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                                                                 EXHIBIT 10.33.1

                   AMENDMENT TO STOCKHOLDER PROTECTION RIGHTS
                                    AGREEMENT

1.       GENERAL BACKGROUND. In accordance with Section "Supplements and
         Amendments" of the Stockholder Protection Rights Agreement (the "Rights
         Agreement") between State Street Bank and Trust Company (the "Rights
         Agent") and Hanover Capital Mortgage Holdings, Inc. ("Hanover Capital")
         dated April 11, 2000 (the "Agreement"), the Rights Agent and Hanover
         Capital desire to amend the Agreement to appoint EquiServe Trust
         Company, N.A.

2.       EFFECTIVENESS.  This Amendment shall be effective as of September 26,
         2001 (the "Amendment") and all defined terms and definitions in the
         Agreement shall be the same in the Amendment except as specifically
         revised by the Amendment.

3.       REVISION.  The section in the Agreement entitled "Change of Rights
         Agent" is hereby deleted in its entirety and replaced with the
         following:

         CHANGE OF RIGHTS AGENT. The Rights Agent or any successor Rights Agent
         may resign and be discharged from its duties under this Agreement upon
         30 days' notice in writing mailed to the Company and to each transfer
         agent of the Common Shares or Preferred Shares by registered or
         certified mail and to the holders of the Right Certificates by
         first-class mail. The Company may remove the Rights Agent or any
         successor Rights Agent upon 30 days' notice in writing mailed to the
         Rights Agent or successor Rights Agent, as the case may be, and to each
         transfer agent of the Common Shares or Preferred Shares by registered
         or certified mail, and to the holders of the Right Certificates by
         first-class mail. If the Rights Agent shall resign or be removed or
         shall otherwise become incapable of acting, the Company shall appoint a
         successor to the Rights Agent. If the Company shall fail to make such
         appointment within a period of 30 days after giving notice of such
         removal or after it has been notified in writing of such resignation or
         incapacity by the resigning or incapacitated rights Agent or by the
         holder of a Right Certificate (who shall, with such notice, submit such
         holder's Right Certificate for inspection by the company), then the
         registered holder of any Right Certificate may apply to any court of
         competent jurisdiction for the appointment of a new Rights Agent. Any
         successor Rights Agent, whether appointed by the Company or by such a
         court, shall be a corporation or trust company organized and doing
         business under the laws of the United States, in good standing, which
         is authorized under such laws to exercise corporate trust or stock
         transfer powers and is subject to supervision or examination by federal
         or state authority and which has individually or combined with an
         affiliate at the time of it's appointment as Rights Agent a combined
         capital and surplus of at least $100 million dollars. After
         appointment, the successor Rights Agent shall be vested with the same
         powers, rights, duties and responsibilities as if it had been
         originally named as Rights Agent without further act or deed; but the
         predecessor Rights Agent shall deliver and transfer to the successor
         Rights Agent any property at the time held by it hereunder, and execute
         and deliver any further assurance, conveyance, act or deed necessary
         for the purpose. Not

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         later than the effective date of any such appointment the Company
         shall file notice thereof in writing with the predecessor Rights Agent
         and each transfer agent of the Common Shares or Preferred Shares, and
         mail a notice thereof in writing to the registered holders of the
         Right Certificates. Failure to give any notice provided for in this
         Section "Change of Rights Agent," however, or any defect therein,
         shall not affect the legality or validity of the resignation or
         removal of the Rights Agent or the appointment of the successor Rights
         Agent, as the case may be.

4.       Except as amended hereby, the Agreement and all schedules or exhibits
         thereto shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
in their names and on their behalf by and through their duly authorized
officers, as of this 19th day of November, 2001.

Hanover Capital Mortgage Holdings, Inc.     State Street Bank and Trust Co.

   /s/ John A. Burchett                        /s/ Charles Rossi
----------------------------------          ------------------------------------
By:    John A. Burchett                     By:
Title: CEO and President                    Title:

                                            EquiServe Trust
Company, N.A.

                                               /s/ Tyler Haynes
                                            ------------------------------------
                                            By:
                                            Title:

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                                                                 EXHIBIT 10.33.2

           SECOND AMENDMENT TO STOCKHOLDER PROTECTION RIGHTS AGREEMENT

         This Second Amendment (the "AMENDMENT") to Stockholder Protection
Rights Agreement is entered into as of June 10, 2002, by and between Hanover
Capital Mortgage Holdings, Inc., a Maryland corporation (the "COMPANY") and
EquiServe Trust Company, N.A., a national banking association (the "RIGHTS
AGENT").

                              W I T N E S S E T H :
                               - - - - - - - - - -

         WHEREAS, the Company and the Rights Agent are parties to that certain
Stockholder Protection Rights Agreement dated as of April 11, 2000 (the
"AGREEMENT"); and

         WHEREAS, the Company and the Rights Agent amended the Agreement to
appoint EquiServe Trust Company as the Rights Agent by that certain Amendment to
the Agreement effective as of September 26, 2001 (the "AMENDMENT"); and

         WHEREAS, effective May 24, 2002, the Company has amended its Articles
of Incorporation to provide for an increased Excepted Holder Limit which allows
John A. Burchett to own up to 20% of the Company's capital stock; and

         WHEREAS, the Agreement currently provides that if Mr. Burchett acquires
beneficial ownership of 18% or more of the Company's common stock he could
become an "Acquiring Person" as defined in the Agreement, which could lead to
the occurrence of the "Separation Time" as defined in the Agreement; and

         WHEREAS, the Board of Directors, with Mr. Burchett recusing himself
from the vote thereon, deemed it fair, desirable and in the best interests of
the Company and its stockholders to, pursuant to Section 5.4 of the Agreement,
amend the Agreement as set forth below, and duly authorized Mr. Burchett to
execute and deliver this Amendment, in order to ensure that the provisions of
the Agreement are consistent with the provisions of the Company's amended
Articles of Incorporation.

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

1.   DEFINED TERMS.  Capitalized terms used herein and not otherwise defined
     herein shall have the meanings attributed to such terms in the Agreement,
     as amended hereby.

2.   AMENDMENTS TO THE AGREEMENT.

     2.1.         The definition of "Acquiring Person" under Article I,
                  Section 1.1 of the Agreement is deleted in its entirety and
                  is replaced with the following:

                  ""ACQUIRING PERSON" shall mean any Person who is a Beneficial
                  Owner of 10% or more of the outstanding shares of Common Stock
                  (or in the case of John A. Burchett, more than 20% of the
                  outstanding shares of Common Stock or in the case of Wallace
                  Weitz, 17% or more of the outstanding shares of Common Stock);
                  PROVIDED, HOWEVER, that

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                  the term "Acquiring Person" shall not include any Person (i)
                  who shall become the Beneficial Owner of 10% or more (or in
                  the case of John A. Burchett, more than 20% of the
                  outstanding shares of Common Stock or in the case of Wallace
                  Weitz, 17% or more of the outstanding shares of Common
                  Stock) of the outstanding shares of Common Stock solely as a
                  result of an acquisition by the Company of shares of Common
                  Stock, until such time hereafter or thereafter as any of
                  such Persons shall become the Beneficial Owner (other than
                  by means of a stock dividend or stock split) of any
                  additional shares of Common Stock, (ii) who becomes the
                  Beneficial Owner of 10% or more (or in the case of John A.
                  Burchett, more than 20% of the outstanding shares of Common
                  Stock or in the case of Wallace Weitz, 17% or more of the
                  outstanding shares of Common Stock) of the outstanding
                  shares of Common Stock but who acquired Beneficial Ownership
                  of shares of Common Stock without any plan or intention to
                  seek or affect control of the Company, if, upon notice by
                  the Company, such Person promptly enters into an irrevocable
                  commitment with the Company to divest, and thereafter
                  promptly divests (without exercising or retaining any power,
                  including voting, with respect to such shares), sufficient
                  shares of Common Stock (or securities convertible into,
                  exchangeable into or exercisable for Common Stock) so that
                  such Person ceases to be the Beneficial Owner of 10% or more
                  (or in the case of John A. Burchett, more than 20% of the
                  outstanding shares of Common Stock or in the case of Wallace
                  Weitz, 17% or more of the outstanding shares of Common
                  Stock) of the outstanding shares of Common Stock or (iii)
                  who Beneficially Owns shares of Common Stock consisting
                  solely of one or more of (A) shares of Common Stock
                  Beneficially Owned pursuant to the grant or exercise of an
                  option granted to such Person (an "OPTION HOLDER") by the
                  Company in connection with an agreement to merge with, or
                  acquire, the Company entered into prior to a Flip-in Date,
                  (B) shares of Common Stock (or securities convertible into,
                  exchangeable into or exercisable for Common Stock),
                  Beneficially Owned by such Option Holder or its Affiliates
                  or Associates at the time of grant of such option and (C)
                  shares of Common Stock (or securities convertible into,
                  exchangeable into or exercisable for Common Stock) acquired
                  by Affiliates or Associates of such Option Holder after the
                  time of such grant which, in the aggregate, amount to less
                  than 1% of the outstanding shares of Common Stock. In
                  addition, the Company, any wholly-owned Subsidiary of the
                  Company and any employee stock ownership or other employee
                  benefit plan of the Company or a wholly-owned Subsidiary of
                  the Company shall not be an Acquiring Person."

     2.2.         Section 4.4 entitled "Change of Rights Agent" of the Agreement
                  is hereby amended by inserting after the first sentence
                  ending with the words "...by first-class mail." the words:

                  "In the event the Transfer Agency and Services Agreement
                  terminates, the Rights Agent will be deemed to resign
                  automatically on the effective date of such termination; and
                  any required notice will be sent by the Company."

3.   REFERENCE TO AND EFFECT OF THE AGREEMENT.

     3.1.         Upon the effectiveness of this Amendment, each reference in
                  the Agreement to "this Agreement," "hereunder," "hereof,"
                  "herein," and similar terms shall mean and be a reference to
                  the Agreement as amended hereby.

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     3.2.         Except as specifically amended above, all of the terms,
                  conditions and covenants of the Agreement shall remain
                  unaltered and in full force and effect and shall be binding
                  upon the parties thereto in all respects and are hereby
                  ratified and confirmed.

4.   CHOICE OF LAW. This Amendment shall be construed in accordance with the
     internal laws (and not the law of conflicts) of the State of Maryland.

5.    HEADINGS. Section headings in this Amendment are included herein for
      convenience of reference only and shall not constitute a part of this
      Amendment for any other purpose.

6.   COUNTERPARTS. This Amendment may be executed in one or more counterparts
     each of which when so executed and delivered will be deemed an original
     but all of which will constitute one and the same amendment.

                           [Signature page to follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first above written.

         HANOVER CAPITAL MORTGAGE HOLDINGS, INC.

            /s/ John A. Burchett
         -------------------------------
         Name:    John A. Burchett
         Title:   Chairman, Chief Executive Officer and President

         EQUISERVE TRUST COMPANY, N.A.

            /s/ Tyler Haynes
         -----------------------
         Name:
         Title:

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