall be entitled to be reimbursed
from the Collection Account for any professional fees and expenses related to
any non-routine audits or any administrative or judicial proceedings that do not
result from any breach of its tax duties under this Section 9.01. The Trustee,
as agent for the Trust Fund's Tax Matters Person, shall (i) act on behalf of the
Trust Fund in relation to any tax matter or controversy involving the Trust Fund
and (ii) represent the Trust Fund in any administrative or judicial proceeding
relating to an examination or audit by any governmental taxing authority with
respect thereto. By their acceptance thereof, the holder of the largest
Percentage Interest of the Residual Certificates of each REMIC shall be
designated as the Tax Matters Person (as defined in the REMIC Provisions) hereby
agrees to irrevocably appoint the Trustee or an Affiliate as its agent to
perform all of the duties of the Tax Matters Person for each REMIC.

     (d) The Trustee shall prepare, sign and file all of the Tax Returns in
respect of each REMIC created hereunder. The expenses of preparing and filing
such returns shall be borne by the Trustee without any right of reimbursement
therefor. The Master Servicer shall provide on a timely basis to the Trustee or
its designee such information with respect to the assets of the Trust Fund as is
in its possession and reasonably required by the Trustee to enable it to perform
its obligations under this Article IX.

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     (e) The Trustee shall perform on behalf of the Trust Fund all reporting and
other tax compliance duties that are the responsibility of the Trust Fund under
the Code, the REMIC Provisions or other compliance guidance issued by the
Internal Revenue Service or any state or local taxing authority. Among its other
duties, as required by the Code, the REMIC Provisions or other such compliance
guidance, the Trustee shall provide (i) to any Transferor of a Residual
Certificate, at such Transferor's expense, such information as is necessary for
the application of any tax relating to the transfer of a Residual Certificate to
any Person who is not a Permitted Transferee, (ii) to the Certificateholders
such information or reports as are required by the Code or the REMIC Provisions
including reports relating to interest, original issue discount and market
discount or premium and (iii) to the Internal Revenue Service the name, title,
address and telephone number of the person who will serve as the representative
of the Trust Fund. The Master Servicer shall provide on a timely basis to the
Trustee such information with respect to the assets of the Trust Fund,
including, without limitation, the Mortgage Loans, as is in its possession and
reasonably required by the Trustee to enable it to perform its obligations under
this subsection. In addition, the Depositor shall provide or cause to be
provided to the Trustee, within ten (10) days after the Closing Date, all
information or data that the Trustee reasonably determines to be relevant for
tax purposes as to the valuations and issue prices of the Certificates,
including, without limitation, the price, yield, prepayment assumption and
projected cash flow of the Certificates.

     (f) To the extent that the affairs of the Trust Fund are within its control
and the scope of its specific responsibilities under this Agreement, the Trustee
shall take such action and shall cause the Trust Fund created hereunder to take
such action as shall be necessary to create or maintain the status thereof as
two REMICs under the REMIC Provisions (and the Master Servicer shall assist it,
to the extent reasonably requested by it). The Trustee shall not knowingly take
any action, cause the Trust Fund to take any action or fail to take (or fail to
cause to be taken) any action that, under the REMIC Provisions, if taken or not
taken, as the case may be, could (i) endanger the status of the Trust Fund as
two REMICs or (ii) result in the imposition of a tax upon the Trust Fund
(including but not limited to the tax on prohibited transactions as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
in Section 860G(d) of the Code) (either such event, an "Adverse REMIC Event")
unless the Trustee has received an Opinion of Counsel, addressed to the Trustee
(at the expense of the party seeking to take such action but in no event at the
expense of the Trustee) to the effect that the contemplated action will not,
with respect to the Trust Fund created hereunder, endanger such status or result
in the imposition of such a tax, nor shall the Master Servicer take or fail to
take any action (whether or not authorized hereunder) as to which the Trustee
has advised it in writing that it has received an Opinion of Counsel to the
effect that an Adverse REMIC Event could occur with respect to such action. In
addition, prior to taking any action with respect to the Trust Fund or the
assets of the Trust Fund, or causing the Trust Fund to take any action, which is
not contemplated under the terms of this Agreement, the Master Servicer will
consult with counsel with respect to whether such action could cause an Adverse
REMIC Event to occur with respect to the Trust Fund, and the Master Servicer
shall not take any such action or cause the Trust Fund to take any such action
as to which counsel has advised it in writing that an Adverse REMIC Event could
occur. The Trustee may consult with counsel to make such written advice, and the
cost of same shall be borne by the party seeking to take the action not
permitted by this Agreement, but in no event shall such cost be an expense of
the Trustee.

     (g) In the event that any tax is imposed on "prohibited transactions" of
the Trust Fund created hereunder as defined in Section 860F(a)(2) of the Code,
on the "net income from foreclosure

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property" of either REMIC as defined in Section 860G(c) of the Code, on any
contributions to the Trust Fund after the Startup Day therefor pursuant to
Section 860G(d) of the Code, or any other tax is imposed by the Code or any
applicable provisions of state or local tax laws, such tax shall be charged (i)
to the Trustee pursuant to Section 9.03 hereof, if such tax arises out of or
results from a breach by the Trustee of any of its obligations under this
Article IX, (ii) to the Master Servicer pursuant to Section 9.03 hereof, if such
tax arises out of or results from a breach by the Master Servicer of any of its
obligations under Article III or this Article IX, or otherwise, (iii) to the
Master Servicer as provided in Section 3.05 and (iv) against amounts on deposit
in the Distribution Account and shall be paid by withdrawal therefrom to the
extent not required to be paid by the Master Servicer or the Trustee pursuant to
another provision of this Agreement.

     (h) On or before April 15 of each calendar year, commencing April 15, 2004,
the Trustee shall deliver to the Master Servicer and the Rating Agency a
Certificate from a Responsible Officer of the Trustee stating (without regard to
any action taken by any party other than the Trustee) the Trustee's compliance
with this Article IX.

     (i) The Trustee shall, for federal income tax purposes, maintain books and
records with respect to the Trust Fund on a calendar year and on an accrual
basis.

     (j) Following the Startup Day, the Trustee shall not accept any
contributions of assets to the Trust Fund other than in connection with any
Eligible Substitute Mortgage Loan delivered in accordance with Section 2.03
unless it shall have received an Opinion of Counsel (which shall be at the
expense of the party requesting to make such contribution and not at the expense
of the Trustee) to the effect that the inclusion of such assets in the Trust
Fund will not cause the Trust Fund to fail to qualify as two REMICs at any time
that any Certificates are outstanding or subject the Trust Fund to any tax under
the REMIC Provisions or other applicable provisions of federal, state and local
law or ordinances.

     (k) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for
services nor knowingly permit the Trust Fund to receive any income from assets
other than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.

     Section 9.02 PROHIBITED TRANSACTIONS AND ACTIVITIES.

     None of the Depositor, the Master Servicer or the Trustee shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the foreclosure of a Mortgage Loan, including but not limited to, the
acquisition or sale of a Mortgaged Property acquired by deed in lieu of
foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the termination of the
Trust Fund pursuant to Article X of this Agreement, (iv) a substitution pursuant
to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to
Article II or III of this Agreement), nor acquire any assets for the Trust Fund
(other than REO Property acquired in respect of a defaulted Mortgage Loan), nor
sell or dispose of any investments in the Custodial Account or the Distribution
Account for gain, nor accept any contributions to the Trust Fund after the
Closing Date (other than an Eligible Substitute Mortgage Loan delivered in
accordance with Section 2.03), unless it has received an Opinion of Counsel,
addressed to the Trustee (at the expense of the party seeking to cause such
sale, disposition, substitution, acquisition or contribution but in no event at
the expense of the Trustee) that such sale,

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disposition, substitution, acquisition or contribution will not (a) affect
adversely the status of the Trust Fund as two REMICs or (b) cause the Trust Fund
to be subject to a tax on "prohibited transactions" or "contributions" pursuant
to the REMIC Provisions.

     Section 9.03 MASTER SERVICER AND TRUSTEE INDEMNIFICATION.

     (a) The Trustee agrees to indemnify the Trust Fund, the Depositor, and the
Master Servicer for any taxes and costs including, without limitation, any
reasonable attorneys fees imposed on or incurred by the Trust Fund, the
Depositor or the Master Servicer, as a result of a breach of the Trustee's
covenants set forth in this Article IX, subject, however, to the provision of
Sections 8.01 and 8.02 of this Agreement.

     (b) The Master Servicer agrees to indemnify the Trust Fund, the Depositor
and the Trustee for any taxes and costs including, without limitation, any
reasonable attorneys' fees imposed on or incurred by the Trust Fund, the
Depositor or the Trustee, as a result of a breach of the Master Servicer's
covenants set forth in Article III or this Article IX.

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                                    ARTICLE X

                                   TERMINATION

     Section 10.01 TERMINATION.

     (a) The respective obligations and responsibilities of the Master Servicer,
the Depositor and the Trustee created hereby (other than the obligation of the
Trustee to make certain payments to Certificateholders after the final
Distribution Date and the obligation of the Master Servicer to send certain
notices as hereinafter set forth) shall terminate upon notice to the Trustee
upon the earliest of (i) the Distribution Date on which the Certificate
Principal Balance of each Class of Certificates has been reduced to zero, (ii)
the final payment or other liquidation of the last Mortgage Loan in the Trust,
and (iii) the optional purchase by the Master Servicer of the Mortgage Loans as
described below. Notwithstanding the foregoing, in no event shall the trust
created hereby continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late ambassador of
the United States to the Court of St. James's, living on the date hereof.

     The Master Servicer may, at its option, terminate this Agreement on any
date on which the Loan Balance is less than 5% of the aggregate Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date or by purchasing, on the
next succeeding Distribution Date, all of the outstanding Mortgage Loans and REO
Properties at a price equal to the sum of the outstanding Stated Principal
Balance of the Mortgage Loans (or the fair market value of the related
underlying Mortgaged Property with respect to any REO Properties, if such fair
market value is less than such outstanding Stated Principal Balance) and accrued
and unpaid interest thereon at the weighted average of the Loan Rates through
the end of the Due Period preceding the final Distribution Date plus
unreimbursed Servicing Advances, Advances and any unpaid Servicing Fees
allocable to such Mortgage Loans and REO Properties (the "Termination Price").
The Termination Price paid by the Master Servicer shall also include any amounts
owed by Cendant Mortgage pursuant to the last paragraph of Section 3.2(a) of the
Mortgage Loan Purchase Agreement in respect of any liability, penalty or expense
that resulted from a breach of the representation and warranty set forth in
clause (l) of such Section, that remain unpaid on the date of such purchase.

     In connection with any such purchase pursuant to the preceding paragraph,
the Master Servicer shall deposit in the Distribution Account all amounts then
on deposit in the Collection Account (less amounts permitted to be withdrawn by
the Master Servicer pursuant to Section 3.10), which deposit shall be deemed to
have occurred immediately preceding such purchase.

     Any such purchase shall be accomplished by deposit into the Distribution
Account on the Determination Date before such Distribution Date of the
Termination Price and the delivery of an opinion of counsel that such
termination is a "qualified liquidation" under Section 860F of the Code.

     (b) Notice of any termination, specifying the Distribution Date (which
shall be a date that would otherwise be a Distribution Date) upon which the
Certificateholders may surrender their Certificates to the Trustee for payment
of the final distribution and cancellation, shall be given promptly by the
Trustee upon the Trustee receiving notice of such date from the Master Servicer,
by letter to the Certificateholders mailed not earlier than the 15th day and not
later than the 25th day of

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the month next preceding the month of such final distribution specifying (1) the
Distribution Date upon which final distribution of the Certificates will be made
upon presentation and surrender of such Certificates at the office or agency of
the Trustee therein designated, (2) the amount of any such final distribution
and (3) that the Record Date otherwise applicable to such Distribution Date is
not applicable, distributions being made only upon presentation and surrender of
the Certificates at the office or agency of the Trustee therein specified.

     (c) Upon presentation and surrender of the Certificates, the Trustee shall
cause to be distributed to the Holder of the Certificates on the Distribution
Date for such final distribution, in proportion to the Percentage Interests of
their respective Class and to the extent that funds are available for such
purpose, an amount equal to the amount required to be distributed to such
Holders in accordance with the provisions of Section 4.01 for such Distribution
Date.

     (d) In the event that all Certificateholders shall not surrender their
Certificates for final payment and cancellation on or before such final
Distribution Date, the Trustee shall promptly following such date cause all
funds in the Distribution Account not distributed in final distribution to
Certificateholders to be withdrawn therefrom and credited to the remaining
Certificateholders by depositing such funds in a separate servicing account for
the benefit of such Certificateholders, and the Master Servicer (if the Master
Servicer has exercised its right to purchase the Mortgage Loans) or the Trustee
(in any other case) shall give a second written notice to the remaining
Certificateholders, to surrender their Certificates for cancellation and receive
the final distribution with respect thereto. If within nine months after the
second notice all the Certificates shall not have been surrendered for
cancellation, the Class R Certificateholders shall be entitled to all unclaimed
funds and other assets which remain subject hereto, and the Trustee upon
transfer of such funds shall be discharged of any responsibility for such funds,
and the Certificateholders shall look to the Class R Certificateholders for
payment.

     Section 10.02 ADDITIONAL TERMINATION REQUIREMENTS.

     (a) In the event that the Master Servicer exercises its purchase option as
provided in Section 10.01, the Trust Fund shall be terminated in accordance with
the following additional requirements, unless the Trustee shall have been
furnished with an Opinion of Counsel to the effect that the failure of the Trust
to comply with the requirements of this Section will not (i) result in the
imposition of taxes on "prohibited transactions" of the Trust as defined in
Section 860F of the Code or (ii) cause the Trust Fund constituting part of the
Trust Fund to fail to qualify as two REMICs at any time that any Certificates
are outstanding:

          (i) Within 90 days prior to the final Distribution Date, the Trustee
     shall adopt and sign a plan of complete liquidation of the Trust Fund
     meeting the requirements of a "qualified liquidation" under Section 860F of
     the Code and any regulations thereunder;

          (ii) At or after the time of adoption of such a plan of complete
     liquidation and at or prior to the final Distribution Date, the Trustee
     shall sell all of the assets of the Trust to the Master Servicer for cash
     pursuant to the terms of the plan of complete liquidation; and

          (iii) At the time of the making of the final payment on the
     Certificates, the Trustee shall distribute or credit, or cause to be
     distributed or credited (A) to the Holders of each of

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<PAGE>

     the Class A (other than the Class A-7 Certificates), Class P and Class B
     Certificates, an amount equal to the sum of the related Certificate
     Principal Balance and one month's interest thereon at the applicable
     Pass-Through Rate (B) to the Holders of the Class A-7 Certificates and
     Class X Certificates one month's interest on the related Notional Amount
     thereof at the applicable Pass-Through Rate, and (C) to the Class R
     Certificateholders, all cash on hand after such payment to the Class A,
     Class P, Class X and Class B Certificateholders (other than cash retained
     to meet claims) and the Trust shall terminate at such time.

     (b) By their acceptance of Certificates, the Holder thereof hereby agree to
appoint the Trustee as their attorney in fact to: (i) adopt such a plan of
complete liquidation (and the Certificateholders hereby appoint the Trustee as
their attorney in fact to sign such plan) as appropriate and (ii) to take such
other action in connection therewith as may be reasonably required to carry out
such plan of complete liquidation all in accordance with the terms hereof.

                                       121

<PAGE>

                                   ARTICLE XI

                                   [RESERVED]

                                       122

<PAGE>

                                   ARTICLE XII

                            MISCELLANEOUS PROVISIONS

     Section 12.01 AMENDMENT.

     This Agreement may be amended from time to time by the Depositor, the
Master Servicer and the Trustee; and without the consent of the
Certificateholders, (i) to cure any ambiguity, (ii) to correct or supplement any
provisions herein which may be defective or inconsistent with any other
provisions herein or (iii) to make any other provisions with respect to matters
or questions arising under this Agreement, which shall not be inconsistent with
the provisions of this Agreement; provided, however, that any such action listed
in clause (i) through (iii) above shall not adversely affect in any respect the
interests of any Certificateholder, as evidenced by (i) notice in writing to the
Depositor, the Master Servicer and the Trustee from the Rating Agencies that
such action will not result in the reduction or withdrawal of the rating of any
outstanding Class of Certificates with respect to which it is a Rating Agency,
or (ii) an Opinion of Counsel delivered to the Master Servicer and the Trustee.

     In addition, this Agreement may be amended from time to time by the
Depositor, the Master Servicer and the Trustee, with the consent of the Majority
Certificateholders for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Holders of Certificates; provided,
however, that no such amendment or waiver shall (x) reduce in any manner the
amount of, or delay the timing of, payments on the Certificates which are
required to be made on any Certificate without the consent of the Holder of such
Certificate, (y) adversely affect in any material respect the interests of the
Holders of any Class of Certificates in a manner other than as described in
clause (x) above, without the consent of the Holders of Certificates of such
Class evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
the percentage of Voting Rights required by clause (y) above without the consent
of the Holders of all Certificates of such Class then outstanding. Upon approval
of an amendment, a copy of such amendment shall be sent to the Rating Agencies.
Prior to the execution of any amendment to this Agreement, the Trustee shall be
entitled to receive and rely upon an Opinion of Counsel (at the expense of the
Person seeking such amendment) stating that the execution of such amendment is
authorized or permitted by this Agreement. The Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Trustee's own
rights, duties or immunities under this Agreement.

     Notwithstanding any provision of this Agreement to the contrary, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel, delivered by (and at the expense of)
the Person seeking such Amendment, to the effect that such amendment will not
result in the imposition of a federal tax on the Trust Fund pursuant to the
REMIC Provisions or cause the Trust Fund constituting part of the Trust to fail
to qualify as two REMICs at any time that any Certificates are outstanding and
that the amendment is being made in accordance with the terms hereof.

     Promptly after the execution of any such amendment the Trustee shall
furnish, at the expense of the Person that requested the amendment if such
Person is the Master Servicer (but in no event at the expense of the Trustee),
otherwise at the expense of the Trust, a copy of such amendment and

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<PAGE>

the Opinion of Counsel referred to in the immediately preceding paragraph to the
Master Servicer and each Rating Agency.

     It shall not be necessary for the consent of Certificateholders under this
Section 11.01 to approve the particular form of any proposed amendment; instead
it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.

     The Trustee may, but shall not be obligated to, enter into any amendment
pursuant to this 11.01 Section that affects its rights, duties and immunities
under this Agreement or otherwise.

     Section 12.02 RECORDATION OF AGREEMENT: COUNTERPARTS.

     To the extent permitted by applicable law, this Agreement is subject to
recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer at the expense of the Trust, but only upon direction of
Certificateholders, accompanied by an Opinion of Counsel to the effect that such
recordation materially and beneficially affects the interests of the
Certificateholders.

     For the purpose of facilitating the recordation of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and such counterparts shall together constitute but one and the
same instrument.

     Section 12.03 LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS.

     The death or incapacity of any Certificateholder shall not (i) operate to
terminate this Agreement or the Trust, (ii) entitle such Certificateholder's
legal representatives or hens to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust, or (iii)
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

     Except as expressly provided for herein, no Certificateholder shall have
any right to vote or in any manner otherwise control the operation and
management of the Trust, or the obligations of the parties hereto, nor shall
anything herein set forth or contained in the terms of the Certificates be
construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

     No Certificateholder shall have any right by virtue of any provision of
this Agreement to institute any suit, action or proceeding in equity or at law
upon or under or with respect to this Agreement, unless such Holder previously
shall have given to the Trustee a written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of
Certificates entitled to at least 25% of the Voting Rights shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered

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<PAGE>

to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby, and the Trustee for
15 days after its receipt of such notice, request and offer of indemnity, shall
have neglected or refused to institute any such action, suit or proceeding. It
is understood and intended, and expressly covenanted by each Certificateholder
with every other Certificateholder and the Trustee, that no one or more Holders
of Certificates shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates, or to obtain or seek to obtain
priority over or preference to any other such Holder, which priority or
preference is not otherwise provided for herein, or to enforce any right under
this Agreement, except in the manner herein provided and for the equal, ratable
and common benefit of all Certificateholders. For the protection and enforcement
of the provisions of this Section 11.03 each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

     Section 12.04 GOVERNING LAW: JURISDICTION.

     This Agreement shall be construed in accordance with the laws of the State
of New York, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws. With respect to any claim
arising out of this Agreement, each party irrevocably submits to the exclusive
jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in The City of New York, and
each party irrevocably waives any objection which it may have at any time to the
laying of venue of any suit, action or proceeding arising out of or relating
hereto brought in any such courts, irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been brought in any
inconvenient forum and further irrevocably waives the light to object, with
respect to such claim, suit, action or proceeding brought in any such court,
that such court does not have jurisdiction over such party, provided that
service of process has been made by any lawful means.

     Section 12.05 NOTICES.

     All directions, demands and notices hereunder shall be in writing and shall
be deemed to have been duly given if personally delivered at or mailed by first
class mail, postage prepaid, or by express delivery service, to (a) in the case
of the Sellers: (i) Cendant Mortgage Corporation, 3000 Leadenhall Road, Mt.
Laurel, New Jersey 08054 or (ii) Bishop's Gate Residential Mortgage Trust, c/o
Cendant Mortgage Corporation, 3000 Leadenhall Road, Mt. Laurel, New Jersey
08054, or such other address or telecopy number as may be furnished to the
Master Servicer and the Trustee in writing by either Seller; (b) in the case of
the Trustee: Citibank, N.A., 111 Wall Street, 14th Floor, New York, New York
10005, Attention: CDMC Series 2003-6, or such other address as may hereafter be
furnished to the Depositor, the Sellers and the Master Servicer in writing by
the Trustee; (c) in the case of the Depositor: Cendant Mortgage Capital LLC,
3000 Leadenhall Road, Mail Stop LGL, Mt. Laurel, New Jersey 08054, Attention:
General Counsel, or such other address or telecopy number as may be furnished to
the Sellers, the Master Servicer and the Trustee in writing by the Depositor;
(d) in the case of the Master Servicer: Cendant Mortgage Corporation, 3000
Leadenhall Road, Mail Stop LGL, Mt. Laurel, New Jersey 08054, or such other
address as maybe furnished to the Sellers, the Depositor and the Trustee in
writing by the Master Servicer; and (e) in the case of the Rating Agencies: with
respect to Fitch, Fitch Ratings, One State Street Plaza, New York, New York
10004, and with respect to S&P, Standard & Poor's, a division of The McGraw-Hill
Companies, Inc., 55 Water Street, 41st Street, New York, New York, 10041. Any
notice required

                                       125

<PAGE>

or permitted to be mailed to a Certificateholder shall be given by first class
mail, postage prepaid, at the address of such Holder as shown in the Certificate
Register. Notice of any Master Servicer Default shall be given by telecopy and
by certified mail. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have duly been given when mailed,
whether or not the Certificateholder receives such notice. A copy of any notice
required to be telecopied hereunder shall also be mailed to the appropriate
party in the manner set forth above.

     Section 12.06 SEVERABILITY OF PROVISIONS.

     If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall for any reason whatsoever be held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

     Section 12.07 ARTICLE AND SECTION REFERENCES.

     All article and section references used in this Agreement, unless otherwise
provided, are to articles and sections in this Agreement.

     Section 12.08 NOTICE TO THE RATING AGENCIES.

     (a) Each of the Trustee and the Master Servicer shall be obligated to use
its best reasonable efforts promptly to provide notice to the Rating Agencies
with respect to each of the following of which a Responsible Officer of the
Trustee or Master Servicer, as the case may be, has actual knowledge:

          (i) any material change or amendment to this Agreement;

          (ii) the occurrence of any Master Servicer Event of Termination that
     has not been cured or waived;

          (iii) the resignation or termination of the Master Servicer or the
     Trustee;

          (iv) the final payment to Holders of the Certificates of any Class;

          (v) any change in the location of any Account; and

          (vi) if the Trustee is acting as successor master servicer pursuant to
     Section 7.02 hereof, any event that would result in the inability of the
     Trustee to make Advances.

     (b) In addition, (i) the Trustee shall promptly furnish to each Rating
Agency copies of each Statement to Certificateholders described in Section 4.06
hereof; and

          (i) the Master Servicer shall promptly furnish to each Rating Agency
     copies of the following:

                                       126

<PAGE>

               (A) each annual statement as to compliance described in Section
          3.19 hereof;

               (B) each annual independent public accountants' servicing report
          described in Section 3.20 hereof; and

               (C) each notice delivered pursuant to Section 7.01 (a) hereof
          which relates to the fact that the Master Servicer has not made an
          Advance.

     Any such notice pursuant to this Section 11.08 shall be in writing and
shall be deemed to have been duly given if personally delivered or mailed by
first class mail, postage prepaid, or by express delivery service to Standard &
Poor's, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New
York, New York 10004, Attention: Mortgage Surveillance Group; and Fitch Ratings,
One State Street Plaza, New York, New York 10004.

     Section 12.09 FURTHER ASSURANCES.

     Notwithstanding any other provision of this Agreement, neither the Regular
Certificateholders nor the Trustee shall have any obligation to consent to any
amendment or modification of this Agreement unless they have been provided
reasonable security or indemnity against their out-of-pocket expenses (including
reasonable attorneys' fees) to be incurred in connection therewith.

     Section 12.10 BENEFITS OF AGREEMENT.

     Nothing in this Agreement or in the Certificates, expressed or implied,
shall give to any Person, other than the Certificateholders and the parties
hereto and their successors hereunder, any benefit or any legal or equitable
right, remedy or claim under this Agreement.

     Section 12.11 ACTS OF CERTIFICATEHOLDERS.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by the
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by
agent duly appointed in writing; and such action shall become effective when
such instrument or instruments are delivered to the Trustee and the Master
Servicer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "act" of the
Certificateholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Agreement and conclusive in favor of the
Trustee and the Trust, if made in the manner provided in this Section 12.11.

     (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by
the certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Whenever such

                                       127

<PAGE>

execution is by a signer acting in a capacity other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority.

     (c) Any request, demand, authorization, direction, notice, consent, waiver
or other action by any Certificateholder shall bind every future Holder of such
Certificate and the Holder of every Certificate issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, omitted or suffered to be done by the Trustee or the Trust in
reliance thereon, whether or not notation of such action is made upon such
Certificate.

                                       128

<PAGE>

     IN WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized, all as of the day and year first above written.

                                      CENDANT MORTGAGE CAPITAL LLC, as
                                      Depositor

                                      By:     /S/ JOSEPH SUTER
                                         --------------------------------------
                                      Name:   Joseph Suter
                                      Title:  Senior Vice President

                                      CENDANT MORTGAGE CORPORATION,
                                      as Master Servicer

                                      By:     /S/ RICHARD BRADFIELD
                                         --------------------------------------
                                      Name:   Richard Bradfield
                                      Title:  Vice President

                                      CITIBANK, N.A., as Trustee

                                      By:     /S/ KRISTEN DRISCOLL
                                         --------------------------------------
                                      Name:   Kristen Driscoll
                                      Title:  Assistant Vice President

                                       129

<PAGE>

STATE OF NEW JERSEY     )
                        ) ss.:
COUNTY OF BURLINGTON    )

     On the 26th day of June, 2003 before me, a notary public in and for said
State, personally appeared Joseph Suter known to me to be a Senior Vice
President of Cendant Mortgage Capital LLC, a Delaware limited liability company
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said limited liability company, and acknowledged to me
that such limited liability company executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  Notary Public

                                                  -----------------------------

                                       130

<PAGE>

STATE OF NEW JERSEY     )
                        )ss.:
COUNTY OF BURLINGTON    )

     On the 26th day of June, 2003 before me, a notary public in and for said
State, personally appeared Richard Bradfield known to me to be a Vice President
of Cendant Mortgage Corporation, a New Jersey corporation, that executed the
within instrument, and also known to me to be the person who executed it on
behalf of said limited liability company, and acknowledged to me that such
limited liability company executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  Notary Public

                                                  -----------------------------

                                       131

<PAGE>

STATE OF     )
             )ss.:
COUNTY OF    )

     On the 26th day of June, 2003 before me, a notary public in and for said
State, personally appeared Kristen Driscoll known to me to be a Assistant Vice
President of Citibank, N.A., a corporation that executed the within instrument,
and also known to me to be the person who executed it on behalf of said limited
liability company, and acknowledged to me that such limited liability company
executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  Notary Public

                                                  -----------------------------

                                       132

<PAGE>

                                    EXHIBIT A

                FORM OF CLASS A, CLASS P AND CLASS X CERTIFICATE

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

     [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                                       A-1

<PAGE>

<TABLE>
<CAPTION>

<S>                                                        <C>
CDMC Mortgage Pass-Through Certificates,                   Aggregate [Certificate Principal
2003-6, Class [A-_] [Class X] [Class P]                    Balance] [Notional Amount] of
                                                           [Class A-_] [Class X] [Class P] Certificates
                                                           as of the Issue Date: $______________
Pass-Through Rate: [_____% per annum]
[Adjustable]
                                                           [Denomination][Notional Amount]:
Date of Agreement and Cut-off Date:                        $______________
June 1, 2003
                                                           Master Servicer:
                                                           Cendant Mortgage Corporation

First Distribution Date: July 25, 2003                     Trustee: Citibank, N.A.

                                                           Issue Date: June 26 2003

No. _                                                      CUSIP: ___________
</TABLE>

            [DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL
            BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET
            FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
            PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE
            AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.]

                        MORTGAGE PASS-THROUGH CERTIFICATE

     evidencing a beneficial ownership interest in a Trust Fund (the "Trust
     Fund") consisting primarily of a pool of conventional, one- to four-family,
     fixed-rate, first lien mortgage loans (the "Mortgage Loans") formed and
     sold by

                          CENDANT MORTGAGE CAPITAL LLC

                 CDMC MORTGAGE PASS-THROUGH CERTIFICATES, 2003-6

                  THIS CERTIFICATE DOES NOT REPRESENT AN
                  OBLIGATION OF OR INTEREST IN CENDANT MORTGAGE
                  CAPITAL LLC, THE MASTER SERVICER, THE TRUSTEE OR
                  ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
                  CERTIFICATE NOR THE UNDERLYING MORTGAGE
                  LOANS ARE GUARANTEED BY ANY AGENCY OR
                  INSTRUMENTALITY OF THE UNITED STATES.

          This certifies that __________ is the registered owner of a Percentage
Interest (obtained by dividing the [denomination] [Notional Amount] of this
Certificate by the aggregate [Certificate Principal Balance] [Notional Amount]
of the [Class A-_] [Class X] [Class P] Certificates

                                       A-2

<PAGE>

as of the Issue Date) in that certain beneficial ownership interest evidenced by
all the [Class A-_] [Class X] [Class P] Certificates in the Trust Fund created
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Cendant Mortgage Capital LLC (hereinafter called the
"Depositor," which term includes any successor entity under the Agreement), the
Master Servicer and the Trustee, a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement, distributions will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (a "Distribution Date"), commencing on the First
Distribution Date specified above, to the Person in whose name this Certificate
is registered on the Record Date, in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of [Class A-_] [Class X] [Class P] Certificates on
such Distribution Date pursuant to the Agreement.

     All distributions to the Holder of this Certificate under the Agreement
will be made or caused to be made by or on behalf of the Trustee by wire
transfer in immediately available funds to the account of the Person entitled
thereto if such Person shall have so notified the Trustee in writing at least
five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered owner of [Class A-_] [Class X] [Class P]
Certificates, the aggregate initial [Certificate Principal Balance] [Notional
Amount] of which is in excess of the lesser of (i) $5,000,000 or (ii) two-thirds
of the aggregate initial [Certificate Principal Balance] [Notional Amount] of
the [Class A-_] [Class X] [Class P] Certificates, or otherwise by check mailed
by first class mail to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register. Notwithstanding the above,
the final distribution on this Certificate will be made after due notice by the
Trustee of the pendency of such distribution and only upon the presentation and
surrender of this Certificate at the office or agency appointed by the Trustee
for that purpose as provided in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass- Through Certificates of the Series specified on the
face hereof (hereinafter called the "Certificates") and representing a
Percentage Interest in the Class of Certificates specified on the face hereof
equal to the denomination specified on the face hereof divided by the aggregate
[Certificate Principal Balance] [Notional Amount] of the Class of Certificates
specified on the face hereof.

     The Certificates are limited in right of payment to certain collections and
recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. As provided in the Agreement, withdrawals from the
Collection Account and the Distribution Account may be made from time to time
for purposes other than distributions to Holders of the Certificates, such
purposes including reimbursement of advances made, or certain expenses incurred,
with respect to the Mortgage Loans.

                                       A-3

<PAGE>

     The Agreement permits, with certain exceptions and conditions provided
therein, the amendment thereof and the modification of the rights and
obligations of the Depositor, the Master Servicer and the Trustee and the rights
of the Holders of the Certificates under the Agreement at any time by the
Depositor, the Master Servicer and the Trustee, with the consent of the Holders
of Certificates entitled to at least 66%, in some cases 100%, of the Voting
Rights. Any such consent by the Holder of this Certificate shall be conclusive
and binding on such Holder and upon all future Holders of this Certificate and
of any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

     As provided in the Agreement and subject to certain limitations set forth
therein, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee as provided in the Agreement, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by, the Holder hereof or such Holder's attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

     The Certificates are issuable in fully registered form only without coupons
in Classes and denominations representing Percentage Interests specified in the
Agreement. As provided in the Agreement and subject to certain limitations set
forth therein, Certificates are exchangeable for new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest, as requested by the Holder surrendering the same.

     No service charge will be made for any such registration of transfer or
exchange of Certificates, but the Certificate Registrar may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Certificates.

     The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Depositor, the
Master Servicer, the Trustee, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

     The obligations created by the Agreement and the Trust Fund created thereby
shall terminate upon payment (or provision for payment) to the Holders of the
Certificates of all amounts held by or on behalf of the Trustee and required to
be paid to them pursuant to the Agreement following the earlier of (i) the
Distribution Date on which the Certificate Principal Balance of each Class of
Certificates has been reduced to zero, (ii) the final payment (or any advance
with respect thereto) on or other liquidation of the last Mortgage Loan
remaining in the Trust Fund and (iii) the optional purchase by the party
designated in the Agreement at a price determined as provided in the Agreement
from the Trust Fund of all the Mortgage Loans and all property acquired in
respect of such Mortgage Loans remaining therein. The Agreement permits, but
does not require, the party

                                       A-4

<PAGE>

designated in the Agreement to purchase from the Trust Fund all the Mortgage
Loans and all property acquired in respect of any Mortgage Loan remaining
therein at a price determined as provided in the Agreement. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Loan Balance of the Mortgage Loans at the
time of purchase being less than 5% of the aggregate principal balance of the
Mortgage Loans as of the Cut-off Date.

     The recitals contained herein shall be taken as statements of the Depositor
and the Trustee assumes no responsibility for their correctness.

     Unless the certificate of authentication hereon has been executed by the
Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       A-5

<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: June 26, 2003

                                            CITIBANK, N.A.
                                            as Trustee

                                            By:_____________________________
                                                     Authorized Officer

                          CERTIFICATE OF AUTHENTICATION
                          -----------------------------

          This is one of the [Class A-_] [Class X] [Class P] Certificates
referred to in the within-mentioned Agreement.

                                            CITIBANK, N.A.
                                            as Certificate Registrar

                                            By:_____________________________
                                                     Authorized Signatory

<PAGE>

                                  ABBREVIATIONS
                                  -------------

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>

<S>                                                  <C>                        <C>
TEN COM - as tenants in common                       UNIF GIFT MIN ACT -                CUSTODIAN
TEN ENT - as tenants by the entireties                                                  (Cust) (Minor)
                                                                                under Uniform Gifts
JT TEN  - as joint tenants with right                                                   to Minors Act
          of survivorship and not as                                            _________________
          tenants in common                                                             (State)

         Additional abbreviations may also be used though not in the above list.
</TABLE>

                                   ASSIGNMENT
                                   ----------

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)

the Percentage Interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

     I (we) further direct the Certificate Registrar to issue a new Certificate
of a like Percentage Interest and Class to the above named assignee and deliver
such Certificate to the following address:_____________________________________
______________________________________________________________________________.

Dated:

                                       _______________________________________
                                       Signature by or on behalf of assignor

                                       _______________________________________
                                       Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS
                            -------------------------

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ____________________________________________________________,
for the account of __________________________________, account number__________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to _____________________________________.

     This information is provided by __________________________________________,
the assignee named above, or __________________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                                   (RESERVED)

                                       B-1

<PAGE>

                                   EXHIBIT C-1

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC"), AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO
HEREIN.

NO TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT (EACH A "PLAN") SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED ("ERISA"), OR THE CODE WILL BE REGISTERED EXCEPT IN
ACCORDANCE WITH SECTION 5.02(E) OF THE AGREEMENT.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A)
SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY
STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
BE REFERRED TO AS A "DISQUALIFIED ORGANIZATION") OR (4) AN AGENT OF A
DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY
TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION,

                                      C-1-1

<PAGE>

SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER
AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE
DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS
OF SECTION 5.02(F) OF THE AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF
THIS CERTIFICATE.

                                      C-1-2

<PAGE>

Certificate No. ___

CDMC Mortgage Pass-Through Certificates,         Percentage Interest: [___]%
2003-6, Class R-___

Pass-Through Rate: _____% per annum              Master Servicer:
                                                 Cendant Mortgage Corporation

Date of Agreement and Cut-off Date:
June 1, 2003                                     Trustee: Citibank, N.A.

First Distribution Date: July 25, 2003           Issue Date: June 26 2003

No. _                                            CUSIP: ______________

                        MORTGAGE PASS-THROUGH CERTIFICATE

     evidencing a beneficial ownership interest in a Trust Fund (the "Trust
     Fund") consisting primarily of a pool of conventional, one- to four-family,
     fixed-rate, first lien mortgage loans (the "Mortgage Loans") formed and
     sold by

                          CENDANT MORTGAGE CAPITAL LLC

                 CDMC MORTGAGE PASS-THROUGH CERTIFICATES, 2003-6

                  THIS CERTIFICATE DOES NOT REPRESENT AN
                  OBLIGATION OF OR INTEREST IN CENDANT MORTGAGE
                  CAPITAL LLC, THE MASTER SERVICER, THE TRUSTEE OR
                  ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
                  CERTIFICATE NOR THE UNDERLYING MORTGAGE
                  LOANS ARE GUARANTEED BY ANY AGENCY OR
                  INSTRUMENTALITY OF THE UNITED STATES.

          This certifies that ___________________ is the registered owner of a
Percentage Interest (obtained by dividing the denomination of this Certificate
by the aggregate Certificate Principal Balance of the Class R Certificates as of
the Issue Date) in that certain beneficial ownership interest evidenced by all
the Class R Certificates in The Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Cendant
Mortgage Capital LLC (hereinafter called the "Depositor," which term includes
any successor entity under the Agreement), the Master Servicer and the Trustee,
a summary of certain of the pertinent provisions of which is set forth
hereafter. To the extent not defined herein, the capitalized terms used herein
have the meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.

                                      C-1-3

<PAGE>

          Pursuant to the terms of the Agreement, distributions will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (a "Distribution Date"), commencing on the
First Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount required
to be distributed to the Holders of Class R Certificates on such Distribution
Date pursuant to the Agreement.

          This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass-Through Certificates of the Series specified on the
face hereof (hereinafter called the "Certificates") and representing a
Percentage Interest in the Class of Certificates specified on the face hereof
equal to the denomination specified on the face hereof divided by the aggregate
Certificate Principal Balance of the Class of Certificates specified on the face
hereof.

          The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Account and the Distribution Account
may be made from time to time for purposes other than distributions to Holders
of the Certificates, such purposes including reimbursement of advances made, or
certain expenses incurred, with respect to the Mortgage Loans.

          The Agreement permits, with certain exceptions and conditions provided
therein, the amendment thereof and the modification of the rights and
obligations of the Depositor, the Master Servicer and the Trustee and the rights
of the Holders of the Certificates under the Agreement at any time by the
Depositor, the Master Servicer and the Trustee, with the consent of the Holders
of Certificates entitled to at least 66%, in some cases 100%, of the Voting
Rights. Any such consent by the Holder of this Certificate shall be conclusive
and binding on such Holder and upon all future Holders of this Certificate and
of any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

          As provided in the Agreement and subject to certain limitations set
forth therein, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee as provided in the
Agreement, duly endorsed by, or accompanied by an assignment in the form below
or other written instrument of transfer in form satisfactory to the Trustee and
the Certificate Registrar duly executed by, the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class in authorized denominations evidencing the same aggregate
Percentage Interest will be issued to the designated transferee or transferees.

          The Certificates are issuable in fully registered form only without
coupons in Classes and denominations representing Percentage Interests specified
in the Agreement. As provided in the Agreement and subject to certain
limitations set forth therein, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

                                      C-1-4

<PAGE>

          No transfer of this Certificate to a Plan subject to ERISA or Section
4975 of the Code, any Person acting, directly or indirectly, on behalf of any
such Plan or any person using Plan Assets to acquire this Certificate shall be
made except in accordance with Section 5.02(e) of the Agreement.

          Prior to registration of any transfer, sale or other disposition of
this Certificate, the proposed transferee shall provide to the Trustee (i) an
affidavit to the effect that such transferee is any Person other than a
Disqualified Organization or the agent (including a broker, nominee or
middleman) of a Disqualified Organization, and (ii) a certificate that
acknowledges that (A) the Class R Certificates have been designated as a
residual interest in a REMIC, (B) it will include in its income a PRO RATA share
of the net income of the Trust Fund and that such income may be an "excess
inclusion," as defined in the Code, that, with certain exceptions, cannot be
offset by other losses or benefits from any tax exemption, and (C) it expects to
have the financial means to satisfy all of its tax obligations including those
relating to holding the Class R Certificates. Notwithstanding the registration
in the Certificate Register of any transfer, sale or other disposition of this
Certificate to a Disqualified Organization or an agent (including a broker,
nominee or middleman) of a Disqualified Organization, such registration shall be
deemed to be of no legal force or effect whatsoever and such Person shall not be
deemed to be a Certificateholder for any purpose, including, but not limited to,
the receipt of distributions in respect of this Certificate.

          The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have consented to the provisions of Section 5.02 of the Agreement and
to any amendment of the Agreement deemed necessary by counsel of the Depositor
to ensure that the transfer of this Certificate to any Person other than a
Permitted Transferee or any other Person will not cause the Trust Fund to cease
to qualify as a REMIC or cause the imposition of a tax upon the REMIC.

          No service charge will be made for any such registration of transfer
or exchange of Certificates, but the Certificate Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of Certificates.

          The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Depositor, the
Master Servicer, the Trustee, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

          The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment (or provision for payment) to the Holders
of the Certificates of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Certificate Principal Balance of each
Class of Certificates has been reduced to zero, (ii) the final payment (or any
advance with respect thereto) on or other liquidation of the last Mortgage Loan
remaining in The Trust Fund and (iii) the optional purchase by the party
designated in the Agreement at a price determined as provided in the Agreement
from The Trust Fund of all the Mortgage Loans and all property acquired in
respect of such Mortgage Loans remaining therein. The Agreement permits, but
does not require, the party designated in the Agreement to purchase from The
Trust Fund all the Mortgage Loans and all

                                      C-1-5

<PAGE>

property acquired in respect of any Mortgage Loan remaining therein at a price
determined as provided in the Agreement. The exercise of such right will effect
early retirement of the Certificates; however, such right to purchase is subject
to the aggregate Loan Balance of the Mortgage Loans at the time of purchase
being less than 5% of the aggregate principal balance of the Mortgage Loans as
of the Cut-off Date.

          The recitals contained herein shall be taken as statements of the
Depositor and the Trustee assumes no responsibility for their correctness.

          Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      C-1-6

<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: June 26, 2003

                                            CITBANK, N.A.,
                                            as Trustee

                                            By:________________________________
                                                     Authorized Officer

                          CERTIFICATE OF AUTHENTICATION
                          -----------------------------

          This is one of the Class R-_ Certificates referred to in the
within-mentioned Agreement.

                                            CITIBANK, N.A.,
                                            as Certificate Registrar

                                            By:________________________________
                                                     Authorized Signatory

<PAGE>

                                  ABBREVIATIONS
                                  -------------

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>

<S>                                                  <C>                                <C>
TEN COM - as tenants in common                       UNIF GIFT MIN ACT -                CUSTODIAN
TEN ENT - as tenants by the entireties                                                  (Cust)   (Minor)
                                                                                        under Uniform Gifts
JT TEN  - as joint tenants with right                                                   to Minors Act
                  of survivorship and not as                                            _________________
                  tenants in common                                                              (State)

         Additional abbreviations may also be used though not in the above list.
</TABLE>

                                   ASSIGNMENT
                                   ----------

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)

the Percentage Interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

     I (we) further direct the Certificate Registrar to issue a new Certificate
of a like Percentage Interest and Class to the above named assignee and deliver
such Certificate to the following address:_____________________________________
______________________________________________________________________________.

Dated:

                                       _______________________________________
                                       Signature by or on behalf of assignor

                                       _______________________________________
                                       Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ____________________________________________________________,
for the account of __________________________________, account number__________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to _____________________________________.

     This information is provided by __________________________________________,
the assignee named above, or __________________________________, as its agent.

<PAGE>

                                   EXHIBIT C-2

             FORM OF CLASS B-1, CLASS B-2 AND CLASS B-3 CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE RESIDUAL
CERTIFICATES, [THE CLASS B-1 CERTIFICATES] [ AND THE CLASS B-2 CERTIFICATES] TO
THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED, BY VIRTUE OF ITS PURCHASE OR
HOLDING OF THIS CERTIFICATES, TO HAVE REPRESENTED THAT EITHER (I) SUCH
TRANSFEREE IS NOT A PLAN INVESTOR OR (II) SUCH TRANSFEREE IS AN "ACCREDITED
INVESTOR" AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND
EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                                      C-2-1

<PAGE>

CDMC Mortgage Pass-Through Certificates,      Aggregate Certificate Principal
2003-6, Class B-__                            Balance of Class B-__
                                              Certificates as of the Issue Date:
                                              $__________

Pass-Through Rate: _____% per annum           Denomination: $__________

Date of Agreement and Cut-off Date:           Master Servicer:
June 1, 2003                                  Cendant Mortgage Corporation

First Distribution Date: July 25, 2003
                                              Trustee: Citibank, N.A.

No. 1                                         Issue Date: June 26 2003

                                              CUSIP: ____________

            DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL
            BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET
            FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
            PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE
            AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.

                        MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the "Trust Fund")
consisting primarily of a pool of conventional, one- to four-family, fixed-rate,
first lien mortgage loans (the "Mortgage Loans") formed and sold by

                          CENDANT MORTGAGE CAPITAL LLC

                 CDMC MORTGAGE PASS-THROUGH CERTIFICATES, 2003-6

                  THIS CERTIFICATE DOES NOT REPRESENT AN
                  OBLIGATION OF OR INTEREST IN CENDANT MORTGAGE
                  CAPITAL LLC, THE MASTER SERVICER, THE TRUSTEE OR
                  ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
                  CERTIFICATE NOR THE UNDERLYING MORTGAGE
                  LOANS ARE GUARANTEED BY ANY AGENCY OR
                  INSTRUMENTALITY OF THE UNITED STATES.

          This certifies that _______________ is the registered owner of a
Percentage Interest (obtained by dividing the denomination of this Certificate
by the aggregate Certificate Principal Balance of the Class B-__ Certificates as
of the Issue Date) in that certain beneficial ownership

                                      C-2-2

<PAGE>

interest evidenced by all the Class B-__ Certificates in the Trust Fund created
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Cendant Mortgage Capital LLC (hereinafter called the
"Depositor," which term includes any successor entity under the Agreement), the
Master Servicer and the Trustee, a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, distributions will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (a "Distribution Date"), commencing on the
First Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount required
to be distributed to the Holders of Class B-__ Certificates on such Distribution
Date pursuant to the Agreement.

          All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Trustee by
wire transfer in immediately available funds to the account of the Person
entitled thereto if such Person shall have so notified the Trustee in writing at
least five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered owner of Class B-__ Certificates, the
aggregate initial Certificate Principal Balance of which is in excess of the
lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
Principal Balance of the Class B-__ Certificates, or otherwise by check mailed
by first class mail to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register. Notwithstanding the above,
the final distribution on this Certificate will be made after due notice by the
Trustee of the pendency of such distribution and only upon the presentation and
surrender of this Certificate at the office or agency appointed by the Trustee
for that purpose as provided in the Agreement.

          This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass-Through Certificates of the Series specified on the
face hereof (hereinafter called the "Certificates") and representing a
Percentage Interest in the Class of Certificates specified on the face hereof
equal to the denomination specified on the face hereof divided by the aggregate
Certificate Principal Balance of the Class of Certificates specified on the face
hereof.

          The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Account and the Distribution Account
may be made from time to time for purposes other than distributions to Holders
of the Certificates, such purposes including reimbursement of advances made, or
certain expenses incurred, with respect to the Mortgage Loans.

          The Agreement permits, with certain exceptions and conditions provided
therein, the amendment thereof and the modification of the rights and
obligations of the Depositor, the Master Servicer and the Trustee and the rights
of the Holders of the Certificates under the Agreement at any time by the
Depositor, the Master Servicer and the Trustee, with the consent of the Holders
of

                                      C-2-3

<PAGE>

Certificates entitled to at least 66%, in some cases 100%, of the Voting Rights.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon this
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

          As provided in the Agreement and subject to certain limitations set
forth therein, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee as provided in the
Agreement, duly endorsed by, or accompanied by an assignment in the form below
or other written instrument of transfer in form satisfactory to the Trustee and
the Certificate Registrar duly executed by, the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class in authorized denominations evidencing the same aggregate
Percentage Interest will be issued to the designated transferee or transferees.

          The Certificates are issuable in fully registered form only without
coupons in Classes and denominations representing Percentage Interests specified
in the Agreement. As provided in the Agreement and subject to certain
limitations set forth therein, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

          Any transferee of this Certificate will be deemed, by virtue of its
purchase or holding of this Certificates, to have represented that either (I)
such transferee is not a Plan Investor or (II) such transferee is an "accredited
investor" as defined in Rule 501(a)(1) of Regulation D of the Securities and
Exchange Commission under the Securities Act of 1933.

          No service charge will be made for any such registration of transfer
or exchange of Certificates, but the Certificate Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of Certificates.

          The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Depositor, the
Master Servicer, the Trustee, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

          The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment (or provision for payment) to the Holders
of the Certificates of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Certificate Principal Balance of each
Class of Certificates has been reduced to zero, (ii) the final payment (or any
advance with respect thereto) on or other liquidation of the last Mortgage Loan
remaining in The Trust Fund and (iii) the optional purchase by the party
designated in the Agreement at a price determined as provided in the Agreement
from The Trust Fund of all the Mortgage Loans and all property acquired in
respect of

                                      C-2-4

<PAGE>

such Mortgage Loans remaining therein. The Agreement permits, but does not
require, the party designated in the Agreement to purchase from The Trust Fund
all the Mortgage Loans and all property acquired in respect of any Mortgage Loan
remaining therein at a price determined as provided in the Agreement. The
exercise of such right will effect early retirement of the Certificates;
however, such right to purchase is subject to the aggregate Loan Balance of the
Mortgage Loans at the time of purchase being less than 5% of the aggregate
principal balance of the Mortgage Loans as of the Cut-off Date.

          The recitals contained herein shall be taken as statements of the
Depositor and the Trustee assumes no responsibility for their correctness.

          Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      C-2-5

<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: June 26, 2003

                                            CITIBANK, N.A.,
                                            as Trustee

                                            By:______________________________
                                                     Authorized Officer

                          CERTIFICATE OF AUTHENTICATION
                          -----------------------------

          This is one of the Class B-__ Certificates referred to in the
within-mentioned Agreement.

                                            CITIBANK, N.A.,
                                            as Certificate Registrar

                                            By:______________________________
                                                     Authorized Signatory

<PAGE>

                                  ABBREVIATIONS
                                  -------------

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>

<S>                                                  <C>                                <C>
TEN COM - as tenants in common                       UNIF GIFT MIN ACT -                CUSTODIAN
TEN ENT - as tenants by the entireties                                                  (Cust)   (Minor)
                                                                                        under Uniform Gifts
JT TEN  - as joint tenants with right                                                   to Minors Act
         of survivorship and not as                                                     _________________
         tenants in common                                                                       (State)

         Additional abbreviations may also be used though not in the above list.
</TABLE>

                                   ASSIGNMENT
                                   ----------

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)

the Percentage Interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

     I (we) further direct the Certificate Registrar to issue a new Certificate
of a like Percentage Interest and Class to the above named assignee and deliver
such Certificate to the following address:_____________________________________
______________________________________________________________________________.

Dated:
                                       _______________________________________
                                       Signature by or on behalf of assignor

                                       _______________________________________
                                       Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS
                            -------------------------

     The assignee should include the following for purposes of distribution:

     Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ____________________________________________________________,
for the account of _____________________________, account number ______________,
or, if mailed by check, to ____________________________________________________.
Applicable statements should be mailed to _____________________________________.

     This information is provided by __________________________________________,
the assignee named above, or ___________________________________, as its agent.

<PAGE>

                                   EXHIBIT C-3

             FORM OF CLASS B-4, CLASS B-5 AND CLASS B-6 CERTIFICATE

     SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
     INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE TERMS
     ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
     REVENUE CODE OF 1986 (THE "CODE").

     THIS CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE RESIDUAL
     CERTIFICATES, [THE CLASS B-1 CERTIFICATES] [ THE CLASS B-2 CERTIFICATES]
     [THE CLASS B-3 CERTIFICATES] [THE CLASS B-4 CERTIFICATES] [AND THE CLASS
     B-5 CERTIFICATES] TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
     HEREIN.

     NO TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
     RETIREMENT ARRANGEMENT (EACH A "PLAN") SUBJECT TO THE EMPLOYEE RETIREMENT
     INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE CODE WILL BE
     REGISTERED EXCEPT IN ACCORDANCE WITH SECTION 5.02(E) OF THE AGREEMENT.

     THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
     MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH
     ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM
     REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS
     TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02(D) OF THE
     AGREEMENT.

                                      C-3-1

<PAGE>

CDMC Mortgage Pass-Through Certificates,     Aggregate Certificate Principal
2003-6, Class B-__                           Balance of Class B-__
                                             Certificates as of the Issue Date:
                                             $__________
Pass-Through Rate: _____% per annum          Denomination: $__________

Date of Agreement and Cut-off Date:          Master Servicer:
June 1, 2003                                 Cendant Mortgage Corporation
First Distribution Date: July 25, 2003
                                             Trustee: Citibank, N.A.
No. 1                                        Issue Date: June 26 2003
                                             CUSIP: ____________

            [DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL
            BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET
            FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
            PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE
            AMOUNT SHOWN ABOVE AS THE DENOMINATION OF THIS CERTIFICATE.]

                        MORTGAGE PASS-THROUGH CERTIFICATE

evidencing a beneficial ownership interest in a Trust Fund (the "Trust Fund")
consisting primarily of a pool of conventional, one- to four-family, fixed-rate,
first lien mortgage loans (the "Mortgage Loans") formed and sold by

                          CENDANT MORTGAGE CAPITAL LLC

                 CDMC MORTGAGE PASS-THROUGH CERTIFICATES, 2003-6

                  THIS CERTIFICATE DOES NOT REPRESENT AN
                  OBLIGATION OF OR INTEREST IN CENDANT MORTGAGE
                  CAPITAL LLC, THE MASTER SERVICER, THE TRUSTEE OR
                  ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
                  CERTIFICATE NOR THE UNDERLYING MORTGAGE
                  LOANS ARE GUARANTEED BY ANY AGENCY OR
                  INSTRUMENTALITY OF THE UNITED STATES.

          This certifies that _______________ is the registered owner of a
Percentage Interest (obtained by dividing the denomination of this Certificate
by the aggregate Certificate Principal Balance of the Class B-__ Certificates as
of the Issue Date) in that certain beneficial ownership interest evidenced by
all the Class B-__ Certificates in the Trust Fund created pursuant to a Pooling

                                      C-3-2

<PAGE>

and Servicing Agreement, dated as specified above (the "Agreement"), among
Cendant Mortgage Capital LLC (hereinafter called the "Depositor," which term
includes any successor entity under the Agreement), the Master Servicer and the
Trustee, a summary of certain of the pertinent provisions of which is set forth
hereafter. To the extent not defined herein, the capitalized terms used herein
have the meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.

          Pursuant to the terms of the Agreement, distributions will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (a "Distribution Date"), commencing on the
First Distribution Date specified above, to the Person in whose name this
Certificate is registered on the Record Date, in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount required
to be distributed to the Holders of Class B-__ Certificates on such Distribution
Date pursuant to the Agreement.

          All distributions to the Holder of this Certificate under the
Agreement will be made or caused to be made by or on behalf of the Trustee by
wire transfer in immediately available funds to the account of the Person
entitled thereto if such Person shall have so notified the Trustee in writing at
least five Business Days prior to the Record Date immediately prior to such
Distribution Date and is the registered owner of Class B-__ Certificates, the
aggregate initial Certificate Principal Balance of which is in excess of the
lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
Principal Balance of the Class B-__ Certificates, or otherwise by check mailed
by first class mail to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register. Notwithstanding the above,
the final distribution on this Certificate will be made after due notice by the
Trustee of the pendency of such distribution and only upon the presentation and
surrender of this Certificate at the office or agency appointed by the Trustee
for that purpose as provided in the Agreement.

          This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass-Through Certificates of the Series specified on the
face hereof (hereinafter called the "Certificates") and representing a
Percentage Interest in the Class of Certificates specified on the face hereof
equal to the denomination specified on the face hereof divided by the aggregate
Certificate Principal Balance of the Class of Certificates specified on the face
hereof.

          The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Account and the Distribution Account
may be made from time to time for purposes other than distributions to Holders
of the Certificates, such purposes including reimbursement of advances made, or
certain expenses incurred, with respect to the Mortgage Loans.

          The Agreement permits, with certain exceptions and conditions provided
therein, the amendment thereof and the modification of the rights and
obligations of the Depositor, the Master Servicer and the Trustee and the rights
of the Holders of the Certificates under the Agreement at any time by the
Depositor, the Master Servicer and the Trustee, with the consent of the Holders
of Certificates entitled to at least 66%, in some cases 100%, of the Voting
Rights. Any such consent

                                      C-3-3

<PAGE>

by the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

          As provided in the Agreement and subject to certain limitations set
forth therein, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee as provided in the
Agreement, duly endorsed by, or accompanied by an assignment in the form below
or other written instrument of transfer in form satisfactory to the Trustee and
the Certificate Registrar duly executed by, the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class in authorized denominations evidencing the same aggregate
Percentage Interest will be issued to the designated transferee or transferees.

          The Certificates are issuable in fully registered form only without
coupons in Classes and denominations representing Percentage Interests specified
in the Agreement. As provided in the Agreement and subject to certain
limitations set forth therein, Certificates are exchangeable for new
Certificates of the same Class in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

          No transfer of this Certificate shall be made unless the transfer is
made pursuant to an effective registration statement under the Securities Act of
1933, as amended (the "1933 Act"), and an effective registration or
qualification under applicable state securities laws, or is made in a
transaction that does not require such registration or qualification. In the
event that such a transfer of this Certificate is to be made without
registration or qualification, (i) if such transfer is made in reliance upon
Rule 144A under the 1933 Act, the Trustee shall require the transferee to
execute an investment letter in substantially the form attached to the Agreement
as Exhibit F-1 or (ii) (A) the Trustee shall require the transferor to execute a
transferor certificate (in substantially the form attached to the Agreement as
Exhibit F-2) and the transferee to execute an investment letter (in
substantially the form attached to the Agreement as Exhibit F-3) acceptable to
and in form and substance reasonably satisfactory to the Depositor and the
Trustee certifying to the Depositor and the Trustee the facts surrounding such
transfer, which investment letter shall not be an expense of the Trustee or the
Depositor and (B) the Trustee and the Depositor shall require a written Opinion
of Counsel (which may be in-house counsel) acceptable to and in form and
substance reasonably satisfactory to the Trustee and the Depositor that such
transfer may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from the 1933 Act or is being made pursuant to
the 1933 Act, which Opinion of Counsel shall not be an expense of the Trustee or
the Depositor. None of the Depositor, the Certificate Registrar or the Trustee
is obligated to register or qualify the Class of Certificates specified on the
face hereof under the 1933 Act or any other securities law or to take any action
not otherwise required under the Agreement to permit the transfer of such
Certificates without registration or qualification. Any Holder desiring to
effect a transfer of this Certificate shall be required to indemnify the
Trustee, the Depositor, the Certificate Registrar and the Master Servicer
against any liability that may result if the transfer is not so exempt or is not
made in accordance with such federal and state laws.

                                      C-3-4

<PAGE>

          No transfer of this Certificate to a Plan subject to ERISA or Section
4975 of the Code, any Person acting, directly or indirectly, on behalf of any
such Plan or any person using Plan Assets to acquire this Certificate shall be
made except in accordance with Section 5.02(e) of the Agreement.

          No service charge will be made for any such registration of transfer
or exchange of Certificates, but the Certificate Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of Certificates.

          The Depositor, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Depositor, the
Master Servicer, the Trustee, the Certificate Registrar nor any such agent shall
be affected by notice to the contrary.

          The obligations created by the Agreement and the Trust Fund created
thereby shall terminate upon payment (or provision for payment) to the Holders
of the Certificates of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Certificate Principal Balance of each
Class of Certificates has been reduced to zero, (ii) the final payment (or any
advance with respect thereto) on or other liquidation of the last Mortgage Loan
remaining in The Trust Fund and (iii) the optional purchase by the party
designated in the Agreement at a price determined as provided in the Agreement
from The Trust Fund of all the Mortgage Loans and all property acquired in
respect of such Mortgage Loans remaining therein. The Agreement permits, but
does not require, the party designated in the Agreement to purchase from The
Trust Fund all the Mortgage Loans and all property acquired in respect of any
Mortgage Loan remaining therein at a price determined as provided in the
Agreement. The exercise of such right will effect early retirement of the
Certificates; however, such right to purchase is subject to the aggregate Loan
Balance of the Mortgage Loans at the time of purchase being less than 5% of the
aggregate principal balance of the Mortgage Loans as of the Cut-off Date.

          The recitals contained herein shall be taken as statements of the
Depositor and the Trustee assumes no responsibility for their correctness.

          Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      C-3-5

<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: June 26, 2003

                                            CITIBANK, N.A.,
                                            as Trustee

                                            By:______________________________
                                                     Authorized Officer

                          CERTIFICATE OF AUTHENTICATION
                          -----------------------------

          This is one of the Class B-__ Certificates referred to in the
within-mentioned Agreement.

                                            CITIBANK, N.A.,
                                            as Certificate Registrar

                                            By:______________________________
                                                     Authorized Signatory

<PAGE>

                                  ABBREVIATIONS
                                  -------------

          The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>

<S>                                                  <C>                                <C>
TEN COM - as tenants in common                       UNIF GIFT MIN ACT -                CUSTODIAN
TEN ENT - as tenants by the entireties                                                  (Cust)   (Minor)
                                                                                        under Uniform Gifts
JT TEN  - as joint tenants with right                                                   to Minors Act
         of survivorship and not as                                                     _________________
         tenants in common                                                                       (State)

         Additional abbreviations may also be used though not in the above list.
</TABLE>

                                   ASSIGNMENT
                                   ----------

          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto_______________________________________________________________
_______________________________________________________________________________
(Please print or typewrite name, address including postal zip code, and Taxpayer
Identification Number of assignee)

the Percentage Interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorize(s) the registration of transfer of such
interest to assignee on the Certificate Register of the Trust Fund.

          I (we) further direct the Certificate Registrar to issue a new
Certificate of a like Percentage Interest and Class to the above named assignee
and deliver such Certificate to the following address:_________________________
______________________________________________________________________________.

Dated:
                                       _______________________________________
                                       Signature by or on behalf of assignor

                                       _______________________________________
                                       Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS
                            -------------------------

          The assignee should include the following for purposes of
distribution:

          Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to________________________________________________,
for the account of_____________________________, account number ______________,
or, if mailed by check, to ___________________________________________________.
Applicable statements should be mailed to_____________________________________.

          This information is provided by_____________________________________,
the assignee named above, or___________________________________, as its agent.

<PAGE>

                                   EXHIBIT D-1

                             MORTGAGE LOAN SCHEDULE

                                (Filed Manually)

                                      D-2-1

<PAGE>

                                    EXHIBIT E

                        REQUEST FOR RELEASE OF DOCUMENTS

To:    Citibank, N.A.
Attn:  Inventory Control

     Re: Pooling and Servicing Agreement dated as of June 1, 2003, among Cendant
     Mortgage Capital LLC, as Depositor, Cendant Mortgage Corporation, as Master
     Servicer and Citibank, N.A., as Trustee

     In connection with the administration of the Mortgage Loans held by you as
Trustee for the Owner pursuant to the above-captioned Pooling and Servicing
Agreement, we request the release, and hereby acknowledge receipt, of the
Trustee's Mortgage File for the Mortgage Loan described below, for the reason
indicated.

MORTGAGE LOAN NUMBER:

MORTGAGOR NAME, ADDRESS & ZIP CODE:

REASON FOR REQUESTING DOCUMENTS (check one):

______ 1. Mortgage Paid in Full

______ 2. Foreclosure

______ 3. Substitution

______ 4. Other Liquidation (Repurchases, etc.)

______ 5. Nonliquidation Reason: ________________________

Address to which Trustee should
Deliver the Trustee's Mortgage File: ________________________
                                                 ________________________
                                                 ________________________

                                            By:________________________
                                                 (authorized signer)
                                            Issuer: ________________________
                                            Address:________________________
                                                    ________________________

                                            Date:________________________

                                       E-1

<PAGE>

                                   EXHIBIT F-1

                     FORM OF RULE 144A REPRESENTATION LETTER

                                                                 ______ __, 2003

Citibank, N.A.
111 Wall Street, 14th Floor / Zone 3
New York, New York 10005

[Certificate Registrar]
________________________
________________________

          Re:  Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through
               Certificates, 2003-6, Class ___, Representing a ___% Class ___
               Percentage Interest
               ----------------------------------------------------------------

Ladies and Gentlemen:

          In connection with the purchase from ______________________ (the
"Transferor") on the date hereof of the captioned trust certificates (the
"Certificates"), _______________ (the "Transferee") hereby certifies as follows:

          1. The Transferee is a "qualified institutional buyer" as that term is
     defined in Rule 144A ("Rule 144A") under the Securities Act of 1933 (the
     "1933 Act") and has completed either of the forms of certification to that
     effect attached hereto as Annex 1 or Annex 2. The Transferee is aware that
     the sale to it is being made in reliance on Rule 144A. The Transferee is
     acquiring the Certificates for its own account or for the account of a
     qualified institutional buyer, and understands that such Certificate may be
     resold, pledged or transferred only (i) to a person reasonably believed to
     be a qualified institutional buyer that purchases for its own account or
     for the account of a qualified institutional buyer to whom notice is given
     that the resale, pledge or transfer is being made in reliance on Rule 144A,
     or (ii) pursuant to another exemption from registration under the 1933 Act.

          2. The Transferee has been furnished with all information regarding
     (a) the Certificates and distributions thereon, (b) the nature, performance
     and servicing of the Mortgage Loans, (c) the Pooling and Servicing
     Agreement referred to below, and (d) any credit enhancement mechanism
     associated with the Certificates, that it has requested.

                                      F-1-1

<PAGE>

          All capitalized terms used but not otherwise defined herein have the
respective meanings assigned thereto in the Pooling and Servicing Agreement,
dated as of June 1, 2003, among Cendant Mortgage Capital LLC as Depositor,
Cendant Mortgage Corporation as Master Servicer and Citibank, N.A. as Trustee,
pursuant to which the Certificates were issued.

                                                 [TRANSFEREE]

                                                 By:________________________
                                                 Name:______________________
                                                 Title:_____________________

                                      F-1-2

<PAGE>

                                                          ANNEX 1 TO EXHIBIT F-1
                                                          ----------------------

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

          [For Transferees Other Than Registered Investment Companies]

          The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Citibank, N.A., as Trustee and Certificate Registrar,
with respect to the mortgage pass-through certificates (the "Certificates")
described in the Transferee Certificate to which this certification relates and
to which this certification is an Annex:

          1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
entity purchasing the Certificates (the "Transferee").

          2. In connection with purchases by the Transferee, the Transferee is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Transferee owned and/or
invested on a discretionary basis $______________________1 in securities (except
for the excluded securities referred to below) as of the end of the Transferee's
most recent fiscal year (such amount being calculated in accordance with Rule
144A) and (ii) the Transferee satisfies the criteria in the category marked
below.

     ___  CORPORATION, ETC. The Transferee is a corporation (other than a bank,
          savings and loan association or similar institution), Massachusetts or
          similar business trust, partnership, or any organization described in
          Section 501(c)(3) of the Internal Revenue Code of 1986.

     ___  BANK. The Transferee (a) is a national bank or banking institution
          organized under the laws of any State, territory or the District of
          Columbia, the business of which is substantially confined to banking
          and is supervised by the State or territorial banking commission or
          similar official or is a foreign bank or equivalent institution, and
          (b) has an audited net worth of at least $25,000,000 as demonstrated
          in its latest annual financial statements, A COPY OF WHICH IS ATTACHED
          HERETO.

     ___  SAVINGS AND LOAN. The Transferee (a) is a savings and loan
          association, building and loan association, cooperative bank,
          homestead association or similar

------------------------
1 Transferee must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Transferee is a dealer, and, in that case,
Transferee must own and/or invest on a discretionary basis at least $10,000,000
in securities.

                                      F-1-3

<PAGE>

          institution, which is supervised and examined by a State or Federal
          authority having supervision over any such institutions or is a
          foreign savings and loan association or equivalent institution and (b)
          has an audited net worth of at least $25,000,000 as demonstrated in
          its latest annual financial statements, A COPY OF WHICH IS ATTACHED
          HERETO.

     ___  BROKER-DEALER. The Transferee is a dealer registered pursuant to
          Section 15 of the Securities Exchange Act of 1934.

     ___  INSURANCE COMPANY. The Transferee is an insurance company whose
          primary and predominant business activity is the writing of insurance
          or the reinsuring of risks underwritten by insurance companies and
          which is subject to supervision by the insurance commissioner or a
          similar official or agency of a State, territory or the District of
          Columbia.

     ___  STATE OR LOCAL PLAN. The Transferee is a plan established and
          maintained by a State, its political subdivisions, or any agency or
          instrumentality of the State or its political subdivisions, for the
          benefit of its employees.

     ___  ERISA PLAN. The Transferee is an employee benefit plan within the
          meaning of Title I of the Employee Retirement Income Security Act of
          1974.

     ___  INVESTMENT ADVISOR. The Transferee is an investment advisor registered
          under the Investment Advisers Act of 1940.

          3. The term "SECURITIES" as used herein DOES NOT INCLUDE (i)
securities of issuers that are affiliated with the Transferee, (ii) securities
that are part of an unsold allotment to or subscription by the Transferee, if
the Transferee is a dealer, (iii) securities issued or guaranteed by the U.S. or
any instrumentality thereof, (iv) bank deposit notes and certificates of
deposit, (v) loan participations, (vi) repurchase agreements, (vii) securities
owned but subject to a repurchase agreement and (viii) currency, interest rate
and commodity swaps.

          4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, the Transferee
used the cost of such securities to the Transferee and did not include any of
the securities referred to in the preceding paragraph. Further, in determining
such aggregate amount, the Transferee may have included securities owned by
subsidiaries of the Transferee, but only if such subsidiaries are consolidated
with the Transferee in its financial statements prepared in accordance with
generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Transferee's direction. However, such
securities were not included if the Transferee is a majority-owned, consolidated
subsidiary of another enterprise and the Transferee is not itself a reporting
company under the Securities Exchange Act of 1934.

                                      F-1-4

<PAGE>

          5. The Transferee acknowledges that it is familiar with Rule 144A and
understands that the Transferor and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Transferee may be in reliance on Rule 144A.

         ___      ___      Will the Transferee be purchasing the Certificates
         Yes      No       only for the Transferee's own account?

          6. If the answer to the foregoing question is "no", the Transferee
agrees that, in connection with any purchase of securities sold to the
Transferee for the account of a third party (including any separate account) in
reliance on Rule 144A, the Transferee will only purchase for the account of a
third party that at the time is a "qualified institutional buyer" within the
meaning of Rule 144A. In addition, the Transferee agrees that the Transferee
will not purchase securities for a third party unless the Transferee has
obtained a current representation letter from such third party or taken other
appropriate steps contemplated by Rule 144A to conclude that such third party
independently meets the definition of "qualified institutional buyer" set forth
in Rule 144A.

          7. The Transferee will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Transferee's purchase of the Certificates will
constitute a reaffirmation of this certification as of the date of such
purchase. In addition, if the Transferee is a bank or savings and loan as
provided above, the Transferee agrees that it will furnish to such parties
updated annual financial statements promptly after they become available.

Dated:

                                                 ______________________________
                                                 Print Name of Transferee

                                                 By:___________________________
                                                 Name:_________________________
                                                 Title:________________________

                                      F-1-5

<PAGE>

                                                          ANNEX 2 TO EXHIBIT F-1
                                                          ----------------------

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

           [For Transferees That Are Registered Investment Companies]
           ----------------------------------------------------------

          The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Citibank, N.A., as Trustee and Certificate Registrar,
with respect to the mortgage pass-through certificates (the "Certificates")
described in the Transferee Certificate to which this certification relates and
to which this certification is an Annex:

          1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the entity purchasing the
Certificates (the "Transferee") or, if the Transferee is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because the Transferee is part of a Family of
Investment Companies (as defined below), is such an officer of the investment
adviser (the "Adviser").

          2. In connection with purchases by the Transferee, the Transferee is a
"qualified institutional buyer" as defined in Rule 144A because (i) the
Transferee is an investment company registered under the Investment Company Act
of 1940, and (ii) as marked below, the Transferee alone, or the Transferee's
Family of Investment Companies, owned at least $100,000,000 in securities (other
than the excluded securities referred to below) as of the end of the
Transferee's most recent fiscal year. For purposes of determining the amount of
securities owned by the Transferee or the Transferee's Family of Investment
Companies, the cost of such securities was used.

____ The Transferee owned $___________________ in securities (other than the
     excluded securities referred to below) as of the end of the Transferee's
     most recent fiscal year (such amount being calculated in accordance with
     Rule 144A).

____ The Transferee is part of a Family of Investment Companies which owned in
     the aggregate $______________ in securities (other than the excluded
     securities referred to below) as of the end of the Transferee's most recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

          3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

                                      F-1-6

<PAGE>

          4. The term "SECURITIES" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee or are part of the
Transferee's Family of Investment Companies, (ii) securities issued or
guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit notes
and certificates of deposit, (iv) loan participations, (v) repurchase
agreements, (vi) securities owned but subject to a repurchase agreement and
(vii) currency, interest rate and commodity swaps.

          5. The Transferee is familiar with Rule 144A and understands that the
parties to which this certification is being made are relying and will continue
to rely on the statements made herein because one or more sales to the
Transferee will be in reliance on Rule 144A. In addition, the Transferee will
only purchase for the Transferee's own account.

          6. The undersigned will notify the parties to which this certification
is made of any changes in the information and conclusions herein. Until such
notice, the Transferee's purchase of the Certificates will constitute a
reaffirmation of this certification by the undersigned as of the date of such
purchase.

Dated:

                                            ___________________________________
                                            Print Name of Transferee or Advisor

                                            By:__________________________
                                            Name:________________________
                                            Title:_____________________________

                                            IF AN ADVISER:

                                            ___________________________________
                                            Print Name of Transferee

                                      F-1-7

<PAGE>

          The undersigned hereby certifies on behalf of the purchaser named
below (the "Purchaser") as follows:

     1. I am an executive officer of the Purchaser.

     2. The Purchaser is a "qualified institutional buyer", as defined in Rule
144A, ("Rule 144A") under the Securities Act of 1933, as amended.

     3. As of the date specified below (which is not earlier than the last day
of the Purchaser's most recent fiscal year), the amount of "securities",
computed for purposes of Rule 144A, owned and invested on a discretionary basis
by the Purchaser was in excess of $100,000,000.

Name of Purchaser ___________________________________________________________

By: (Signature)______________________________________________________________

Name of Signatory ___________________________________________________________

Title _______________________________________________________________________

Date of this certificate ____________________________________________________

Date of information provided in paragraph 3 _________________________________

                                      F-1-8

<PAGE>

                                   EXHIBIT F-2

                         FORM OF TRANSFEROR CERTIFICATE

                                                                  _____ __, 2003

Citibank, N.A.
111 Wall Street, 14th Floor / Zone 3
New York, New York 10005

[Certificate Registrar]
________________________
________________________

          Re:  Cendant Mortgage Capital LLC, CDMC Mortgage Pass-Through
               Certificates, 2003-6, Class ___, Representing a ___% Class ___
               Percentage Interest
               ----------------------------------------------------------------

Ladies and Gentlemen:

          In connection with the transfer by ________________ (the "Transferor")
to ________________ (the "Transferee") of the captioned mortgage pass-through
certificates (the "Certificates"), the Transferor hereby certifies as follows:

          Neither the Transferor nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar security with any person in any manner,
(d) has made any general solicitation by means of general advertising or in any
other manner, (e) has taken any other action, that (in the case of each of
subclauses (a) through (e) above) would constitute a distribution of the
Certificates under the Securities Act of 1933, as amended (the "1933 Act"), or
would render the disposition of any Certificate a violation of Section 5 of the
1933 Act or any state securities law or would require registration or
qualification pursuant thereto. The Transferor will not act, nor has it
authorized or will it authorize any person to act, in any manner set forth in
the foregoing sentence with respect to any Certificate. The Transferor will not
sell or otherwise transfer any of the Certificates, except in compliance with
the provisions of that certain Pooling and Servicing Agreement, dated as of June
1, 2003, among Cendant Mortgage Capital LLC as Depositor, Cendant Mortgage
Corporation as Master Servicer and Citibank, N.A. as Trustee (the "Pooling and
Servicing Agreement"), pursuant to which Pooling and Servicing Agreement the
Certificates were issued.

          Capitalized terms used but not defined herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

                                      F-2-1

<PAGE>

                                                 Very truly yours,

                                                 [Transferor]

                                                 By:________________________
                                                 Name:______________________
                                                 Title:_____________________

                                      F-2-2

<PAGE>

                                   EXHIBIT F-3

                    FORM OF TRANSFEREE REPRESENTATION LETTER

                                                                 ______ __, 2003

Citibank, N.A.
111 Wall Street, 14th Floor / Zone 3
New York, New York 10005

[Certificate Registrar]
________________________
________________________

          Re:  Cendant Mortgage Capital LLC, CDMC Mortgage Pass-Through
               Certificates, 2003-6, Class ___, Representing a ___% Class ___
               Percentage Interest
               ----------------------------------------------------------------

Ladies and Gentlemen:

          In connection with the transfer by ________________ (the "Transferor")
to ________________ (the "Transferee") of the captioned mortgage pass-through
certificates (the "Certificates"), the Transferee hereby certifies as follows:

     1. The Transferee understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933 (the "1933
Act") or any state securities law, (b) the Depositor is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered and qualified pursuant to the provisions of the Act or any state
securities law, or if an exemption from such registration and qualification is
available, (d) the Pooling and Servicing Agreement contains restrictions
regarding the transfer of the Certificates and (e) the Certificates will bear a
legend to the foregoing effect.

     2. The Transferee is acquiring the Certificates for its own account for
investment only and not with a view to or for sale in connection with any
distribution thereof in any manner that would violate the 1933 Act or any
applicable state securities laws.

     3. The Transferee is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters,
and, in particular, in such matters related to securities similar to the
Certificates, such that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) able to bear the economic risks of such an
investment and (c) an "accredited investor" within the meaning of Rule 501(a)
promulgated pursuant to the 1933 Act.

     4. The Transferee has been furnished with all information regarding (a) the
Certificates and distributions thereon, (b) the nature, performance and
servicing of the Mortgage Loans, (c) the

                                      F-3-1

<PAGE>

Pooling and Servicing Agreement referred to below, and (d) any credit
enhancement mechanism associated with the Certificates, that it has requested.

     5. The Transferee has not and will not nor has it authorized or will it
authorize any person to (a) offer, pledge, sell, dispose of or otherwise
transfer any Certificate, any interest in any Certificate or any other similar
security to any person in any manner, (b) solicit any offer to buy or to accept
a pledge, disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or in any other
manner, (e) take any other action, that (in the case of each of subclauses (a)
through (e) above) would constitute a distribution of the Certificates under the
1933 Act, or would render the disposition of any Certificate a violation of
Section 5 of the 1933 Act or any state securities law or would require
registration or qualification pursuant thereto. The Transferee will not sell or
otherwise transfer any of the Certificates, except in compliance with the
provisions of that certain Pooling and Servicing Agreement, dated as of June 1,
2003, among Cendant Mortgage Capital LLC as Depositor, Cendant Mortgage
Corporation as Master Servicer and Citibank, N.A. as Trustee (the "Pooling and
Servicing Agreement"), pursuant to which Pooling and Servicing Agreement the
Certificates were issued.

     Capitalized terms used but not defined herein shall have the meanings
assigned thereto in the Pooling and Servicing Agreement.

                                                 Very truly yours,

                                                 [Transferee]

                                                 By:________________________
                                                 Name:______________________
                                                 Title:_____________________

                                      F-3-2

<PAGE>

                                   EXHIBIT F-4

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF ________     )
                      : ss.:
COUNTY OF ________    )

          ________________________ , being duly sworn, deposes, represents and
warrants as follows:

     (i) I am a ______________________ of ____________________________ (the
"Owner") a corporation duly organized and existing under the laws of
______________, the record owner of or ______% Percentage Interest in the
Cendant Mortgage Capital LLC, CDMC Mortgage Pass- Through Certificates, 2003-6,
Class R Certificates (the "Class R Certificates"), on behalf of whom I make this
affidavit and agreement. Capitalized terms used but not defined herein have the
respective meanings assigned thereto in the Pooling and Servicing Agreement
pursuant to which the Class R Certificates were issued.

     (ii) The Owner (i) is and will be a "Permitted Transferee" as of
____________________, 200___ and (ii) is acquiring the Class R Certificates for
its own account or for the account of another Owner from which it has received
an affidavit in substantially the same form as this affidavit. A "Permitted
Transferee" is any person other than a "disqualified organization" or a
possession of the United States. For this purpose, a "disqualified organization"
means the United States, any state or political subdivision thereof, any agency
or instrumentality of any of the foregoing (other than an instrumentality all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation, a majority of whose board of directors is not selected by
any such governmental entity) or any foreign government, international
organization or any agency or instrumentality of such foreign government or
organization, any rural electric or telephone cooperative, or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated business
taxable income.

     (iii) The Owner is aware (i) of the tax that would be imposed on transfers
of the Class R Certificates to disqualified organizations under the Internal
Revenue Code of 1986 that applies to all transfers of the Class R Certificates
after May 31, 1988; (ii) that such tax would be on the transferor or, if such
transfer is through an agent (which person includes a broker, nominee or
middleman) for a non-Permitted Transferee, on the agent; (iii) that the person
otherwise liable for the tax shall be relieved of liability for the tax if the
transferee furnishes to such person an affidavit that thetransferee is a
Permitted Transferee and, at the time of transfer, such person does not have
actual knowledge that the affidavit is false; and (iv) that each of the Class R
Certificates may be a "noneconomic residual interest" within the meaning of
proposed Treasury regulations promulgated under the Code and that the transferor
of a "noneconomic residual interest" will remain liable for any taxes due with
respect to the income on such residual interest, unless no significant purpose
of the transfer is to impede the assessment or collection of tax.

                                      F-4-1

<PAGE>

     (iv) The Owner is aware of the tax imposed on a "pass-through entity"
holding the Class R Certificates if, at any time during the taxable year of the
pass-through entity, a non-Permitted Transferee is the record holder of an
interest in such entity. (For this purpose, a "pass-through entity"includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

     (v) The Owner is aware that the Trustee will not register the transfer of
any Class R Certificate unless the transferee, or the transferee's agent,
delivers to the Trustee, among other things, an affidavit in substantially the
same form as this affidavit. The Owner expressly agrees that it will not
consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

     (vi) The Owner consents to any additional restrictions or arrangements that
shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is a Permitted Transferee.

     (vii) The Owner's taxpayer identification number is _________________.

     (viii) The Owner has reviewed the restrictions set forth on the face of the
Class R Certificates and the provisions of Section 5.02(f) of the Pooling and
Servicing Agreement under which the Class R Certificates were issued (in
particular, clauses (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event that the Owner holds such Certificate
in violation of Section 5.02(f)); and that the Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

     (ix) The Owner is not acquiring and will not transfer the Class R
Certificates in order to impede the assessment or collection of any tax.

     (x) The Owner anticipates that it will, so long as it holds the Class R
Certificates, have sufficient assets to pay any taxes owed by the holder of such
Class R Certificates, and hereby represents to and for the benefit of the person
from whom it acquired the Class R Certificates that the Owner intends to pay
taxes associated with holding such Class R Certificates as they become due,
fully understanding that it may incur tax liabilities in excess of any cash
flows generated by the Class R Certificates.

     (xi) The Owner has no present knowledge that it may become insolvent or
subject to a bankruptcy proceeding for so long as it holds the Class R
Certificates.

     (xii) The Owner has no present knowledge or expectation that it will be
unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding.

     (xiii) The Owner is not acquiring the Class R Certificates with the intent
to transfer the Class R Certificates to any person or entity that will not have
sufficient assets to pay any taxes owed by the holder of such Class R
Certificates, or that may become insolvent or subject to a bankruptcy
proceeding, for so long as the Class R Certificates remain outstanding.

                                      F-4-2

<PAGE>

     (xiv) The Owner will, in connection with any transfer that it makes of the
Class R Certificates, obtain from its transferee the representations required by
Section 5.02(f) of the Pooling and Servicing Agreement under which the Class R
Certificate were issued and will not consummate any such transfer if it knows,
or knows facts that should lead it to believe, that any such representations are
false.

     (xv) The Owner will, in connection with any transfer that it makes of the
Class R Certificates, deliver to the Trustee an affidavit, which represents and
warrants that it is not transferring the Class R Certificates to impede the
assessment or collection of any tax and that it has no actual knowledge that the
proposed transferee: (i) has insufficient assets to pay any taxes owed by such
transferee as holder of the Class R Certificates; (ii) may become insolvent or
subject to a bankruptcy proceeding for so long as the Class R Certificates
remains outstanding; and (iii) is not a "Permitted Transferee".

     (xvi) The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States may be included in
gross income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.

     (xvii) (a) The Owner is not an employee benefit plan or other plan subject
to the prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), or an investment manager, named
fiduciary or a trustee of any such plan, or any other Person acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan assets" of any
such plan; or

          (b) The Owner will provide the Trustee, the Company and the Master
Servicer with an opinion of counsel acceptable to and in form and substance
satisfactory to such entities to the effect that the purchase of Certificates is
permissible under applicable law, will not constitute or result in any
non-exempt prohibited transaction under ERISA or Section 4975 of the Code and
will not subject the Trustee, the Depositor or the Master Servicer to any
obligation or liability (including obligations or liabilities under ERISA or
Section 4975 of the Code) in addition to those undertaken in the Pooling and
Servicing Agreement.

     In addition, the Owner hereby certifies, represents and warrants to, and
covenants with, the Depositor, the Trustee and the Master Servicer that the
Owner will not transfer such Certificates to any Plan or person unless either
such Plan or person meets the requirements set forth in either (a) or (b) above.

                                      F-4-3

<PAGE>

          IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Vice] President, attested by its [Assistant] Secretary, this ____ day of
__________, 200___.

                                                 [OWNER]

                                                 By:___________________________
                                                 Name:_________________________
                                                 Title:   [Vice] President

ATTEST:

By:__________________________
Name:________________________
Title: [Assistant] Secretary

          Personally appeared before me the above-named , known or proved to me
to be the same person who executed the foregoing instrument and to be a [Vice]
President of the Owner, and acknowledged to me that [he/she] executed the same
as [his/her] free act and deed and the free act and deed of the Owner.

          Subscribed and sworn before me this ____ day of __________, 200___.

                                               ________________________________
                                                        Notary Public

                                               County of ______________________
                                               State of _______________________

                                               My Commission expires:

                                      F-4-4

<PAGE>

                          FORM OF TRANSFEROR AFFIDAVIT

STATE OF ________     )
                      : ss. :
COUNTY OF ________    )

          ________________________, being duly sworn, deposes, represents and
warrants as follows:

          1. I am a ____________________ of _____________________________ (the
"Owner"), a corporation duly organized and existing under the laws of
______________, on behalf of whom I make this affidavit.

          2. The Owner is not transferring the Class R Certificates (the
"Residual Certificates") to impede the assessment or collection of any tax.

          3. The Owner has no actual knowledge that the Person that is the
proposed transferee (the "Purchaser") of the Residual Certificates: (i) has
insufficient assets to pay any taxes owed by such proposed transferee as holder
of the Residual Certificates; (ii) may become insolvent or subject to a
bankruptcy proceeding for so long as the Residual Certificates remain
outstanding and (iii) is not a Permitted Transferee.

          4. The Owner understands that the Purchaser has delivered to the
Trustee a transfer affidavit and agreement in the form attached to the Pooling
and Servicing Agreement as Exhibit F-4. The Owner does not know or believe that
any representation contained therein is false.

          5. At the time of transfer, the Owner has conducted a reasonable
investigation of the financial condition of the Purchaser as contemplated by
Treasury Regulations Section 1.860E- 1(c)(4)(i) and, as a result of that
investigation, the Owner has determined that the Purchaser has historically paid
its debts as they became due and has found no significant evidence to indicate
that the Purchaser will not continue to pay its debts as they become due in the
future. The Owner understands that the transfer of a Residual Certificate may
not be respected for United States income tax purposes (and the Owner may
continue to be liable for United States income taxes associated therewith)
unless the Owner has conducted such an investigation.

          6. Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement

                                      F-4-5

<PAGE>

          IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Vice] President, attested by its [Assistant] Secretary, this ____ day of
___________, 200___.

                                                 [OWNER]

                                                 By:___________________________
                                                 Name:_________________________
                                                 Title:  [Vice] President

ATTEST:

By:__________________________
Name:________________________
Title: [Assistant] Secretary

          Personally appeared before me the above-named , known or proved to me
to be the same person who executed the foregoing instrument and to be a [Vice]
President of the Owner, and acknowledged to me that [he/she] executed the same
as [his/her] free act and deed and the free act and deed of the Owner.

          Subscribed and sworn before me this ____ day of __________, 200___.

                                            __________________________________
                                                     Notary Public

                                            County of ________________________
                                            State of _________________________

                                            My Commission expires:

                                      F-4-6

<PAGE>

                                    EXHIBIT G

                       FORM OF ERISA REPRESENTATION LETTER

                                                                 ______ __, 2003

Cendant Mortgage Capital LLC
3000 Leadenhall Road
 Mount Laurel, New Jersey 08054

Citibank, N.A.
111 Wall Street, 14th Floor / Zone 3
New York, New York 10005

Cendant Mortgage Corporation
3000 Leadenhall Road
 Mount Laurel, New Jersey 08054

          Re:  Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through
               Certificates, 2003-6, Class [B-4][B-5][B-6]
               ---------------------------------------------------------------

Ladies and Gentlemen:

          __________________________________ (the "Transferee") intends to
acquire from _____________________ (the "Transferor") $____________ Initial
Certificate Principal Balance of Cendant Mortgage Capital LLC, CDMC Mortgage
Pass-Through Certificates, 2003-6, Class ___ (the "Certificates"), issued
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of June 1, 2003 among Cendant Mortgage Capital LLC as
depositor (the "Depositor"), Cendant Mortgage Corporation as master servicer
(the "Master Servicer") and Citibank, N.A. as trustee (the "Trustee").
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned thereto in the Pooling and Servicing Agreement. The Transferee hereby
certifies, represents and warrants to, and covenants with the Depositor, the
Trustee and the Master Servicer that the following statements in either (1) or
(2) are accurate:

_____ (1) The Certificates (i) are not being acquired by, and will not be
transferred to, any employee benefit plan within the meaning of section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
other retirement arrangement, including individual retirement accounts and
annuities, Keogh plans and bank collective investment funds and insurance
company general or separate accounts in which such plans, accounts or
arrangements are invested, that is subject to Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986 (the "Code") (any of the foregoing, a
"Plan"), (ii) are not being acquired with "plan assets" of a Plan within the
meaning of the Department of Labor ("DOL") regulation, 29 C.F.R. ss. 2510.3-101,
and (iii) will not be transferred to any entity that is deemed to be investing
in plan assets within the meaning of the DOL regulation at 29
C.F.R.ss.2510.3-101; or

                                       G-1

<PAGE>

_____ (2) The purchase of Certificates is permissible under applicable law, will
not subject the Depositor, the Trustee or the Master Servicer to any obligation
in addition to those undertaken in the Pooling and Servicing Agreement and (i)
the Transferee is an insurance company, (ii) the source of funds used to
purchase such Certificates is an "insurance company general account" (as such
term is defined in Prohibited Transaction Class Exemption ("PTCE") 95-60) and
(iii) the conditions set forth in Section III of PTCE 95-60 and all other
applicable conditions of PTCE 95-60 have been satisfied and as a result, the
acquisition and holding of the Certificates will not constitute or result in any
prohibited transaction under ERISA or Section 4975 of the Code.

                                            Very truly yours,

                                            ___________________________________

                                            By: _______________________________
                                            Name:
                                            Title:

                                       G-2

<PAGE>

                                    EXHIBIT H

                           FORM OF LOST NOTE AFFIDAVIT

          [Name of Seller], a ______________ corporation (the "Mortgage Loan
Seller"), by its undersigned authorized representative, hereby certifies:

          Pursuant to the Mortgage Loan Purchase Agreement, dated
_______________, between the Seller [Cendant Mortgage Corporation] [Bishop's
Gate Residential Mortgage Trust] and Cendant Mortgage Capital LLC (the
"Depositor"), the Seller is granting all of its right, title and interest in and
to the Mortgage Loan identified below to the Depositor. Terms used but not
defined herein have the respective meanings assigned to them in the Mortgage
Loan Purchase Agreement.

Mortgage Loan Number:
Maker:
Original Principal Amount:
Original Mortgage Note Date:
Maturity Date:

          The Seller is the current owner and holder of the indebtedness
evidenced by the original Mortgage Note.

          After diligent search, the Seller has been unable to locate the
original Mortgage Note and believes it to be lost or misplaced.

          A true, complete and correct photocopy of the original Mortgage Note
is attached hereto.

          If at any time the Seller locates the original Mortgage Note, the
Mortgage Loan Seller shall endorse such original Mortgage Note in the following
form: "Pay to the order of [Name of Trustee], as Trustee for the registered
holders of Cendant Mortgage Capital LLC, Mortgage Pass- Through Certificates,
CDMC 2003-6, without recourse," and shall promptly deliver to the Trustee the
original Mortgage Note so endorsed, with all prior and intervening endorsements
showing a complete chain of endorsement from the originator to the Seller.

          The Seller hereby indemnifies the Depositor, the Trustee and the
Certificateholders from and against any and all losses, liabilities, damages,
claims or expenses of whatever kind (including without limitation attorneys'
fees and disbursements) arising from or in connection with the Seller's failure
to have delivered the original Mortgage Note (as required under the Mortgage
Loan Purchase Agreement) to the Trustee as designee of the Depositor, including
without limitation any such losses, liabilities, damages, claims or expenses
arising from or in connection with any claim by any third party who is the
holder of such indebtedness by virtue of its possession of such original
Mortgage Note.

                                       H-1

<PAGE>

          This Lost Note Affidavit shall inure to the benefit of the Depositor,
the Trustee and the Certificateholders and their respective successors and
permitted assigns.

Dated:

                                            [Seller]

                                            By:______________________________
                                            Name:____________________________
                                            Title:___________________________

                                       H-2

<PAGE>

                                   EXHIBIT I-1

                     FORM OF TRUSTEE'S INITIAL CERTIFICATION

                                                              _________ __, 2003

Cendant Mortgage Capital LLC
3000 Leadenhall Road
 Mount Laurel, New Jersey 08054

Cendant Mortgage Corporation
3000 Leadenhall Road
 Mount Laurel, New Jersey 08054

          Re:  Pooling and Servicing Agreement, dated as of June 1, 2003, among
               Cendant Mortgage Capital LLC, as depositor, Cendant Mortgage
               Corporation as master servicer and Citibank, N.A., as Trustee,
               CDMC Mortgage Pass-Through Certificates, 2003-6
               ----------------------------------------------------------------

Ladies and Gentlemen:

          Attached is the Trustee's preliminary exception report delivered in
accordance with Section 2.02 of the referenced Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"). Capitalized terms used but not
otherwise defined herein shall have the meanings set forth in the Pooling and
Servicing Agreement.

          The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement. The Trustee makes no representations as to (i)
the validity, legality, sufficiency, enforceability or genuineness of any of the
documents contained in the Mortgage File pertaining to the Mortgage Loans
identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan or (iii) whether any
Mortgage File included any of the documents specified in Section 2.01 of the
Pooling and Servicing Agreement.

                                            CITIBANK,N.A.

                                            By:________________________________
                                            Name:
                                            Title:

                                       I-1

<PAGE>

                                   EXHIBIT I-2

                       FORM OF TRUSTEE FINAL CERTIFICATION

                                                                   June __, 2003

Cendant Mortgage Capital LLC
3000 Leadenhall Road
Mount. Laurel, New Jersey 08054

Cendant Mortgage Corporation
3000 Leadenhall Road
 Mount Laurel, New Jersey 08054

          Re:  Pooling and Servicing Agreement, dated as of June 1, 2003, among
               Cendant Mortgage Capital LLC, as depositor, Cendant Mortgage
               Corporation, as master servicer and Citibank, N.A., as Trustee,
               CDMC Mortgage Pass-Through Certificates, 2003-6
               ----------------------------------------------------------------

Ladies and Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, hereby certifies that, except as noted on
the Schedule of Exceptions attached hereto, for each Mortgage Loan listed on the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on
the attachment hereto), it has received a complete Mortgage File which includes
the documents required to be included in the Mortgage File as set forth in the
Pooling and Servicing Agreement.

     The undersigned has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The undersigned makes no
representation as to: (i) the validity, legality, sufficiency, enforceability or
genuineness of any documents contained in any Mortgage File for any of the
Mortgage Loans listed on the Mortgage Loan Schedule to the Pooling and Servicing
Agreement, (ii) the collectability, insurability, effectiveness or suitability
of any such Mortgage Loan or (iii) whether any Mortgage File should include any
flood insurance policy, any rider, addenda, surety or guaranty agreement, power
of attorney, buy down agreement, assumption agreement, modification agreement,
written assurance or substitution agreement.

                                      I-2-1

<PAGE>

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                            CITIBANK, N.A., as Trustee

                                            By:________________________________
                                            Name:
                                            Title:

                                      I-2-2

<PAGE>

                                    EXHIBIT J

                        MORTGAGE LOAN PURCHASE AGREEMENT

                            (Available upon request)

                                       J-1

<PAGE>

                                    EXHIBIT K

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
                   (Additional Collateral Servicing Agreement)

                            (Available Upon Request)

                                       K-1

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
Initial Balance.............          $98,314,000.00
July 25, 2003...............           98,072,285.68
August 25, 2003.............           97,792,188.56
September 25, 2003..........           97,473,890.41
October 25, 2003............           97,117,497.58
November 25, 2003...........           96,723,141.03
December 25, 2003...........           96,290,976.28
January 25, 2004............           95,821,183.37
February 25, 2004...........           95,313,966.75
March 25, 2004..............           94,769,555.17
April 25, 2004..............           94,188,201.57
May 25, 2004................           93,570,182.91
June 25, 2004...............           92,915,799.95
July 25, 2004...............           92,225,377.07
August 25, 2004.............           91,499,262.02
September 25, 2004..........           90,737,825.64
October 25, 2004............           89,941,461.57
November 25, 2004...........           89,110,585.96
December 25, 2004...........           88,245,637.06
January 25, 2005............           87,347,074.96
February 25, 2005...........           86,415,381.08
March 25, 2005..............           85,451,057.83
April 25, 2005..............           84,454,628.18
May 25, 2005................           83,426,635.12
June 25, 2005...............           82,367,641.26
July 25, 2005...............           81,278,228.29
August 25, 2005.............           80,158,996.45
September 25, 2005..........           79,010,563.99
October 25, 2005............           77,833,566.61
November 25, 2005...........           76,628,656.87
December 25, 2005...........           75,419,889.23
January 25, 2006............           74,219,323.27
February 25, 2006...........           73,026,905.72
March 25, 2006..............           71,842,583.63
April 25, 2006..............           70,666,304.42
May 25, 2006................           69,498,015.85
June 25, 2006...............           68,337,666.03
July 25, 2006...............           67,185,203.38
August 25, 2006.............           66,040,576.67
September 25, 2006..........           64,903,735.03
October 25, 2006............           63,774,627.88
November 25, 2006...........           62,653,205.00
December 25, 2006...........           61,539,416.47
January 25, 2007............           60,433,212.74
February 25, 2007...........           59,334,544.53
March 25, 2007..............           58,243,362.93
April 25, 2007..............           57,159,619.31

                                       L-1

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2007................            56,083,265.38
June 25, 2007...............            55,014,253.16
July 25, 2007...............            53,952,534.98
August 25, 2007.............            52,898,063.49
September 25, 2007..........            51,850,791.65
October 25, 2007............            50,810,672.70
November 25, 2007...........            49,777,660.22
December 25, 2007...........            48,751,708.08
January 25, 2008............            47,732,770.44
February 25, 2008...........            46,720,801.78
March 25, 2008..............            45,715,756.86
April 25, 2008..............            44,717,590.75
May 25, 2008................            43,726,258.80
June 25, 2008...............            42,741,716.65
July 25, 2008...............            41,832,723.02
August 25, 2008.............            40,930,347.45
September 25, 2008..........            40,034,546.68
October 25, 2008............            39,145,277.73
November 25, 2008...........            38,262,497.89
December 25, 2008...........            37,386,164.74
January 25, 2009............            36,516,236.13
February 25, 2009...........            35,652,670.20
March 25, 2009..............            34,795,425.33
April 25, 2009..............            33,944,460.23
May 25, 2009................            33,099,733.82
June 25, 2009...............            32,261,205.34
July 25, 2009...............            31,442,538.71
August 25, 2009.............            30,629,883.01
September 25, 2009..........            29,823,198.45
October 25, 2009............            29,022,445.50
November 25, 2009...........            28,227,584.88
December 25, 2009...........            27,438,577.56
January 25, 2010............            26,655,384.80
February 25, 2010...........            25,877,968.07
March 25, 2010..............            25,113,249.23
April 25, 2010..............            24,366,465.36
May 25, 2010................            23,637,234.86
June 25, 2010...............            22,925,183.90
July 25, 2010...............            22,300,053.71
August 25, 2010.............            21,689,772.16
September 25, 2010..........            21,094,013.36
October 25, 2010............            20,512,458.22
November 25, 2010...........            19,944,794.37
December 25, 2010...........            19,390,715.99
January 25, 2011............            18,849,923.69
February 25, 2011...........            18,322,124.36
March 25, 2011..............            17,807,031.07
April 25, 2011..............            17,304,362.93

                                       L-2

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2011................           16,813,844.95
June 25, 2011...............           16,335,207.94
July 25, 2011...............           15,927,773.28
August 25, 2011.............           15,529,853.16
September 25, 2011..........           15,141,235.91
October 25, 2011............           14,761,714.40
November 25, 2011...........           14,391,085.95
December 25, 2011...........           14,029,152.27
January 25, 2012............           13,675,719.29
February 25, 2012...........           13,330,597.16
March 25, 2012..............           12,993,600.10
April 25, 2012..............           12,664,546.33
May 25, 2012................           12,343,258.01
June 25, 2012...............           12,029,561.13
July 25, 2012...............           11,771,497.15
August 25, 2012.............           11,518,805.18
September 25, 2012..........           11,271,375.57
October 25, 2012............           11,029,100.88
November 25, 2012...........           10,791,875.83
December 25, 2012...........           10,559,597.25
January 25, 2013............           10,332,164.07
February 25, 2013...........           10,109,477.25
March 25, 2013..............            9,891,439.75
April 25, 2013..............            9,677,956.47
May 25, 2013................            9,468,934.24
June 25, 2013...............            9,264,281.77
July 25, 2013...............            9,063,909.62
August 25, 2013.............            8,867,730.14
September 25, 2013..........            8,675,657.45
October 25, 2013............            8,487,607.41
November 25, 2013...........            8,303,497.59
December 25, 2013...........            8,123,247.20
January 25, 2014............            7,946,777.09
February 25, 2014...........            7,774,009.73
March 25, 2014..............            7,604,869.12
April 25, 2014..............            7,439,280.84
May 25, 2014................            7,277,171.93
June 25, 2014...............            7,118,470.94
July 25, 2014...............            6,963,107.86
August 25, 2014.............            6,811,014.06
September 25, 2014..........            6,662,122.36
October 25, 2014............            6,516,366.88
November 25, 2014...........            6,373,683.12
December 25, 2014...........            6,234,007.85
January 25, 2015............            6,097,279.16
February 25, 2015...........            5,963,436.35
March 25, 2015..............            5,832,419.98
April 25, 2015..............            5,704,171.81

                                       L-3

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2015................           5,578,634.77
June 25, 2015...............           5,455,752.96
July 25, 2015...............           5,335,471.61
August 25, 2015.............           5,217,737.05
September 25, 2015..........           5,102,496.71
October 25, 2015............           4,989,699.10
November 25, 2015...........           4,879,293.74
December 25, 2015...........           4,771,231.20
January 25, 2016............           4,665,463.06
February 25, 2016...........           4,561,941.87
March 25, 2016..............           4,460,621.14
April 25, 2016..............           4,361,455.34
May 25, 2016................           4,264,399.85
June 25, 2016...............           4,169,410.97
July 25, 2016...............           4,076,445.89
August 25, 2016.............           3,985,462.66
September 25, 2016..........           3,896,420.18
October 25, 2016............           3,809,278.21
November 25, 2016...........           3,723,997.31
December 25, 2016...........           3,640,538.85
January 25, 2017............           3,558,864.99
February 25, 2017...........           3,478,938.64
March 25, 2017..............           3,400,723.50
April 25, 2017..............           3,324,183.98
May 25, 2017................           3,249,285.24
June 25, 2017...............           3,175,993.14
July 25, 2017...............           3,104,274.22
August 25, 2017.............           3,034,095.73
September 25, 2017..........           2,965,425.58
October 25, 2017............           2,898,232.33
November 25, 2017...........           2,832,485.18
December 25, 2017...........           2,768,153.97
January 25, 2018............           2,705,209.16
February 25, 2018...........           2,643,621.79
March 25, 2018..............           2,583,363.51
April 25, 2018..............           2,524,406.56
May 25, 2018................           2,466,723.72
June 25, 2018...............           2,410,288.35
July 25, 2018...............           2,355,074.34
August 25, 2018.............           2,301,056.14
September 25, 2018..........           2,248,208.69
October 25, 2018............           2,196,507.47
November 25, 2018...........           2,145,928.44
December 25, 2018...........           2,096,448.08
January 25, 2019............           2,048,043.34
February 25, 2019...........           2,000,691.62
March 25, 2019..............           1,954,370.83
April 25, 2019..............           1,909,059.29

                                       L-4

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2019................           1,864,735.79
June 25, 2019...............           1,821,379.55
July 25, 2019...............           1,778,970.22
August 25, 2019.............           1,737,487.85
September 25, 2019..........           1,696,912.94
October 25, 2019............           1,657,226.35
November 25, 2019...........           1,618,409.35
December 25, 2019...........           1,580,443.60
January 25, 2020............           1,543,311.13
February 25, 2020...........           1,506,994.35
March 25, 2020..............           1,471,476.02
April 25, 2020..............           1,436,739.27
May 25, 2020................           1,402,767.56
June 25, 2020...............           1,369,544.70
July 25, 2020...............           1,337,054.84
August 25, 2020.............           1,305,282.45
September 25, 2020..........           1,274,212.32
October 25, 2020............           1,243,829.56
November 25, 2020...........           1,214,119.58
December 25, 2020...........           1,185,068.11
January 25, 2021............           1,156,661.14
February 25, 2021...........           1,128,884.99
March 25, 2021..............           1,101,726.23
April 25, 2021..............           1,075,171.73
May 25, 2021................           1,049,208.62
June 25, 2021...............           1,023,824.30
July 25, 2021...............             999,006.43
August 25, 2021.............             974,742.93
September 25, 2021..........             951,021.98
October 25, 2021............             927,831.97
November 25, 2021...........             905,161.57
December 25, 2021...........             882,999.67
January 25, 2022............             861,335.38
February 25, 2022                        840,158.06
March 25, 2022..............             819,457.27
April 25, 2022..............             799,222.79
May 25, 2022................             779,444.63
June 25, 2022...............             760,112.98
July 25, 2022...............             741,218.27
August 25, 2022.............             722,751.09
September 25, 2022..........             704,702.26
October 25, 2022............             687,062.77
November 25, 2022...........             669,823.80
December 25, 2022...........             652,976.73
January 25, 2023............             636,513.10
February 25, 2023...........             620,424.63
March 25, 2023..............             604,703.24
April 25, 2023..............             589,340.98

                                       L-5

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2023................           574,330.08
June 25, 2023...............           559,662.96
July 25, 2023...............           545,332.15
August 25, 2023.............           531,330.37
September 25, 2023..........           517,650.48
October 25, 2023............           504,285.50
November 25, 2023...........           491,228.59
December 25, 2023...........           478,473.05
January 25, 2024............           466,012.33
February 25, 2024...........           453,840.00
March 25, 2024..............           441,949.79
April 25, 2024..............           430,335.53
May 25, 2024................           418,991.22
June 25, 2024...............           407,910.95
July 25, 2024...............           397,088.96
August 25, 2024.............           386,519.59
September 25, 2024..........           376,197.32
October 25, 2024............           366,116.72
November 25, 2024...........           356,272.50
December 25, 2024...........           346,659.48
January 25, 2025............           337,272.57
February 25, 2025...........           328,106.80
March 25, 2025..............           319,157.31
April 25, 2025..............           310,419.33
May 25, 2025................           301,888.21
June 25, 2025...............           293,559.37
July 25, 2025...............           285,428.35
August 25, 2025.............           277,490.78
September 25, 2025..........           269,742.38
October 25, 2025............           262,178.97
November 25, 2025...........           254,796.43
December 25, 2025...........           247,590.76
January 25, 2026............           240,558.03
February 25, 2026...........           233,694.40
March 25, 2026..............           226,996.11
April 25, 2026..............           220,459.47
May 25, 2026................           214,080.87
June 25, 2026...............           207,856.80
July 25, 2026...............           201,783.81
August 25, 2026.............           195,858.50
September 25, 2026..........           190,077.59
October 25, 2026............           184,437.82
November 25, 2026...........           178,936.05
December 25, 2026...........           173,569.16
January 25, 2027............           168,334.13
February 25, 2027...........           163,227.99
March 25, 2027..............           158,247.84
April 25, 2027..............           153,390.83

                                       L-6

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2027................           148,654.19
June 25, 2027...............           144,035.20
July 25, 2027...............           139,531.19
August 25, 2027.............           135,139.56
September 25, 2027..........           130,857.76
October 25, 2027............           126,683.30
November 25, 2027...........           122,613.74
December 25, 2027...........           118,646.68
January 25, 2028............           114,779.80
February 25, 2028...........           111,010.81
March 25, 2028..............           107,337.47
April 25, 2028..............           103,757.60
May 25, 2028................           100,269.05
June 25, 2028...............            96,869.73
July 25, 2028...............            93,557.59
August 25, 2028.............            90,330.64
September 25, 2028..........            87,186.90
October 25, 2028............            84,124.46
November 25, 2028...........            81,141.44
December 25, 2028...........            78,236.01
January 25, 2029............            75,406.38
February 25, 2029...........            72,650.78
March 25, 2029..............            69,967.49
April 25, 2029..............            67,354.85
May 25, 2029................            64,811.20
June 25, 2029...............            62,334.93
July 25, 2029...............            59,924.47
August 25, 2029.............            57,578.29
September 25, 2029..........            55,294.87
October 25, 2029............            53,072.76
November 25, 2029...........            50,910.50
December 25, 2029...........            48,806.69
January 25, 2030............            46,759.95
February 25, 2030...........            44,768.94
March 25, 2030..............            42,832.34
April 25, 2030..............            40,948.87
May 25, 2030................            39,117.25
June 25, 2030...............            37,336.26
July 25, 2030...............            35,604.70
August 25, 2030.............            33,921.39
September 25, 2030..........            32,285.18
October 25, 2030............            30,694.93
November 25, 2030...........            29,149.56
December 25, 2030...........            27,647.97
January 25, 2031............            26,189.13
February 25, 2031...........            24,771.99
March 25, 2031..............            23,395.56
April 25, 2031..............            22,058.85

                                       L-7

<PAGE>

                                  AGGREGATE PLANNED PRINCIPAL
                              BALANCES FOR CLASS A-1, CLASS A-2
DISTRIBUTION DATE               AND CLASS A-3 CERTIFICATES
-----------------               ------------------------
May 25, 2031................           20,760.90
June 25, 2031...............           19,500.76
July 25, 2031...............           18,277.52
August 25, 2031.............           17,090.28
September 25, 2031..........           15,938.16
October 25, 2031............           14,820.30
November 25, 2031...........           13,735.85
December 25, 2031...........           12,684.01
January 25, 2032............           11,663.97
February 25, 2032...........           10,674.93
March 25, 2032..............            9,716.14
April 25, 2032..............            8,786.85
May 25, 2032................            7,886.32
June 25, 2032...............            7,013.84
July 25, 2032...............            6,168.71
August 25, 2032.............            5,350.24
September 25, 2032..........            4,557.77
October 25, 2032............            3,790.64
November 25, 2032...........            3,048.22
December 25, 2032...........            2,329.87
January 25, 2033............            1,635.00
February 25, 2033...........              963.00
March 25, 2033..............              313.30
April 25, 2033 and                          0.00
thereafter..................

                                       L-8

<PAGE>

                                    EXHIBIT M

                          FORM OF FORM 10-K CERTIFICATE

             I, [identify the certifying individual], certify that:

 1.I have reviewed this annual report on Form 10-K, and all reports on Form 8-K
    containing distribution or servicing reports filed in respect of periods
 included in the year covered by this annual report, of the trust (the "Trust")
created pursuant to the Pooling and Servicing Agreement dated June 1, 2003 (the
   "Agreement") among Cendant Mortgage Capital LLC (the "Depositor"), Cendant
Mortgage Corporation (the "Master Servicer") and Citibank, N.A. (the "Trustee");

  2.Based on my knowledge, the information in these reports, taken as a whole,
  does not contain any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading as of the
             last day of the period covered by this annual report;

 3.Based on my knowledge, the servicing information required to be provided to
 the Trustee by the Master Servicer under the Agreement for inclusion in these
                     reports is included in these reports;

4.I am responsible for reviewing the activities performed by the Master Servicer
under the Agreement and based upon my knowledge and the annual compliance review
required under the Agreement, and except as disclosed in the reports, the Master
        Servicer has fulfilled its obligations under the Agreement; and

   5.The reports disclose all significant deficiencies relating to the Master
Servicer's compliance with the minimum servicing standards based upon the report
   provided by an independent public accountant, after conducting a review in
 compliance with the Uniform Single Attestation Program for Mortgage Bankers as
         set forth in the Agreement, that is included in these reports.

In giving the certifications above, I have reasonably relied on the information
       provided to me by the following unaffiliated parties: the Trustee.

                                Date:____________

                       _________________________________*
                                [Signature] Name:
                                     Title:

     * - to be signed by the Chief Executive Officer of the Master Servicer

                                       M-1

<PAGE>

                                    EXHIBIT N

             FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

Cendant Mortgage Corporation
3000 Leadenhall Road
Mt. Laurel, New Jersey 08054

Re:  CDMC Mortgage Pass-Through Certificates, 2003-6

     Reference is made to the Pooling and Servicing Agreement, dated as of June
1, 2003 (the "Trust Agreement"), by and among Citibank, N.A. (the "Trustee"),
Cendant Mortgage Corporation, as master servicer (the "Master Servicer"), and
Cendant Mortgage Capital LLC, as depositor (the "Depositor"). The Trustee,
hereby certifies to the Master Servicer, and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

     (i)  The Trustee has reviewed the annual report on Form 10-K for the fiscal
          year [_____], and all reports on Form 8-K containing distribution
          reports filed in respect of periods included in the year covered by
          that annual report, relating to the above-referenced trust;

     (ii) Based on my knowledge, the information set forth in the reports on
          Form 10-K and Form 8-K referenced in (i) above (including the
          distribution reports) does not contain any untrue statement of
          material fact subject to the accuracy of the information provided to
          us by the Master Servicer and includes all information required to be
          stated therein; and

     (iii) Based on my knowledge, all distribution information required to be
          provided by the Trustee under the Pooling and Servicing Agreement is
          included in these reports.

Date:

                                              Citibank, N.A., as Trustee

                                              By:______________________________
                                              Name:____________________________
                                              Title:___________________________

                                       N-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]