Document:

RESIDENTIAL FUNDING CORPORATION,
                               as Master Servicer

                            HOME LOAN TRUST 2001-HI1,
                                    as Issuer

                                       and

                            THE CHASE MANHATTAN BANK
                              as Indenture Trustee

                             ----------------------

                               SERVICING AGREEMENT

                          Dated as of February 22, 2001

                             ----------------------

                                   Home Loans

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                                                 TABLE OF CONTENTS

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                                                     ARTICLE I

                                                    Definitions

<S>               <C>                                                                                            <C>
Section 1.01.     DEFINITIONS.....................................................................................1
Section 1.02.     OTHER DEFINITIONAL PROVISIONS...................................................................1
Section 1.03.     INTEREST CALCULATIONS...........................................................................2

                                                    ARTICLE II

                                          Representations and Warranties

Section 2.01.     REPRESENTATIONS AND WARRANTIES REGARDING THE MASTER SERVICER....................................3
Section 2.02.     REPRESENTATIONS AND WARRANTIES OF THE ISSUER....................................................4
Section 2.03.     ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES...................................................4

                                                    ARTICLE III

                                           Administration and Servicing
                                                   of Home Loans

Section 3.01.     THE MASTER SERVICER.............................................................................6
Section 3.02.     COLLECTION OF CERTAIN HOME LOAN PAYMENTS........................................................8
Section 3.03.     WITHDRAWALS FROM THE CUSTODIAL ACCOUNT.........................................................11
Section 3.04.     MAINTENANCE OF HAZARD INSURANCE; PROPERTY PROTECTION EXPENSES..................................12
Section 3.05.     MODIFICATION AGREEMENTS; RELEASE OR SUBSTITUTION OF LIEN.......................................13
Section 3.06.     TRUST ESTATE; RELATED DOCUMENTS................................................................15
Section 3.07.     REALIZATION UPON DEFAULTED HOME LOANS; LOSS MITIGATION.........................................16
Section 3.08.     ISSUER AND INDENTURE TRUSTEE TO COOPERATE......................................................18
Section 3.09.     SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY MASTER SERVICER.........................19
Section 3.10.     ANNUAL STATEMENT AS TO COMPLIANCE..............................................................19
Section 3.11.     ANNUAL SERVICING REPORT........................................................................20
Section 3.12.     ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING THE HOME LOANS
                   ..............................................................................................20
Section 3.13.     MAINTENANCE OF CERTAIN SERVICING INSURANCE POLICIES............................................20
Section 3.14.     INFORMATION REQUIRED BY THE INTERNAL REVENUE SERVICE AND REPORTS OF FORECLOSURES
                  AND ABANDONMENTS OF MORTGAGED PROPERTY.........................................................20
Section 3.15.     OPTIONAL REPURCHASE OF DEFAULTED HOME LOANS....................................................21

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                                                    ARTICLE IV

                                               Servicing Certificate

Section 4.01.     STATEMENTS TO SECURITYHOLDERS..................................................................22
Section 4.02.     TAX REPORTING..................................................................................24

                                                     ARTICLE V

                                                  Payment Account

Section 5.01.     PAYMENT ACCOUNT................................................................................25

                                                    ARTICLE VI

                                                The Master Servicer

Section 6.01.     LIABILITY OF THE MASTER SERVICER...............................................................26
Section 6.02.     MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, THE MASTER SERVICER...........26
Section 6.03.     LIMITATION ON LIABILITY OF THE MASTER SERVICER AND OTHERS......................................26
Section 6.04.     MASTER SERVICER NOT TO RESIGN..................................................................27
Section 6.05.     DELEGATION OF DUTIES...........................................................................28
Section 6.06.     MASTER SERVICER TO PAY INDENTURE TRUSTEE'S AND OWNER TRUSTEE'S FEES AND EXPENSES;
                  INDEMNIFICATION................................................................................28

                                                    ARTICLE VII

                                                      Default

Section 7.01.     SERVICING DEFAULT..............................................................................30
Section 7.02.     INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.............................................32
Section 7.03.     NOTIFICATION TO SECURITYHOLDERS................................................................33

                                                   ARTICLE VIII

                                             Miscellaneous Provisions

Section 8.01.     AMENDMENT......................................................................................34
Section 8.02.     GOVERNING LAW..................................................................................34

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Section 8.03.     NOTICES........................................................................................34
Section 8.04.     SEVERABILITY OF PROVISIONS.....................................................................35
Section 8.05.     THIRD-PARTY BENEFICIARIES......................................................................35
Section 8.06.     COUNTERPARTS...................................................................................35
Section 8.07.     EFFECT OF HEADINGS AND TABLE OF CONTENTS.......................................................35
Section 8.08.     TERMINATION UPON PURCHASE BY THE MASTER SERVICER OR LIQUIDATION OF ALL HOME
                  LOANS; PARTIAL REDEMPTION......................................................................35
Section 8.09.     CERTAIN MATTERS AFFECTING THE INDENTURE TRUSTEE................................................36
Section 8.10.     OWNER TRUSTEE NOT LIABLE FOR RELATED DOCUMENTS.................................................37

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EXHIBIT A - HOME LOAN SCHEDULE...............................................A-1
EXHIBIT B - POWER OF ATTORNEY................................................B-1
EXHIBIT C - FORM OF REQUEST FOR RELEASE......................................D-1

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                  This is a Servicing Agreement, dated as of February 22, 2001,
among Residential Funding Corporation (the "Master Servicer"), the Home Loan
Trust 2001-HI1 (the "Issuer") and The Chase Manhattan Bank (the "Indenture
Trustee").

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

                  WHEREAS, pursuant to the terms of the Home Loan Purchase
Agreement, Residential Funding Corporation (in its capacity as Seller) will sell
to the Depositor the Home Loans together with the Related Documents on the
Closing Date;

                  WHEREAS, the Depositor will sell the Home Loans and all of its
rights under the Home Loan Purchase Agreement to the Issuer, together with the
Related Documents on the Closing Date;

                  WHEREAS, pursuant to the terms of the Trust Agreement, the
Issuer will issue and transfer to or at the direction of the Depositor, the
Certificates;

                  WHEREAS, pursuant to the terms of the Indenture, the Issuer
will issue and transfer to or at the direction of the Depositor, the Notes; and

                  WHEREAS, pursuant to the terms of this Servicing Agreement,
the Master Servicer will service the Home Loans directly or through one or more
Subservicers;

                  NOW, THEREFORE, in consideration of the mutual covenants
herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   Definitions

         Section 1.01. DEFINITIONS. For all purposes of this Servicing
Agreement, except as otherwise expressly provided herein or unless the context
otherwise requires, capitalized terms not otherwise defined herein shall have
the meanings assigned to such terms in the Definitions contained in Appendix A
to the Indenture dated February 22, 2001 (the "Indenture"), between Home Loan
Trust 2001-HI1, as issuer, and The Chase Manhattan Bank, as indenture trustee,
which is incorporated by reference herein. All other capitalized terms used
herein shall have the meanings specified herein.

         Section 1.02. OTHER DEFINITIONAL PROVISIONS. (a) All terms defined in
this Servicing Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto unless otherwise
defined therein.

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         (b) As used in this Servicing Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Servicing Agreement or in any such certificate or other
document, and accounting terms partly defined in this Servicing Agreement or in
any such certificate or other document, to the extent not defined, shall have
the respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this
Servicing Agreement or in any such certificate or other document are
inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Servicing Agreement or in any such
certificate or other document shall control.

         (c) The words "hereof," "herein," "hereunder" and words of similar
import when used in this Servicing Agreement shall refer to this Servicing
Agreement as a whole and not to any particular provision of this Servicing
Agreement; Section and Exhibit references contained in this Servicing Agreement
are references to Sections and Exhibits in or to this Servicing Agreement unless
otherwise specified; and the term "including" shall mean "including without
limitation".

         (d) The definitions contained in this Servicing Agreement are
applicable to the singular as well as the plural forms of such terms and to the
masculine as well as the feminine and neuter genders of such terms.

         (e) Any agreement, instrument or statute defined or referred to herein
or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

         Section 1.03. INTEREST CALCULATIONS. All calculations of interest
hereunder that are made in respect of the Loan Balance of a Home Loan shall be
made in accordance with the Mortgage Note. All calculations of interest on the
Securities shall be made on the basis of a 30-day month and a year assumed to
consist of 360 days. The calculation of the Servicing Fee shall be made on the
basis of a 30-day month and a year assumed to consist of 360 days. All dollar
amounts calculated hereunder shall be rounded to the nearest penny with one-half
of one penny being rounded up.

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                                   ARTICLE II

                         Representations and Warranties

         Section 2.01. REPRESENTATIONS AND WARRANTIES REGARDING THE MASTER
SERVICER. The Master Servicer represents and warrants to the Issuer and for the
benefit of the Indenture Trustee, as pledgee of the Home Loans, as of the
Cut-off Date:

                         (i) The Master Servicer is a corporation duly
         organized, validly existing and in good standing under the laws of the
         State of Delaware and has the corporate power to own its assets and to
         transact the business in which it is currently engaged. The Master
         Servicer is duly qualified to do business as a foreign corporation and
         is in good standing in each jurisdiction in which the character of the
         business transacted by it or properties owned or leased by it requires
         such qualification and in which the failure to so qualify would have a
         material adverse effect on the business, properties, assets, or
         condition (financial or other) of the Master Servicer;

                        (ii) The Master Servicer has the power and authority to
         make, execute, deliver and perform this Servicing Agreement and all of
         the transactions contemplated under this Servicing Agreement, and has
         taken all necessary corporate action to authorize the execution,
         delivery and performance of this Servicing Agreement. When executed and
         delivered, this Servicing Agreement will constitute the legal, valid
         and binding obligation of the Master Servicer enforceable in accordance
         with its terms, except as enforcement of such terms may be limited by
         bankruptcy, insolvency or similar laws affecting the enforcement of
         creditors' rights generally and by the availability of equitable
         remedies;

                       (iii) The Master Servicer is not required to obtain the
         consent of any other Person or any consent, license, approval or
         authorization from, or registration or declaration with, any
         governmental authority, bureau or agency in connection with the
         execution, delivery, performance, validity or enforceability of this
         Servicing Agreement, except for such consent, license, approval or
         authorization, or registration or declaration, as shall have been
         obtained or filed, as the case may be;

                        (iv) The execution and delivery of this Servicing
         Agreement and the performance of the transactions contemplated hereby
         by the Master Servicer will not violate any provision of any existing
         law or regulation or any order or decree of any court applicable to the
         Master Servicer or any provision of the Certificate of Incorporation or
         Bylaws of the Master Servicer, or constitute a material breach of any
         mortgage, indenture, contract or other agreement to which the Master
         Servicer is a party or by which the Master Servicer may be bound; and

                         (v) No litigation or administrative proceeding of or
         before any court, tribunal or governmental body is currently pending,
         or to the knowledge of the Master

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         Servicer threatened, against the Master Servicer or any of its
         properties or with respect to this Servicing Agreement or the
         Securities which in the opinion of the Master Servicer has a reasonable
         likelihood of resulting in a material adverse effect on the
         transactions contemplated by this Servicing Agreement.

         The foregoing representations and warranties shall survive any
termination of the Master Servicer hereunder.

         Section 2.02. REPRESENTATIONS AND WARRANTIES OF THE ISSUER. The Issuer
hereby represents and warrants to the Master Servicer and for the benefit of the
Indenture Trustee, as pledgee of the Home Loans, as of the Cut-off Date:

                         (i) The Issuer is a business trust duly formed and in
         good standing under the laws of the State of Delaware and has full
         power, authority and legal right to execute and deliver this Servicing
         Agreement and to perform its obligations under this Servicing
         Agreement, and has taken all necessary action to authorize the
         execution, delivery and performance by it of this Servicing Agreement;
         and

                        (ii) The execution and delivery by the Issuer of this
         Servicing Agreement and the performance by the Issuer of its
         obligations under this Servicing Agreement will not violate any
         provision of any law or regulation governing the Issuer or any order,
         writ, judgment or decree of any court, arbitrator or governmental
         authority or agency applicable to the Issuer or any of its assets. Such
         execution, delivery, authentication and performance will not conflict
         with, or result in a breach or violation of, any mortgage, deed of
         trust, lease or other agreement or instrument to which the Issuer is
         bound.

         Section 2.03. ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES. The Master
Servicer, on behalf of and subject to the direction of the Indenture Trustee, as
pledgee of the Home Loans, or the Issuer, shall enforce the representations and
warranties of the Seller pursuant to the Home Loan Purchase Agreement. Upon the
discovery by the Seller, the Depositor, the Master Servicer, the Indenture
Trustee, the Credit Enhancer, the Issuer, or any Custodian of a breach of any of
the representations and warranties made in the Home Loan Purchase Agreement or
of the existence of a Repurchase Event, in respect of any Home Loan which
materially and adversely affects the interests of the Securityholders or the
Credit Enhancer, the party discovering such breach or existence shall give
prompt written notice to the other parties. The Master Servicer shall promptly
notify the Seller of such breach or existence and request that, pursuant to the
terms of the Home Loan Purchase Agreement, the Seller either (i) cure such
breach or Repurchase Event in all material respects within 45 days (with respect
to a breach of the representations and warranties contained in Section 3.1(a) of
the Home Loan Purchase Agreement or Repurchase Event) or 90 days (with respect
to a breach of the representations and warranties contained in Section 3.1(b) of
the Home Loan Purchase Agreement) from the date the Seller was notified of such
breach or Repurchase Event or (ii) purchase such Home Loan from the Issuer at
the price and in the manner set forth in Section 3.1(b) of the Home Loan
Purchase Agreement; PROVIDED that the Seller shall, subject to compliance

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with all the conditions set forth in the Home Loan Purchase Agreement, have the
option to substitute an Eligible Substitute Loan or Loans for such Home Loan. In
the event that the Seller elects to substitute one or more Eligible Substitute
Loans pursuant to Section 3.1(b) of the Home Loan Purchase Agreement, the Seller
shall deliver to the Issuer with respect to such Eligible Substitute Loans, the
original Mortgage Note, the Mortgage, and such other documents and agreements as
are required by the Home Loan Purchase Agreement. Payments due with respect to
Eligible Substitute Loans in the month of substitution shall not be transferred
to the Issuer and will be retained by the Master Servicer and remitted by the
Master Servicer to the Seller on the next succeeding Payment Date provided a
payment at least equal to the applicable Monthly Payment has been received by
the Issuer for such month in respect of the Home Loan to be removed. The Master
Servicer shall amend or cause to be amended the Home Loan Schedule to reflect
the removal of such Home Loan and the substitution of the Eligible Substitute
Loans and the Master Servicer shall promptly deliver the amended Home Loan
Schedule to the Owner Trustee and the Indenture Trustee.

         It is understood and agreed that the obligation of the Seller to cure
such breach or purchase or substitute for such Home Loan as to which such a
breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Issuer and the Indenture Trustee, as
pledgee of the Home Loans, against the Seller. In connection with the purchase
of or substitution for any such Home Loan by the Seller, the Issuer shall assign
to the Seller all of its right, title and interest in respect of the Home Loan
Purchase Agreement applicable to such Home Loan. Upon receipt of the Repurchase
Price, or upon completion of such substitution, the Master Servicer shall notify
the Custodian and then the Custodian shall deliver the Mortgage Files to the
Master Servicer, together with all relevant endorsements and assignments
prepared by the Master Servicer which the Indenture Trustee shall execute.

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                                   ARTICLE III

                          Administration and Servicing
                                  of Home Loans

         Section 3.01. THE MASTER SERVICER. (a) The Master Servicer shall
service and administer the Home Loans in accordance with the terms of this
Servicing Agreement, following such procedures as it would employ in its good
faith business judgment and which are normal and usual in its general mortgage
servicing activities, and shall have full power and authority, acting alone or
through a subservicer, to do any and all things in connection with such
servicing and administration which it may deem necessary or desirable, it being
understood, however, that the Master Servicer shall at all times remain
responsible to the Issuer and the Indenture Trustee for the performance of its
duties and obligations hereunder in accordance with the terms hereof. Without
limiting the generality of the foregoing, the Master Servicer shall continue,
and is hereby authorized and empowered by the Issuer and the Indenture Trustee,
as pledgee of the Home Loans, to execute and deliver, on behalf of itself, the
Issuer, the Indenture 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 modification in connection with a proposed conveyance, or of
assignment of any Mortgage and Mortgage Note in connection with the repurchase
of a Home Loan and all other comparable instruments with respect to the Home
Loans and with respect to the Mortgaged Properties, 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 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. The Issuer, the Indenture Trustee and the
Custodian, as applicable, shall furnish the Master Servicer with any powers of
attorney and other documents necessary or appropriate to enable the Master
Servicer to carry out its servicing and administrative duties hereunder. In
addition, the Master Servicer may, at its own discretion and on behalf of the
Indenture Trustee, obtain credit information in the form of a Credit Score from
a credit repository. On the Closing Date, the Indenture Trustee shall deliver to
the Master Servicer a limited power of attorney substantially in the form of
Exhibit B hereto.

         If the Mortgage relating to a Home Loan did not have a lien senior to
the Home Loan on the related Mortgaged Property as of the Cut-off Date, then the
Master Servicer, in such capacity, may not consent to the placing of a lien
senior to that of the Mortgage on the related Mortgaged Property. If the
Mortgage relating to a Home Loan had a lien senior to the Home Loan on the
related Mortgaged Property as of the Cut-off Date, then the Master Servicer, in
such capacity, may consent to the refinancing of the prior senior lien, provided
that the following requirements are met:

                  (i) (A) the Mortgagor's debt-to-income ratio resulting from
         such refinancing is less than the original debt-to-income ratio as set
         forth on the Mortgage Loan Schedule and, in the event that the
         resulting Combined Loan-to-Value Ratio ("Combined Loan-to-Value

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         Ratio") of such Home Loan increases by more than 10% above the Combined
         Loan-to-Value Ratio prior to such refinancing, the Master Servicer
         shall obtain the prior consent of the Credit Enhancer, which consent
         shall not be unreasonably withheld; PROVIDED, HOWEVER, that in no
         instance shall the resulting Combined Loan-to-Value Ratio of such Home
         Loan be higher than that permitted by the Program Guide; or

                           (B) the resulting Combined Loan-to-Value Ratio of
         such Home Loan is no higher than the Combined Loan-to-Value Ratio prior
         to such refinancing; PROVIDED, HOWEVER, if such refinanced mortgage
         loan is a "rate and term" mortgage loan (meaning, the Mortgagor does
         not receive any cash from the refinancing), the Combined Loan-to-Value
         Ratio may increase to the extent of either (a) the reasonable closing
         costs of such refinancing or (b) any decrease in the value of the
         related Mortgaged Property, if the Mortgagor is in good standing as
         defined by the Program Guide;

         (ii) the interest rate, or, in the case of an adjustable rate existing
senior lien, the maximum interest rate, for the loan evidencing the refinanced
senior lien is no more than 2.0% higher than the interest rate or the maximum
interest rate, as the case may be, on the loan evidencing the existing senior
lien immediately prior to the date of such refinancing; PROVIDED, HOWEVER (a) if
the loan evidencing the existing senior lien prior to the date of refinancing
has an adjustable rate and the loan evidencing the refinanced senior lien has a
fixed rate, then the current interest rate on the loan evidencing the refinanced
senior lien may be up to 2.0% higher than the then-current loan rate of the loan
evidencing the existing senior lien and (b) if the loan evidencing the existing
senior lien prior to the date of refinancing has a fixed rate and the loan
evidencing the refinanced senior lien has an adjustable rate, then the maximum
interest rate on the loan evidencing the refinanced senior lien shall be less
than or equal to (x) the interest rate on the loan evidencing the existing
senior lien prior to the date of refinancing plus (y) 2.0%; and

         (iii) the loan evidencing the refinanced senior lien is not subject to
negative amortization.

         The relationship of the Master Servicer (and of any successor to the
Master Servicer as servicer under this Servicing Agreement) to the Issuer under
this Servicing Agreement is intended by the parties to be that of an independent
contractor and not that of a joint venturer, partner or agent.

         (b) 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 Subservicing Agreements with
Subservicers for the servicing and administration of certain of the Home Loans.
Each Subservicer of a Home Loan shall be entitled to receive and retain, as
provided in the related Subservicing Agreement and in Section 3.02, the related
Subservicing Fee from payments of interest received on such Home Loan after
payment of all amounts required to be remitted to the Master Servicer in respect
of such Home Loan. For any Home Loan not subject to a Subservicing Agreement,
the Master Servicer shall be entitled to receive and retain an amount equal to
the Subservicing Fee from payments of interest. References in this Servicing
Agreement to actions taken or to be taken by the Master Servicer in servicing
the Home Loans include actions

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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 not
inconsistent with this Servicing Agreement and as the Master Servicer and the
Subservicer have agreed. With the approval of the Master Servicer, a Subservicer
may delegate its servicing obligations to third-party servicers, but such
Subservicers will remain obligated under the related Subservicing Agreements.
The Master Servicer and the Subservicer may enter into amendments to the related
Subservicing Agreements; PROVIDED, HOWEVER, that any such amendments shall not
cause the Home Loans to be serviced in a manner that would be materially
inconsistent with the standards set forth in this Servicing Agreement. The
Master Servicer shall be entitled to terminate any Subservicing Agreement in
accordance with the terms and conditions thereof and without any limitation by
virtue of this Servicing 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
Home Loan or enter into a Subservicing Agreement with a successor Subservicer
which will be bound by the terms of the related Subservicing Agreement. The
Master Servicer shall be entitled to enter into any agreement with a Subservicer
for indemnification of the Master Servicer and nothing contained in this
Servicing Agreement shall be deemed to limit or modify such indemnification.

         In the event that the rights, duties and obligations of the Master
Servicer are terminated hereunder, any successor to the Master Servicer in its
sole discretion may, to the extent permitted by applicable law, terminate the
existing Subservicing Agreement with any Subservicer in accordance with the
terms of the applicable Subservicing Agreement or assume the terminated Master
Servicer's rights and obligations under such subservicing arrangements which
termination or assumption will not violate the terms of such arrangements.

         As part of its servicing activities hereunder, the Master Servicer, for
the benefit of the Securityholders and the Credit Enhancer, shall use reasonable
efforts to enforce the obligations of each Subservicer under the related
Subservicing Agreement, to the extent that the non-performance of any such
obligation would have a material adverse effect on a Home Loan. Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of Subservicing 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 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 Home Loan or (ii) from a specific recovery of
costs, expenses or attorneys fees against the party against whom such
enforcement is directed.

         Section 3.02. COLLECTION OF CERTAIN HOME LOAN PAYMENTS. (a) The Master
Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Home Loans, and shall, to the extent such
procedures shall be consistent with this Servicing Agreement and generally
consistent with any related insurance policy, follow such collection procedures
as it would employ in its good faith business judgment and which are normal and
usual

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in its general mortgage servicing activities. Consistent with the foregoing, and
without limiting the generality of the foregoing, the Master Servicer may in its
discretion waive any late payment charge, prepayment charge or penalty interest
or other fees which may be collected in the ordinary course of servicing such
Home Loan. The Master Servicer may also extend the Due Date for payment due on a
Home 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 insurance policy or materially adversely
affect the lien of the related Mortgage (except as described below) or the
interests of the Securityholders and the Credit Enhancer. Consistent with the
terms of this Servicing Agreement, the Master Servicer may also:

         (i) waive, modify or vary any term of any Home Loan;

         (ii) consent to the postponement of strict compliance with any such
         term or in any manner grant indulgence to any Mortgagor;

         (iii) arrange with a Mortgagor a schedule for the payment of principal
         and interest due and unpaid;

         (iv) forgive any portion of the amounts contractually owed under the
         Home Loan;

         (v) capitalize past due amounts owed under the Home Loan by adding any
         amounts in arrearage to the existing principal balance of the Home Loan
         (a "Capitalization Workout") of which will result in an increased
         Monthly Payment amount, provided that: (A) the amount added to the
         existing principal balance of the Home Loan (the "Capitalized Amount")
         shall be no greater than five times the Mortgagor's current Monthly
         Payment amount; and (B) the Master Servicer shall not enter into a
         Capitalization Workout unless the Combined Loan-to- Value Ratio of the
         Home Loan prior to the Capitalization Workout equals or exceeds 80% and
         the Mortgagor has qualified for the Capitalization Workout under the
         Master Servicer's servicing guidelines;

         (vi) reset the due date for the Home Loan, or any combination of the
         foregoing;

if in the Master Servicer's determination such waiver, modification,
postponement or indulgence, arrangement or other action referred to above is not
materially adverse to the interests of the Securityholders or the Credit
Enhancer and is generally consistent with the Master Servicer's policies with
respect to mortgage loans similar to those in the Home Loan Pool (meaning,
mortgage loans used for home improvement or debt consolidation); PROVIDED,
HOWEVER, that the Master Servicer may not modify or permit any Subservicer to
modify any Home Loan (including without limitation any modification that would
change the Loan Rate, forgive the payment of any principal or interest (unless
in connection with the liquidation of the related Home Loan) or extend the final
maturity date of such Home Loan) unless such Home Loan is in default or, in the
judgment of the Master Servicer, such default is reasonably foreseeable. The
general terms of any waiver, modification, postponement or indulgence with
respect to any of the Home Loans will be included in the Servicing Certificate,

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and such Home Loans will not be considered "delinquent" for the purposes of the
Basic Documents so long as the Mortgagor complies with the terms of such waiver,
modification, postponement or indulgence.

         (b) The Master Servicer shall establish a Custodial Account, which
shall be an Eligible Account in which the Master Servicer shall deposit or cause
to be deposited any amounts representing payments and collections in respect of
the Home Loans received by it subsequent to the Cut-off Date (other than in
respect of the payments referred to in the following paragraph) within one
Business Day following receipt thereof (or otherwise on or prior to the Closing
Date), including the following payments and collections received or made by it
(without duplication):

                         (i) all payments of principal or interest on the Home
         Loans received by the Master Servicer from the respective Subservicer,
         net of any portion of the interest thereof retained by the Subservicer
         as Subservicing Fees;

                        (ii) the aggregate Repurchase Price of the Home Loans
         purchased by the Master Servicer pursuant to Section 3.15;

                       (iii)  Net Liquidation Proceeds net of any related
         Foreclosure Profit;

                        (iv) all proceeds of any Home Loans repurchased by the
         Seller pursuant to the Home Loan Purchase Agreement, and all
         Substitution Adjustment Amounts required to be deposited in connection
         with the substitution of an Eligible Substitute Loan pursuant to the
         Home Loan Purchase Agreement;

                         (v) insurance proceeds, other than Net Liquidation
         Proceeds, resulting from any insurance policy maintained on a Mortgaged
         Property; and

                         (vi) amounts required to be paid by the Master Servicer
         pursuant to Sections 3.04 and 8.08.

PROVIDED, HOWEVER, that with respect to each Collection Period, the Master
Servicer shall be permitted to retain from payments in respect of interest on
the Home Loans, the Master Servicing Fee for such Collection Period. The
foregoing requirements respecting deposits to the Custodial Account are
exclusive, it being understood that, without limiting the generality of the
foregoing, the Master Servicer need not deposit in the Custodial Account amounts
representing Foreclosure Profits, prepayment penalties, fees (including annual
fees) or late charge penalties payable by Mortgagors (such amounts to be
retained as additional servicing compensation in accordance with Section 3.09
hereof), or amounts received by the Master Servicer for the accounts of
Mortgagors for application towards the payment of taxes, insurance premiums,
assessments and similar items. 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

                                       10

<PAGE>

funds created for the notes or certificates of other series and may contain
other funds respecting payments on other 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 Home Loans and
shall hold all collections in the Custodial Account to the extent they represent
collections on the Home Loans for the benefit of the Trust, the Securityholders
and the Indenture Trustee, as their interests may appear. The Master Servicer
shall retain all Foreclosure Profits as additional servicing compensation.

         The Master Servicer may cause the institution maintaining the Custodial
Account to invest any funds in the Custodial Account in Permitted Investments
(including obligations of the Master Servicer or any of its Affiliates, if such
obligations otherwise qualify as Permitted Investments), which shall mature not
later than the Business Day preceding the next Payment Date and which shall not
be sold or disposed of prior to its maturity. Except as provided above, all
income and gain realized from any such investment shall inure to 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 the principal amount of
any such investments shall be deposited in the Custodial Account by the Master
Servicer out of its own funds immediately as realized.

         (c) The Master Servicer will require each Subservicer to hold all funds
constituting collections on the Home Loans, pending remittance thereof to the
Master Servicer, in one or more accounts meeting the requirements of an Eligible
Account, and invested in Permitted Investments.

         Section 3.03. WITHDRAWALS FROM THE CUSTODIAL ACCOUNT. The Master
Servicer shall, from time to time as provided herein, make withdrawals from the
Custodial Account of amounts on deposit therein pursuant to Section 3.02 that
are attributable to the Home Loans for the following purposes:

                         (i) to deposit in the Payment Account, on the Business
         Day prior to each Payment Date, an amount equal to the Interest
         Collections and Principal Collections required to be distributed on
         such Payment Date;

                        (ii) to the extent deposited to the Custodial Account,
         to reimburse itself or the related Subservicer for previously
         unreimbursed expenses incurred in maintaining individual insurance
         policies pursuant to Section 3.04, or Liquidation Expenses, paid
         pursuant to Section 3.07 or otherwise reimbursable pursuant to the
         terms of this Servicing Agreement (to the extent not payable pursuant
         to Section 3.09), such withdrawal right being limited to amounts
         received on particular Home Loans (other than any Repurchase Price in
         respect thereof) which represent late recoveries of the payments for
         which such advances were made, or from related Liquidation Proceeds or
         the proceeds of the purchase of such Home Loan;

                                       11

<PAGE>

                       (iii) to pay to itself out of each payment received on
         account of interest on a Home Loan as contemplated by Section 3.09, an
         amount equal to the related Master Servicing Fee (to the extent not
         retained pursuant to Section 3.02), and to pay to any Subservicer any
         Subservicing Fees not previously withheld by the Subservicer;

                        (iv) to the extent deposited in the Custodial Account to
         pay to itself as additional servicing compensation any interest or
         investment income earned on funds deposited in the Custodial Account
         and Payment Account that it is entitled to withdraw pursuant to
         Sections 3.02(b) and 5.01;

                         (v) to the extent deposited in the Custodial Account,
         to pay to itself as additional servicing compensation any Foreclosure
         Profits;

                        (vi) to pay to itself or the Seller, with respect to any
         Home Loan or property acquired in respect thereof that has been
         purchased or otherwise transferred to the Seller, the Master Servicer
         or other entity, all amounts received thereon and not required to be
         distributed to Securityholders as of the date on which the related
         Purchase Price or Repurchase Price is determined; and

                       (vii) to withdraw any other amount deposited in the
         Custodial Account that was not required to be deposited therein
         pursuant to Section 3.02.

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 Home Loan, the Master Servicer shall keep and
maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose
of justifying any withdrawal from the Custodial Account pursuant to such
clauses. Notwithstanding any other provision of this Servicing Agreement, the
Master Servicer shall be entitled to reimburse itself for any previously
unreimbursed expenses incurred pursuant to Section 3.07 or otherwise
reimbursable pursuant to the terms of this Servicing Agreement that the Master
Servicer determines to be otherwise nonrecoverable (except with respect to any
Home Loan as to which the Repurchase Price has been paid), by withdrawal from
the Custodial Account of amounts on deposit therein attributable to the Home
Loans on any Business Day prior to the Payment Date succeeding the date of such
determination.

         Section 3.04. MAINTENANCE OF HAZARD INSURANCE; PROPERTY PROTECTION
EXPENSES. The Master Servicer shall cause to be maintained for each Home Loan
hazard insurance naming the Master Servicer or related Subservicer as loss payee
thereunder providing extended coverage in an amount which is at least equal to
at least 100% of the insurable value of the improvements (guaranteed
replacement) or the sum of the unpaid principal balance of the first mortgage
loan and the Home Loan amount. The Master Servicer shall also cause to be
maintained on property acquired upon foreclosure, or deed in lieu of
foreclosure, of any Home 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.
Amounts collected by the Master

                                       12

<PAGE>

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 to the extent called for by Section 3.02. In cases in which any
Mortgaged Property is located at any time during the life of a Home Loan in a
federally designated flood area, the hazard insurance to be maintained for the
related Home Loan shall include flood insurance (to the extent available). All
such flood insurance shall be in amounts 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). The Master Servicer shall be under no obligation
to require that any Mortgagor maintain earthquake or other additional insurance
and shall be under no obligation itself to maintain any such additional
insurance on property acquired in respect of a Home 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. If the Master Servicer shall obtain and
maintain a blanket policy consistent with its general mortgage servicing
activities insuring against hazard losses on all of the Home Loans, it shall
conclusively be deemed to have satisfied its obligations as set forth in the
first sentence of this Section 3.04, it being understood and agreed that such
blanket 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 3.04 and there shall have been a loss which would have been covered by
such policy, deposit in the Custodial 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 last Business Day of the Collection
Period in the month in which payments under any such policy would have been
deposited in the Custodial Account. In connection with its activities as
servicer of the Home Loans, the Master Servicer agrees to present, on behalf of
itself, the Issuer and the Indenture Trustee, claims under any such blanket
policy.

         Section 3.05. MODIFICATION AGREEMENTS; RELEASE OR SUBSTITUTION OF LIEN.
(a) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled to (A) execute assumption agreements, modification agreements,
substitution agreements, and instruments of satisfaction or cancellation or of
partial or full release or discharge, or any other document contemplated by this
Servicing Agreement and other comparable instruments with respect to the Home
Loans and with respect to the Mortgaged Properties subject to the Mortgages (and
the Issuer and the Indenture Trustee each shall promptly execute any such
documents on request of the Master Servicer) and (B) approve the granting of an
easement thereon in favor of another Person, any alteration or demolition of the
related Mortgaged Property or other similar matters, in each case 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 Home Loan, that the security for, and
the timely and full collectability of, such Home Loan would not be adversely
affected thereby. A partial release pursuant to this Section 3.05 shall be
permitted only if the Combined Loan-to-Value Ratio for such Home Loan after such
partial release does not exceed the Combined Loan-to-Value Ratio for such Home
Loan as of the Cut-off

                                       13

<PAGE>

Date. Any fee collected by the Master Servicer or the related Subservicer for
processing such request will be retained by the Master Servicer or such
Subservicer as additional servicing compensation.

         (b) The Master Servicer may enter into an agreement with a Mortgagor to
release the lien on the Mortgaged Property relating to a Home Loan (the
"Existing Lien"), if at the time of such agreement the Home Loan is current in
payment of principal and interest, under any of the following circumstances:

                  (i) in any case in which, simultaneously with the release of
         the Existing Lien, the Mortgagor executes and delivers to the Master
         Servicer a Mortgage on a substitute Mortgaged Property, provided that
         the Combined Loan-to-Value Ratio of the Home Loan (calculated based on
         the Appraised Value of the substitute Mortgaged Property) is not
         greater than the Combined Loan-to-Value Ratio prior to releasing the
         Existing Lien;

                  (ii) in any case in which, simultaneously with the release of
         the Existing Lien, the Mortgagor executes and delivers to the Master
         Servicer a Mortgage on a substitute Mortgaged Property, provided that:
         (A) the Combined Loan-to-Value Ratio of the Home Loan (calculated based
         on the Appraised Value of the substitute Mortgaged Property) is not
         greater than the lesser of (1) 125% and (2) 105% of the Combined
         Loan-to-Value Ratio prior to releasing the Existing Lien; and (B) the
         Master Servicer determines that at least two appropriate compensating
         factors are present (compensating factors may include, without
         limitation, an increase in the Mortgagor's monthly cash flow after debt
         service, the Mortgagor's debt-to-income ratio has not increased since
         origination, or an increase in the Mortgagor's credit score); or

                  (iii) in any case in which, at the time of release of the
         Existing Lien, the Mortgagor does not provide the Master Servicer with
         a Mortgage on a substitute Mortgaged Property (any Home Loan that
         becomes and remains unsecured in accordance with this subsection, an
         "Unsecured Loan"), provided that: (A) the Mortgagor, in addition to
         being current in payment of principal and interest on the related Home
         Loan, is current in payment of principal and interest on any loan
         senior to the Home Loan; (B) the Mortgagor's Credit Score, as
         determined by the Master Servicer at the time of the request for
         release of lien, is not less than 640; (C) the Mortgagor makes a cash
         contribution in reduction of the outstanding principal balance of the
         Home Loan, which may include any net proceeds from the sale of the
         original Mortgaged Property, of not less than 20% of the unpaid
         principal balance of the Home Loan; and (D) the Mortgagor signs a
         reaffirmation agreement acknowledging that they must continue to pay in
         accordance with the terms of the original Mortgage Note.

                  (iv) If the above conditions (iii)(A) through (iii)(D) are not
         met, the Master Servicer may still enter into an agreement to release
         the Existing Lien, provided that: (A) the Master Servicer shall not
         permit the release of an Existing Lien under this clause (iii) as to
         more than 200 Home Loans in any calendar year; (B) at no time shall the
         aggregate Principal

                                       14

<PAGE>

         Balance of Unsecured Loans exceed 5% of the then Pool Balance; (C) the
         Mortgagor agrees to an automatic debit payment plan; and (D) the Master
         Servicer shall provide notice to each Rating Agency that has requested
         notice of such releases.

         In connection with any Unsecured Loan, the Master Servicer may require
the Mortgagor to enter into an agreement under which: (i) the Loan Rate may be
increased effective until a substitute Mortgage meeting the criteria under (i)
or (ii) above is provided; or (ii) any other provision may be made which the
Master Servicer considers to be appropriate. Thereafter, the Master Servicer
shall determine in its discretion whether to accept any proposed Mortgage on any
substitute Mortgaged Property as security for the Home Loan, and the Master
Servicer may require the Mortgagor to agree to any further conditions which the
Master Servicer considers appropriate in connection with such substitution,
which may include a reduction of the Loan Rate (but not below the Loan Rate in
effect at the Closing Date). Any Home Loan as to which a Mortgage on a
substitute Mortgaged Property is provided in accordance with the preceding
sentence shall no longer be deemed to be an Unsecured Loan.

         Section 3.06. TRUST ESTATE; RELATED DOCUMENTS. (a) When required by the
provisions of this Servicing Agreement, the Issuer or the Indenture Trustee
shall execute instruments to release property from the terms of the Trust
Agreement, Indenture or Custodial Agreement, as applicable, or convey the
Issuer's or the Indenture Trustee's interest in the same, in a manner and under
circumstances which are not inconsistent with the provisions of this Servicing
Agreement. No party relying upon an instrument executed by the Issuer or the
Indenture Trustee as provided in this Section 3.06 shall be bound to ascertain
the Issuer's or the Indenture Trustee's authority, inquire into the satisfaction
of any conditions precedent or see to the application of any monies.

         (b) If from time to time the Master Servicer shall deliver to the
Custodian copies of any written assurance, assumption agreement or substitution
agreement or other similar agreement pursuant to Section 3.05, the Custodian
shall check that each of such documents purports to be an original executed copy
(or a copy of the original executed document if the original executed copy has
been submitted for recording and has not yet been returned) and, if so, shall
file such documents, and upon receipt of the original executed copy from the
applicable recording office or receipt of a copy thereof certified by the
applicable recording office shall file such originals or certified copies with
the Related Documents. If any such documents submitted by the Master Servicer do
not meet the above qualifications, such documents shall promptly be returned by
the Custodian to the Master Servicer pursuant to the related Custodial
Agreement, with a direction to the Master Servicer to forward the correct
documentation.

         (c) Upon receipt of a Request for Release from the Master Servicer, to
the effect that a Home Loan has been the subject of a final payment or a
prepayment in full and the related Home Loan has been terminated or that
substantially all Liquidation Proceeds which have been determined by the Master
Servicer in its reasonable judgment to be finally recoverable have been
recovered, and upon deposit to the Custodial Account of such final monthly
payment, prepayment in full together with accrued and unpaid interest to the
date of such payment with respect to such Home Loan or, if

                                       15

<PAGE>

applicable, Liquidation Proceeds, the Custodian shall promptly release the
Related Documents to the Master Servicer pursuant to the related Custodial
Agreement, which the Indenture Trustee shall execute, along with such documents
as the Master Servicer or the Mortgagor may request to evidence satisfaction and
discharge of such Home Loan, upon request of the Master Servicer. If from time
to time and as appropriate for the servicing or foreclosure of any Home Loan,
the Master Servicer requests the Custodian to release the Related Documents and
delivers to the Custodian a trust receipt reasonably satisfactory to the
Custodian and signed by a Responsible Officer of the Master Servicer, the
Custodian shall release the Related Documents to the Master Servicer pursuant to
the related Custodial Agreement. If such Home Loans shall be liquidated and the
Custodian receives a certificate from the Master Servicer as provided above,
then, upon request of the Master Servicer, the Custodian shall release the trust
receipt to the Master Servicer pursuant to the related Custodial Agreement.

         Section 3.07. REALIZATION UPON DEFAULTED HOME LOANS; LOSS MITIGATION.
With respect to such of the Home Loans as come into and continue in default, the
Master Servicer will decide whether to (i) foreclose upon the Mortgaged
Properties securing such Home Loans, (ii) write off the unpaid principal balance
of the Home Loans as bad debt, (iii) take a deed in lieu of foreclosure, (iv)
accept a short sale (a payoff of the Home 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 permit a short refinancing (a payoff of the Home
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
Mortgaged Property), (v) arrange for a repayment plan, (vi) agree to a
modification in accordance with this Servicing Agreement, or (vii) take an
unsecured note, in connection with a negotiated release of the lien of the
Mortgage in order to facilitate a settlement with the Mortgagor; in each case
subject to the rights of any related first lien holder; PROVIDED that in
connection with the foregoing if the Master Servicer has actual knowledge that
any Mortgaged Property is affected by hazardous or toxic wastes or substances
and that the acquisition of such Mortgaged Property would not be commercially
reasonable, then the Master Servicer will not cause the Issuer or the Indenture
Trustee to acquire title to such Mortgaged Property in a foreclosure or similar
proceeding. In connection with such decision, the Master Servicer shall follow
such practices (including, in the case of any default on a related senior
mortgage loan, the advancing of funds to correct such default if deemed to be
appropriate by the Master Servicer) and procedures as it shall deem necessary or
advisable and 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 attempted
foreclosure which is not completed or other conversion in a manner that is
consistent with the provisions of this Servicing Agreement. The foregoing is
subject to the proviso that the Master Servicer shall not be required to expend
its own funds in connection with any foreclosure or attempted foreclosure which
is not completed or towards the correction of any default on a related senior
mortgage loan or restoration of any property unless it shall determine that such
expenditure will increase Net Liquidation Proceeds. In the event of a
determination by the Master Servicer that any such expenditure previously made
pursuant to this Section 3.07 will not be reimbursable from Net

                                       16

<PAGE>

Liquidation Proceeds, the Master Servicer shall be entitled to reimbursement of
its funds so expended pursuant to Section 3.03.

         Notwithstanding any provision of this Servicing Agreement, a Home Loan
may be deemed to be finally liquidated if substantially all amounts expected by
the Master Servicer to be received in connection with the related defaulted Home
Loan have been received; provided, however, the Master Servicer shall treat any
Home Loan that is 180 days or more delinquent as having been finally liquidated.
Any subsequent collections with respect to any such Home Loan shall be deposited
to the Custodial Account. For purposes of determining the amount of any
Liquidation Proceeds or Insurance Proceeds, or other unscheduled collections,
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 Home Loan.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Indenture Trustee, who shall hold the same on behalf of
the Issuer in accordance with Section 3.13 of the Indenture. Notwithstanding any
such acquisition of title and cancellation of the related Home Loan, such
Mortgaged Property shall (except as otherwise expressly provided herein) be
considered to be an outstanding Home Loan held as an asset of the Issuer until
such time as such property shall be sold.

         Any proceeds from the purchase or repurchase of any Home Loan pursuant
to the terms of this Servicing Agreement (including without limitation Sections
2.03 and 3.15) will be applied in the following order of priority: first, to the
Master Servicer or the related Subservicer, all Servicing Fees payable therefrom
to the Payment Date on which such amounts are to be deposited in the Payment
Account; second, as Interest Collections, accrued and unpaid interest on the
related Home Loan, at the Net Loan Rate to the Payment Date on which such
amounts are to be deposited in the Payment Account; and third, as Principal
Collections, as a recovery of principal on the Home Loan.

         Liquidation Proceeds with respect to a Liquidated Home Loan will be
applied in the following order of priority: first, to reimburse the Master
Servicer or the related Subservicer in accordance with this Section 3.07 for any
Liquidation Expenses; second, to the Master Servicer or the related Subservicer,
all unpaid Servicing Fees through the date of receipt of the final Liquidation
Proceeds; third, as Principal Collections, as a recovery of principal on the
Home Loan, up to an amount equal to the Loan Balance of the related Home Loan
immediately prior to the date it became a Liquidated Home Loan; fourth, as
Interest Collections, accrued and unpaid interest on the related Home Loan at
the Net Loan Rate through the date of receipt of the final Liquidation Proceeds;
and fifth, to Foreclosure Profits.

         Proceeds and other recoveries from a Home Loan after it becomes a
Liquidated Home Loan will be applied in the following order of priority: first,
to reimburse the Master Servicer or the related Subservicer in accordance with
this Section 3.07 for any expenses previously unreimbursed from Liquidation
Proceeds or otherwise; second, to the Master Servicer or the related
Subservicer, all unpaid Servicing Fees payable thereto through the date of
receipt of the proceeds previously

                                       17

<PAGE>

unreimbursed from Liquidation Proceeds or otherwise; third, as Interest
Collections, up to an amount equal to the sum of (a) the Loan Balance of the
related Home Loan immediately prior to the date it became a Liquidated Home
Loan, less any Net Liquidation Proceeds previously received with respect to such
Home Loan and applied as a recovery of principal, and (b) accrued and unpaid
interest on the related Home Loan at the Net Loan Rate through the date of
receipt of the proceeds; and fourth, to Foreclosure Profits.

         Section 3.08. ISSUER AND INDENTURE TRUSTEE TO COOPERATE. On or before
each Payment Date, the Master Servicer will notify the Indenture Trustee or the
Custodian, with a copy to the Issuer, of the termination of or the payment in
full and the termination of any Home Loan during the preceding Collection
Period. Upon receipt of payment in full, the Master Servicer is authorized to
execute, pursuant to the authorization contained in Section 3.01, if the
assignments of Mortgage have been recorded if required under the Home Loan
Purchase Agreement, an instrument of satisfaction regarding the related
Mortgage, which instrument of satisfaction shall be recorded by the Master
Servicer if required by applicable law and be delivered to the Person entitled
thereto. It is understood and agreed that any expenses incurred in connection
with such instrument of satisfaction or transfer shall be reimbursed from
amounts deposited in the Custodial Account. From time to time and as appropriate
for the servicing or foreclosure of any Home Loan, the Indenture Trustee or the
Custodian shall, upon request of the Master Servicer and delivery to the
Indenture Trustee or Custodian, with a copy to the Issuer, of a Request for
Release, signed by a Servicing Officer, release or cause to be released the
related Mortgage File to the Master Servicer and the Issuer or Indenture Trustee
shall promptly execute such documents, in the forms provided by the Master
Servicer, as shall be necessary for the prosecution of any such proceedings or
the taking of other servicing actions. Such trust receipt shall obligate the
Master Servicer to return the Mortgage File to the Indenture Trustee or the
Custodian (as specified in such receipt) when the need therefor by the Master
Servicer no longer exists unless the Home Loan shall be liquidated, in which
case, upon receipt of a certificate of a Servicing Officer similar to that
hereinabove specified, the trust receipt shall be released to the Master
Servicer.

         In order to facilitate the foreclosure of the Mortgage securing any
Home Loan that is in default following recordation of the assignments of
Mortgage in accordance with the provisions of the Home Loan Purchase Agreement,
the Indenture Trustee or the Issuer shall, if so requested in writing by the
Master Servicer, promptly execute an appropriate assignment in the form provided
by the Master Servicer to assign such Home Loan for the purpose of collection to
the Master Servicer (any such assignment shall unambiguously indicate that the
assignment is for the purpose of collection only), and, upon such assignment,
such assignee for collection will thereupon bring all required actions in its
own name and otherwise enforce the terms of the Home Loan and deposit or credit
the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received with
respect thereto in the Custodial Account. In the event that all delinquent
payments due under any such Home Loan are paid by the Mortgagor and any other
defaults are cured, then the assignee for collection shall promptly reassign
such Home Loan to the Indenture Trustee and return all Related Documents to the
place where the related Mortgage File was being maintained.

                                       18

<PAGE>

         In connection with the Issuer's obligation to cooperate as provided in
this Section 3.08 and all other provisions of this Servicing Agreement requiring
the Issuer to authorize or permit any actions to be taken with respect to the
Home Loans, the Indenture Trustee, as pledgee of the Home Loans and as assignee
of record of the Home Loans on behalf of the Issuer pursuant to Section 3.13 of
the Indenture, expressly agrees, on behalf of the Issuer, to take all such
actions on behalf of the Issuer and to promptly execute and return all
instruments reasonably required by the Master Servicer in connection therewith;
PROVIDED that if the Master Servicer shall request a signature of the Indenture
Trustee, on behalf of the Issuer, the Master Servicer will deliver to the
Indenture Trustee an Officer's Certificate stating that such signature is
necessary or appropriate to enable the Master Servicer to carry out its
servicing and administrative duties under this Servicing Agreement.

         Section 3.09. SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY
MASTER SERVICER. The Master Servicer shall be entitled to receive the Master
Servicing Fee in accordance with Sections 3.02 and 3.03 as compensation for its
services in connection with servicing the Home Loans. Moreover, additional
servicing compensation in the form of late payment charges, prepayment charges,
investment income on amounts in the Custodial Account or the Payment Account and
other receipts not required to be deposited in the Custodial Account as
specified in Section 3.02 shall be retained by the Master Servicer. The Master
Servicer shall be required to pay all expenses incurred by it in connection with
its activities hereunder (including payment of all other fees and expenses not
expressly stated hereunder to be for the account of the Securityholders,
including, without limitation, the fees and expenses of the Owner Trustee,
Indenture Trustee and any Custodian) and shall not be entitled to reimbursement
therefor.

         Section 3.10. ANNUAL STATEMENT AS TO COMPLIANCE. (a) The Master
Servicer will deliver to the Issuer, the Underwriters and the Indenture Trustee,
with a copy to the Credit Enhancer, on or before March 31 of each year,
beginning March 31, 2002, an Officer's Certificate stating that (i) a review of
the activities of the Master Servicer during the preceding calendar year and of
its performance under servicing agreements, including this Servicing Agreement
has been made under such officer's supervision and (ii) to the best of such
officer's 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 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 Servicing 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.

         (b) The Master Servicer shall deliver to the Issuer and the Indenture
Trustee, with a copy to the Credit Enhancer, promptly after having obtained
knowledge thereof, but in no event later than five Business Days thereafter,
written notice by means of an Officer's Certificate of any event which with the
giving of notice or the lapse of time or both, would become a Servicing Default.

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         Section 3.11. ANNUAL SERVICING REPORT. On or before March 31 of each
year, beginning March 31, 2002, the Master Servicer at its expense shall cause a
firm of nationally recognized independent public accountants (who may also
render other services to the Master Servicer) to furnish a report to the Issuer,
the Indenture Trustee, the Depositor, the Underwriters, the Credit Enhancer and
each Rating Agency 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 3.10 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 such Home 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 3.12. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE HOME LOANS. Whenever required by statute or regulation, the Master Servicer
shall provide to the Credit Enhancer, any Securityholder upon reasonable request
(or a regulator for a Securityholder) or the Indenture Trustee, reasonable
access to the documentation regarding the Home Loans such access being afforded
without charge but only upon reasonable request and during normal business hours
at the offices of the Master Servicer. Nothing in this Section 3.12 shall
derogate from the obligation of the Master Servicer to observe any applicable
law prohibiting disclosure of information regarding the Mortgagors and the
failure of the Master Servicer to provide access as provided in this Section
3.12 as a result of such obligation shall not constitute a breach of this
Section 3.12.

         Section 3.13. MAINTENANCE OF CERTAIN SERVICING INSURANCE POLICIES. The
Master Servicer shall during the term of its service as servicer maintain in
force (i) a policy or policies of insurance covering errors and omissions in the
performance of its obligations as master servicer hereunder and (ii) a fidelity
bond in respect of its officers, employees or agents. Each such policy or
policies and bond shall be at least equal to the coverage that would be required
by FNMA or FHLMC, whichever is greater, for Persons performing servicing for
loans similar to the Home Loans purchased by such entity.

         Section 3.14. INFORMATION REQUIRED BY THE INTERNAL REVENUE SERVICE AND
REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED PROPERTY. The Master
Servicer shall prepare and deliver all federal and state information reports
when and as required by all applicable state and federal income tax laws. In
particular, with respect to the requirement under Section 6050J of the Code to
the effect that the Master Servicer or Subservicer shall make reports of
foreclosures and abandonments of any mortgaged property for each year beginning
in 2001, the Master Servicer or Subservicer shall file reports relating to each
instance occurring during the previous calendar year in which the Master
Servicer (i) on behalf of the Issuer, acquires an interest in any Mortgaged
Property through foreclosure or other comparable conversion in full or partial
satisfaction of a Home

                                       20

<PAGE>

Loan, or (ii) knows or has reason to know that any Mortgaged Property has been
abandoned. The reports from the Master Servicer or Subservicer shall be in form
and substance sufficient to meet the reporting requirements imposed by Section
6050J and Section 6050H (reports relating to mortgage interest received) of the
Code.

         Section 3.15. OPTIONAL REPURCHASE OF DEFAULTED HOME LOANS.
Notwithstanding any provision in Section 3.07 to the contrary, the Master
Servicer, at its option and in its sole discretion, may repurchase any Home Loan
delinquent in payment for a period of 60 days or longer for a price equal to the
Repurchase Price.

                                       21

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                                   ARTICLE IV

                             Servicing Certificate

         Section 4.01. STATEMENTS TO SECURITYHOLDERS. (a) With respect to each
Payment Date, on the Business Day following the related Determination Date, the
Master Servicer shall forward to the Indenture Trustee and the Indenture Trustee
pursuant to Section 3.26 of the Indenture shall forward or cause to be forwarded
by mail or otherwise make available electronically to each Certificateholder,
Noteholder, the Credit Enhancer, the Depositor, the Owner Trustee, the
Certificate Paying Agent and each Rating Agency, a statement setting forth the
following information (the "Servicing Certificate") as to the Notes and
Certificates, to the extent applicable:

                (i) the aggregate amount of (a) Interest Collections, (b)
         Principal Collections and (c) Substitution Adjustment Amounts;

                (ii) the amount of such distribution as principal to the
         Noteholders;

                (iii) the amount of such distribution as interest to the
         Noteholders, separately stating the portion thereof in respect of
         overdue accrued interest;

                (iv) the number and Pool Balance of the Home Loans as of the end
         of the related Collection Period;

                (v) the amount of any Credit Enhancement Draw Amount, if any,
         for such Payment Date and the aggregate amount of prior draws
         thereunder not yet reimbursed;

               (vi) the number and aggregate Loan Balances of Home Loans (a) as
         to which the Monthly Payment is Delinquent for 30-59 days, 60-89 days
         and 90 or more days, respectively, (b) that are foreclosed, (c) that
         have become REO, and (d) that have been finally liquidated due to being
         180 days or more delinquent, in each case as of the end of the related
         Collection Period; PROVIDED, HOWEVER, that such information will not be
         provided on the statements relating to the first Payment Date;

                (vii) the weighted average Loan Rate for the related Collection
         Period;

             (viii) the aggregate Liquidation Loss Amounts with respect to the
         related Collection Period, the amount of any Liquidation Loss
         Distribution Amounts with respect to the Notes, and the aggregate of
         the Liquidation Loss Amounts from all Collection Periods to date
         expressed as dollars and as a percentage of the aggregate Cut-off Date
         Loan Balance;

               (ix) the aggregate Excess Loss Amounts with respect to the
         related Collection Period and the aggregate of the Excess Loss Amounts
         from all Collection Periods to date;

                                       22

<PAGE>

                (x) the aggregate Special Hazard Losses and Fraud Losses with
         respect to the related Collection Period and the aggregate of each of
         such losses from all Collection Periods to date;

                (xi) the Note Balance of the Notes and the Certificate Principal
         Balance of the Certificates after giving effect to the distribution of
         principal on such Payment Date;

                (xii) the aggregate Servicing Fees for the related Collection
         Period and the aggregate amount of Draws for the related Collection
         Period;

                (xiii) the Outstanding Reserve Amount, the Special Hazard
         Amount, the Fraud Loss Amount and the Reserve Amount Target immediately
         following such Payment Date;

              (xiv) (a) the number and principal amount of release agreements
         pursuant to Section 3.05(b)(iv) entered into during the calendar year
         and since the Closing Date, stated separately, for the Home Loans and,
         the aggregate outstanding principal amount of such release agreements
         expressed as a percentage of the Pool Balance with information provided
         separately with respect to all Unsecured Loans and (b) the number and
         principal amount of Capitalization Workouts pursuant to Section
         3.02(a)(v) entered into since the Closing Date; and

               (xv) the aggregate amount recovered during the related Collection
         Period consisting of all subsequent recoveries on any Home Loan that
         was 180 days or more delinquent.

         In the case of information furnished pursuant to clauses (ii) and (iii)
above, the amounts shall be expressed as an aggregate dollar amount per Note or
Certificate, as applicable, with a $1,000 denomination.

         (b) In addition, with respect to each Payment Date, on the Business Day
following the related Determination Date, the Master Servicer shall forward to
the Credit Enhancer and the Rating Agencies the following information for each
Capitalization Workout entered into during the related Collection Period:

                (i) the original Home Loan amount;

                (ii) the Home Loan amount after the Capitalization Workout;

                (iii) the original Monthly Payment amount;

                (iv) the Monthly Payment amount after the Capitalization
         Workout;

                (v) the Capitalized Amount as defined in Section 3.02(a)(v)
         herein;

                                       23

<PAGE>

                (vi) the Combined Loan-to-Value Ratio prior to the
         Capitalization Workout;

                (vii) the Combined Loan-to-Value Ratio after the Capitalization
         Workout; and

                (viii) if an appraisal was used in determining the Combined
         Loan-to-Value Ratio referred to in (vii) above, the type and date of
         appraisal.

         The Master Servicer shall also forward to the Indenture Trustee any
other information reasonably requested by the Indenture Trustee necessary to
make distributions pursuant to Section 3.05 of the Indenture. Prior to the close
of business on the Business Day next succeeding each Determination Date, the
Master Servicer shall furnish a written statement to the Certificate Paying
Agent and the Indenture Trustee setting forth the aggregate amounts required to
be withdrawn from the Custodial Account and deposited into the Payment Account
on the Business Day preceding the related Payment Date pursuant to Section 3.03.
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 Owner Trustee and Indenture Trustee shall be protected in
relying upon the same without any independent check or verification. In
addition, upon the Issuer's written request, the Master Servicer shall promptly
furnish information reasonably requested by the Issuer that is reasonably
available to the Master Servicer to enable the Issuer to perform its federal and
state income tax reporting obligations.

         The Master Servicer shall also forward to the Credit Enhancer and/or
its designees any additional information, including without limitation, loss and
delinquency information requested by the Credit Enhancer, with respect to the
Home Loans.

         Section 4.02. TAX REPORTING. So long as 100% of the Certificates are
owned by the same person, then no separate federal and state income tax returns
and information returns or reports will be filed with respect to the Issuer, and
the Issuer will be treated as an entity disregarded from the 100%
Certificateholder.

                                       24

<PAGE>

                                    ARTICLE V

                                 Payment Account

         Section 5.01. PAYMENT ACCOUNT. The Indenture Trustee shall establish
and maintain a Payment Account titled "The Chase Manhattan Bank, as Indenture
Trustee, for the benefit of the Securityholders, the Certificate Paying Agent
and the Credit Enhancer pursuant to the Indenture, dated as of February 22,
2001, between Home Loan Trust 2001-HI1 and The Chase Manhattan Bank". The
Payment Account shall be an Eligible Account. On each Payment Date, amounts on
deposit in the Payment Account will be distributed by the Indenture Trustee in
accordance with Section 3.05 of the Indenture. The Indenture Trustee shall, upon
written request from the Master Servicer, invest or cause the institution
maintaining the Payment Account to invest the funds in the Payment Account in
Permitted Investments designated in the name of the Indenture Trustee, which
shall mature not later than the Business Day next preceding the Payment Date
next following the date of such investment (except that (i) any investment in
the institution with which the Payment Account is maintained may mature on such
Payment Date and (ii) any other investment may mature on such Payment Date if
the Indenture Trustee shall advance funds on such Payment Date to the Payment
Account in the amount payable on such investment on such Payment Date, pending
receipt thereof to the extent necessary to make distributions on the Securities)
and shall not be sold or disposed of prior to maturity. 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 Payment Account by the Master Servicer out of its own funds
immediately as realized.

                                       25

<PAGE>

                                   ARTICLE VI

                               The Master Servicer

         Section 6.01. LIABILITY OF THE MASTER SERVICER. 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 herein.

         Section 6.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE MASTER SERVICER. Any corporation into which the Master
Servicer may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Master Servicer shall be a party, or any corporation succeeding to the business
of the Master Servicer, shall be the successor of the Master Servicer,
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.

         The Master Servicer may assign its rights and delegate its duties and
obligations under this Servicing Agreement; PROVIDED that the Person accepting
such assignment or delegation shall be a Person which is qualified to service
mortgage loans similar to those in the Trust Estate (meaning, mortgage loans
used for home improvement or debt consolidation), is reasonably satisfactory to
the Indenture Trustee (as pledgee of the Home Loans), the Issuer and the Credit
Enhancer, is willing to service the Home Loans and executes and delivers to the
Indenture Trustee and the Issuer an agreement, in form and substance reasonably
satisfactory to the Credit Enhancer, the Indenture Trustee and the Issuer, 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 Servicing Agreement; PROVIDED further that each
Rating Agency's rating of the Securities 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), if determined without regard to the Credit
Enhancement Instrument; and provided further that the Owner Trustee receives an
Opinion of Counsel to the effect that such assignment or delegation shall not
cause the Owner Trust to be treated as a corporation for federal or state income
tax purposes.

         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
Issuer, the Owner Trustee, the Indenture Trustee or the Securityholders for any
action taken or for refraining from the taking of any action in good faith
pursuant to this Servicing Agreement, 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 gross negligence in the performance of its duties hereunder or by reason of
its reckless disregard of its obligations and duties hereunder. 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

                                       26

<PAGE>

matters arising hereunder. The Master Servicer and any director or officer or
employee or agent of the Master Servicer shall be indemnified by the Issuer and
held harmless against any loss, liability or expense incurred in connection with
any legal action relating to this Servicing Agreement or the Securities,
including any amount paid to the Owner Trustee or the Indenture Trustee pursuant
to Section 6.06(b), other than any loss, liability or expense incurred by reason
of its willful misfeasance, bad faith or gross negligence in the performance of
its duties hereunder or by reason of its reckless disregard of its obligations
and duties hereunder. The Master Servicer shall not be under any obligation to
appear in, prosecute or defend any legal action which is not incidental to its
duties to service the Home Loans in accordance with this Servicing Agreement,
and which in its opinion may involve it in any expense or liability; PROVIDED,
HOWEVER, that the Master Servicer may in its sole discretion undertake any such
action which it may deem necessary or desirable in respect of this Servicing
Agreement, and the rights and duties of the parties hereto and the interests of
the Securityholders. 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 Issuer, and the Master Servicer shall be entitled to be
reimbursed therefor. The Master Servicer's right to indemnity or reimbursement
pursuant to this Section 6.03 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).

         Section 6.04. MASTER SERVICER NOT TO RESIGN. Subject to the provisions
of 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 Servicing Agreement or (ii) upon satisfaction of the following
conditions: (a) the Master Servicer has proposed a successor servicer to the
Issuer and the Indenture Trustee in writing and such proposed successor servicer
is reasonably acceptable to the Issuer, the Indenture Trustee and the Credit
Enhancer; (b) each Rating Agency shall have delivered a letter to the Issuer,
the Credit Enhancer and the Indenture Trustee prior to the appointment of the
successor servicer stating that the proposed appointment of such successor
servicer as Master Servicer hereunder will not result in the reduction or
withdrawal of the then current rating of the Securities, if determined without
regard to the Credit Enhancement Instrument; and (c) such proposed successor
servicer is reasonably acceptable to the Credit Enhancer, as evidenced by a
letter to the Issuer and the Indenture Trustee; PROVIDED, HOWEVER, that no such
resignation by the Master Servicer shall become effective until such successor
servicer or, in the case of (i) above, the Indenture Trustee, as pledgee of the
Home Loans, shall have assumed the Master Servicer's responsibilities and
obligations hereunder or the Indenture Trustee, as pledgee of the Home Loans,
shall have designated a successor 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

                                       27

<PAGE>

determination permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Indenture
Trustee and the Credit Enhancer.

         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 with which the Master Servicer
complies pursuant to Section 3.01. 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.

         Section 6.06. MASTER SERVICER TO PAY INDENTURE TRUSTEE'S AND OWNER
TRUSTEE'S FEES AND EXPENSES; INDEMNIFICATION. (a) The Master Servicer covenants
and agrees to pay to the Owner Trustee, the Indenture Trustee and any co-trustee
of the Indenture Trustee or the Owner Trustee from time to time, and the Owner
Trustee, the Indenture Trustee and any such 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 created under the Trust
Agreement and the Indenture and in the exercise and performance of any of the
powers and duties under the Trust Agreement or the Indenture, as the case may
be, of the Owner Trustee, the Indenture Trustee and any co-trustee, and the
Master Servicer will pay or reimburse the Indenture Trustee and any co-trustee
upon request for all reasonable expenses, disbursements and advances incurred or
made by the Indenture Trustee or any co-trustee in accordance with any of the
provisions of this Servicing Agreement except any such expense, disbursement or
advance as may arise from its negligence, wilful misfeasance or bad faith.

         (b) The Master Servicer agrees to indemnify the Indenture Trustee and
the Owner Trustee for, and to hold the Indenture Trustee and the Owner Trustee,
as the case may be, harmless against, any loss, liability or expense incurred
without negligence, bad faith or willful misconduct on the part of the Indenture
Trustee or the Owner Trustee, as the case may be, arising out of, or in
connection with, the acceptance and administration of the Issuer and the assets
thereof, including the costs and expenses (including reasonable legal fees and
expenses) of defending the Indenture Trustee or the Owner Trustee, as the case
may be, against any claim in connection with the exercise or performance of any
of its powers or duties under any Basic Document (including, without limitation,
any claim against the Indenture Trustee or the Owner Trustee alleging a
violation of the Homeownership and Equity Protection Act of 1994, as amended),
provided that:

                         (i) with respect to any such claim, the Indenture
         Trustee or Owner Trustee, as the case may be, shall have given the
         Master Servicer written notice thereof promptly after the Indenture
         Trustee or Owner Trustee, as the case may be, shall have actual
         knowledge thereof;

                        (ii) while maintaining control over its own defense, the
         Issuer, the Indenture Trustee or Owner Trustee, as the case may be,
         shall cooperate and consult fully with the Master Servicer in preparing
         such defense; and

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<PAGE>

                       (iii) notwithstanding anything in this Servicing
         Agreement to the contrary, the Master Servicer shall not be liable for
         settlement of any claim by the Indenture Trustee or the Owner Trustee,
         as the case may be, entered into without the prior consent of the
         Master Servicer.

No termination of this Servicing Agreement shall affect the obligations created
by this Section 6.06 of the Master Servicer to indemnify the Indenture Trustee
and the Owner Trustee under the conditions and to the extent set forth herein.

         Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 6.06(b) shall not pertain to any loss, liability
or expense of the Indenture Trustee or the Owner Trustee, including the costs
and expenses of defending itself against any claim, incurred in connection with
any actions taken by the Indenture Trustee or the Owner Trustee at the direction
of the Noteholders or Certificateholders, as the case may be, pursuant to the
terms of this Servicing Agreement.

                                       29

<PAGE>

                                   ARTICLE VII

                                     Default

         Section 7.01.     SERVICING DEFAULT.  If any one of the following
events ("Servicing Default") shall occur and be continuing:

                         (i) Any failure by the Master Servicer to deposit in
         the Custodial Account or Payment Account any deposit required to be
         made under the terms of this Servicing Agreement which continues
         unremedied for a period of five Business Days after the date upon which
         written notice of such failure shall have been given to the Master
         Servicer by the Issuer or the Indenture Trustee, or to the Master
         Servicer, the Issuer and the Indenture Trustee by the Credit Enhancer;
         or

                        (ii) Failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other covenants or
         agreements of the Master Servicer set forth in the Securities or in
         this Servicing Agreement, which failure, in each case, materially and
         adversely affects the interests of Securityholders or the Credit
         Enhancer and which continues unremedied for a period of 45 days after
         the date on which written notice of such failure, requiring the same to
         be remedied, and stating that such notice is a "Notice of Default"
         hereunder, shall have been given to the Master Servicer by the Issuer
         or the Indenture Trustee, or to the Master Servicer, the Issuer and the
         Indenture Trustee by the Credit Enhancer; 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 undischarged or unstayed and in effect for a period of 60
         consecutive days; or

                        (iv) The Master Servicer shall voluntarily go into
         liquidation, consent to the appointment of a conservator, receiver,
         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,
         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

                                       30

<PAGE>

         insolvency or reorganization statute, make an assignment for the
         benefit of its creditors or voluntarily suspend payment of its
         obligations.

Then, and in every such case, so long as a Servicing Default shall not have been
remedied by the Master Servicer, either the Issuer or the Indenture Trustee,
with the consent of the Credit Enhancer, or the Credit Enhancer, by notice then
given in writing to the Master Servicer (and to the Issuer and the Indenture
Trustee if given by the Credit Enhancer) may terminate all of the rights and
obligations of the Master Servicer as servicer under this Servicing Agreement
other than its right to receive servicing compensation and expenses for
servicing the Home Loans hereunder during any period prior to the date of such
termination and the Issuer or the Indenture Trustee, with the consent of the
Credit Enhancer, or the Credit Enhancer may exercise any and all other remedies
available at law or equity. Any such notice to the Master Servicer shall also be
given to each Rating Agency, the Credit Enhancer and the Issuer. On or after the
receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer under this Servicing Agreement, whether with respect to
the Securities or the Home Loans or otherwise, shall pass to and be vested in
the Indenture Trustee, pursuant to and under this Section 7.01; and, without
limitation, the Indenture 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 of each Home Loan
and related documents, or otherwise. The Master Servicer agrees to cooperate
with the Indenture Trustee in effecting the termination of the responsibilities
and rights of the Master Servicer hereunder, including, without limitation, the
transfer to the Indenture Trustee for the administration by it of all cash
amounts relating to the Home Loans that shall at the time be held by the Master
Servicer and to be deposited by it in the Custodial Account, or that have been
deposited by the Master Servicer in the Custodial Account or thereafter received
by the Master Servicer with respect to the Home Loans. All reasonable costs and
expenses (including, but not limited to, attorneys' fees) incurred in connection
with amending this Servicing Agreement to reflect such succession as Master
Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master
Servicer (or if the predecessor Master Servicer is the Indenture Trustee, the
initial Master Servicer) upon presentation of reasonable documentation of such
costs and expenses.

         Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall be entitled to receive, out of any
late collection of a payment on a Home Loan which was due prior to the notice
terminating the Master Servicer's rights and obligations hereunder and received
after such notice, that portion to which the Master Servicer would have been
entitled pursuant to Sections 3.03 and 3.09 as well as its Master Servicing Fee
in respect thereof, and any other amounts payable to the Master Servicer
hereunder the entitlement to which arose prior to the termination of its
activities hereunder.

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<PAGE>

         Notwithstanding the foregoing, a delay in or failure of performance
under Section 7.01(i) or under Section 7.01(ii) after the applicable grace
periods specified in such Sections, shall not constitute a Servicing Default if
such delay or failure could not be prevented by the exercise of reasonable
diligence by the Master Servicer and such delay or failure was caused by an act
of God or the public enemy, acts of declared or undeclared war, public disorder,
rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes,
earthquakes, floods or similar causes. The preceding sentence shall not relieve
the Master Servicer from using reasonable efforts to perform its respective
obligations in a timely manner in accordance with the terms of this Servicing
Agreement and the Master Servicer shall provide the Indenture Trustee, the
Credit Enhancer and the Securityholders with notice of such failure or delay by
it, together with a description of its efforts to so perform its obligations.
The Master Servicer shall immediately notify the Indenture Trustee, the Credit
Enhancer and the Owner Trustee in writing of any Servicing Default.

         Section 7.02. INDENTURE TRUSTEE 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 sends a notice pursuant to Section 6.04, the
Indenture Trustee shall be the successor in all respects to the Master Servicer
in its capacity as servicer under this Servicing 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. Nothing in this Servicing Agreement
or in the Trust Agreement shall be construed to permit or require the Indenture
Trustee to (i) succeed to the responsibilities, duties and liabilities of the
initial Master Servicer in its capacity as Seller under the Home Loan Purchase
Agreement, (ii) be responsible or accountable for any act or omission of the
Master Servicer prior to the issuance of a notice of termination hereunder,
(iii) require or obligate the Indenture Trustee, in its capacity as successor
Master Servicer, to purchase, repurchase or substitute any Home Loan, (iv) fund
any losses on any Permitted Investment directed by any other Master Servicer or
(v) be responsible for the representations and warranties of the Master
Servicer. As compensation therefor, the Indenture Trustee 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 Indenture Trustee is unwilling to act as successor Master Servicer, or
(ii) if the Indenture Trustee is legally unable so to act, the Indenture Trustee
may (in the situation described in clause (i)) or shall (in the situation
described in clause (ii)) 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
$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; PROVIDED that any such successor Master Servicer shall be
acceptable to the Credit Enhancer, as evidenced by the Credit Enhancer's prior
written consent which consent shall not be unreasonably withheld and provided
further that the appointment of any such successor Master Servicer will not
result in the qualification, reduction or withdrawal of the ratings assigned to
the Securities by the Rating Agencies, if determined without regard to the
Credit Enhancement Instrument. Pending appointment of a successor to the Master
Servicer hereunder, unless the Indenture Trustee is prohibited by law from so
acting, the Indenture Trustee shall act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the successor
shall

                                       32

<PAGE>

be entitled to receive compensation out of payments on Home Loans in an amount
equal to the compensation which the Master Servicer would otherwise have
received pursuant to Section 3.09 (or such lesser compensation as the Indenture
Trustee and such successor shall agree). The appointment of a successor Master
Servicer shall not affect any liability of the predecessor Master Servicer which
may have arisen under this Servicing Agreement prior to its termination as
Master Servicer (including, without limitation, the obligation to purchase Home
Loans pursuant to Section 3.01, to pay any deductible under an insurance policy
pursuant to Section 3.04 or to indemnify the Indenture Trustee pursuant to
Section 6.06), 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 Indenture Trustee and such successor shall
take such action, consistent with this Servicing Agreement, as shall be
necessary to effectuate any such succession.

         (b) Any successor, including the Indenture Trustee, to the Master
Servicer as servicer shall during the term of its service as servicer (i)
continue to service and administer the Home Loans for the benefit of the
Securityholders, (ii) maintain in force a policy or policies of insurance
covering errors and omissions in the performance of its obligations as Master
Servicer hereunder and 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 3.13 and (iii) be bound by the terms of the Insurance Agreement.

         (c) Any successor Master Servicer, including the Indenture Trustee,
shall not be deemed in default or to have breached its duties hereunder if the
predecessor Master Servicer shall fail to deliver any required deposit to the
Custodial Account or otherwise cooperate with any required servicing transfer or
succession hereunder.

         Section 7.03. NOTIFICATION TO SECURITYHOLDERS. Upon any termination of
or appointment of a successor to the Master Servicer pursuant to this Article
VII or Section 6.04, the Indenture Trustee shall give prompt written notice
thereof to the Securityholders, the Credit Enhancer, the Issuer and each Rating
Agency.

                                       33

<PAGE>

                                  ARTICLE VIII

                            Miscellaneous Provisions

         Section 8.01. AMENDMENT. This Servicing Agreement may be amended from
time to time by the parties hereto, provided that any amendment be accompanied
by a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to the Securities, if
determined without regard to the Credit Enhancement Instrument, and the consent
of the Credit Enhancer and the Indenture Trustee. Promptly after the execution
by the Master Servicer, the Issuer and the Indenture Trustee of any amendment of
this Servicing Agreement pursuant to this Section 8.01, the Indenture Trustee
shall provide the Custodian with written copies thereof. Any failure of the
Indenture Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amendment.

         SECTION 8.02. GOVERNING LAW. THIS SERVICING 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.

         Section 8.03. NOTICES. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at or mailed by certified mail, return receipt requested,
to (a) in the case of the Master Servicer, 2255 North Ontario Street, Suite 400,
Burbank, California 91504-3120, Attention: Addition Director - Bond
Administration, (b) in the case of the Credit Enhancer, Ambac Assurance
Corporation, One State Street Plaza, 19th Floor, New York, New York 10004,
Attention: Consumer Asset-Backed Securities Group, (c) in the case of Moody's,
Home Mortgage Loan Monitoring Group, 99 Church Street, 4th Floor, New York, New
York 10007, (d) in the case of Standard & Poor's, 55 Water Street - 41st Floor,
New York, New York 10041, Attention: Residential Mortgage Surveillance Group,
(e) in the case of the Owner Trustee, Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, (f) in the case of the Issuer, to Home Loan
Trust 2001-HI1, c/o Owner Trustee, Wilmington Trust Company, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, (g) in the case of the Indenture Trustee, The
Chase Manhattan Bank, 450 West 33rd Street, 14th Floor, New York, NY, 10001,
Attention: Capital Markets Fiduciary Services and (h) in the case of the
Underwriter, at Bear, Stearns & Co. Inc., 245 Park Avenue, New York, New York
10167; or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party. Any notice required or
permitted to be mailed to a Securityholder shall be given by first class mail,
postage prepaid, at the address of such Securityholder as shown in the Register.
Any notice so mailed within the time prescribed in this Servicing Agreement
shall be conclusively presumed to have been duly given, whether or not the
Securityholder receives such notice. Any notice or other document required to be
delivered or mailed by the Indenture Trustee to any Rating Agency shall be given
on a reasonable efforts basis and only as a matter of courtesy

                                       34

<PAGE>

and accommodation and the Indenture Trustee shall have no liability for failure
to delivery such notice or document to any Rating Agency.

         Section 8.04. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Servicing Agreement shall be
for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Servicing Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Servicing
Agreement or of the Securities or the rights of the Securityholders thereof.

         Section 8.05. THIRD-PARTY BENEFICIARIES. This Servicing Agreement will
inure to the benefit of and be binding upon the parties hereto, the
Securityholders, the Credit Enhancer, the Owner Trustee and their respective
successors and permitted assigns. Except as otherwise provided in this Servicing
Agreement, no other Person will have any right or obligation hereunder.

         Section 8.06. COUNTERPARTS. This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         Section 8.07. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         Section 8.08. TERMINATION UPON PURCHASE BY THE MASTER SERVICER OR
LIQUIDATION OF ALL HOME LOANS; PARTIAL REDEMPTION. (a) The respective
obligations and responsibilities of the Master Servicer, the Issuer and the
Indenture Trustee created hereby shall terminate upon the last action required
to be taken by the Issuer pursuant to the Trust Agreement and by the Indenture
Trustee pursuant to the Indenture following the earlier of:

                  (i) the date on or before which the Indenture or Trust
         Agreement is terminated, or

                  (ii) the purchase by the Master Servicer from the Issuer of
         all Home Loans and all property acquired in respect of any Home Loan at
         a price equal to the Termination Price.

The right of the Master Servicer to purchase the assets of the Issuer pursuant
to clause (ii) above on any Payment Date is conditioned upon the Pool Balance
(after applying payments received in the related Collection Period) as of such
Payment Date being less than ten percent of the aggregate of the Cut-off Date
Loan Balances of the Home Loans. If such right is exercised by the Master
Servicer, the Master Servicer shall deposit the Termination Price calculated
pursuant to clause (ii) above with the Indenture Trustee pursuant to Section
4.10 of the Indenture and, upon the receipt of such deposit, the Indenture
Trustee or Custodian shall release to the Master Servicer, the files pertaining
to the Home Loans being purchased.

                                       35

<PAGE>

         (b) Subject to the provisions of clause (c) below, the Master Servicer
has the right to purchase a portion of the assets of the Issuer upon the Pool
Balance (after applying payments received in the related Collection Period) as
of such date being less than ten percent of the aggregate of the Cut-off Date
Loan Balances of the Home Loans at a price equal to the Termination Price. If
such right is exercised by the Master Servicer, the Master Servicer shall
deposit the Termination Price with the Indenture Trustee pursuant to Section
5.02 of the Indenture and, upon the receipt of such deposit, the Indenture
Trustee or Custodian shall release to the Master Servicer, the files pertaining
to the Home Loans being purchased.

         (c) With respect to any purchase of a portion of the Home Loans by the
Master Servicer pursuant to subsection (b) above or this subsection (c), the
following conditions must be satisfied: (i) the Master Servicer shall have
delivered to the Indenture Trustee and the Credit Enhancer a loan schedule
containing a list of all Home Loans remaining in the Trust after such removal;
(ii) the Master Servicer shall represent and warrant that no selection
procedures adverse to the interests of the Securityholders or the Credit
Enhancer were used by the Master Servicer in selecting such Home Loans; and
(iii) each Rating Agency shall have notified the Master Servicer that such
retransfer would not result in a reduction or withdrawal of the ratings of the
Securities, if determined without regard to the Credit Enhancement Instrument.

         (d) The Master Servicer, at its expense, shall prepare and deliver to
the Indenture Trustee for execution, at the time the Home Loans are to be
released to the Master Servicer, appropriate documents assigning each such Home
Loan from the Indenture Trustee or the Issuer to the Master Servicer or the
appropriate party.

         (e) The Master Servicer shall give the Indenture Trustee not less than
seven Business Days' prior written notice of the Payment Date on which the
Master Servicer anticipates that the final distribution will be made to
Noteholders. Notice of any termination, specifying the anticipated Final
Scheduled Payment Date or other Payment Date (which shall be a date that would
otherwise be a Payment Date) upon which the Noteholders may surrender their
Notes to the Indenture Trustee (if so required by the terms hereof) for payment
of the final distribution and cancellation, shall be given promptly by the
Master Servicer to the Indenture Trustee specifying:

                  (i) the anticipated Final Scheduled Payment Date or other
         Payment Date upon which final payment of the Notes is anticipated to be
         made upon presentation and surrender of Notes at the office or agency
         of the Indenture Trustee therein designated; and

                  (ii)     the amount of any such final payment, if known.

         Section 8.09. CERTAIN MATTERS AFFECTING THE INDENTURE TRUSTEE. For all
purposes of this Servicing Agreement, in the performance of any of its duties or
in the exercise of any of its powers hereunder, the Indenture Trustee shall be
subject to and entitled to the benefits of Article VI of the Indenture.

                                       36

<PAGE>

         Section 8.10. OWNER TRUSTEE NOT LIABLE FOR RELATED DOCUMENTS. The
recitals contained herein shall be taken as the statements of the Depositor, and
the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no representations as to the validity or sufficiency of this
Servicing Agreement, of any Basic Document or of the Certificates (other than
the signatures of the Owner Trustee on the Certificates) or the Notes, or of any
Related Documents. The Owner Trustee shall at no time have any responsibility or
liability with respect to the sufficiency of the Owner Trust Estate or its
ability to generate the payments to be distributed to Certificateholders under
the Trust Agreement or the Noteholders under the Indenture, including, the
compliance by the Depositor or the Seller with any warranty or representation
made under any Basic Document or in any related document or the accuracy of any
such warranty or representation, or any action of the Certificate Paying Agent,
the Certificate Registrar or the Indenture Trustee taken in the name of the
Owner Trustee.

                                       37

<PAGE>

         IN WITNESS WHEREOF, the Master Servicer, the Indenture Trustee and the
Issuer have caused this Servicing Agreement to be duly executed by their
respective officers or representatives all as of the day and year first above
written.

                                  RESIDENTIAL FUNDING CORPORATION,
                                           as Master Servicer

                                  By:  /s/ Randy Van Zee
                                      -------------------------------------
                                  Name:    Randy Van Zee
                                  Title:   Director

                                  HOME LOAN TRUST 2001-HI1

                                  By: Wilmington Trust Company, not in its
                                      individual capacity but solely as Owner
                                      Trustee

                                  By: /s/ James P. Lawler
                                      -------------------------------------
                                  Name:    James P. Lawler
                                  Title:   Vice President

                                  THE CHASE MANHATTAN BANK, as Indenture
                                  Trustee

                                  By: /s/ Mark Mcdermott
                                      -------------------------------------
                                  Name:   Mark McDermott
                                  Title:  Trust Officer

<PAGE>

         IN WITNESS WHEREOF, the Master Servicer, the Indenture Trustee and the
Issuer have caused this Servicing Agreement to be duly executed by their
respective officers or representatives all as of the day and year first above
written.

                                  RESIDENTIAL FUNDING CORPORATION,
                                             as Master Servicer

                                  By:  /s/ Randy Van Zee
                                      -------------------------------------
                                  Name:    Randy Van Zee
                                  Title:   Director

                                  HOME LOAN TRUST 2001-HI1

                                  By: Wilmington Trust Company, not in its
                                      individual capacity but solely as Owner
                                      Trustee

                                  By: /s/ James P. Lawler
                                      -------------------------------------
                                  Name:    James P. Lawler
                                  Title:   Vice President

                                  THE CHASE MANHATTAN BANK, as Indenture
                                  Trustee

                                  By: /s/ Mark Mcdermott
                                      -------------------------------------
                                  Name:   Mark McDermott
                                  Title:  Trust Officer

<PAGE>

                                    EXHIBIT A
                               HOME LOAN SCHEDULE

                           TO BE PROVIDED UPON REQUEST

<PAGE>

                                    EXHIBIT B
                            LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PREMISES:

That The Chase Manhattan Bank, as Indenture Trustee (the "Trustee"), under the
Indenture (the "Indenture") among ________________________________________ and
the Indenture Trustee, a national banking association organized and existing
under the laws of the State of New York, and having its principal office located
at 450 West 33rd Street, in the City of New York in the State of New York, hath
made, constituted and appointed, and does by these presents make, constitute and
appoint Residential Funding Corporation, a corporation organized and existing
under the laws of the State of Delaware, its true and lawful Attorney-in-Fact,
with full power and authority to sign, execute, acknowledge, deliver, file for
record, and record any instrument on its behalf and to perform such other act or
acts as may be customarily and reasonably necessary and appropriate to
effectuate the following enumerated transactions in respect of any of the
mortgages or deeds of trust (the "Mortgages" and the "Deeds of Trust",
respectively) creating a trust or second lien or an estate in fee simple
interest in real property securing a Home Loan and promissory notes secured
thereby (the "Mortgage Notes") for which the undersigned is acting as Indenture
Trustee for various Securityholders (whether the undersigned is named therein as
mortgagee or beneficiary or has become mortgagee by virtue of Endorsement of the
Mortgage Note secured by any such Mortgage or Deed of Trust) and for which
Residential Funding Corporation is acting as master servicer pursuant to a
Servicing Agreement, dated as of February 22, 2001 (the "Servicing Agreement").

This appointment shall apply only to transactions which the Trustee is
authorized to enter into under the Indenture, but in no event shall apply to any
transactions other than the following enumerated transactions only:

1.       The modification or re-recording of a Mortgage or Deed of Trust, where
         said modification or re-recording is for the purpose of correcting the
         Mortgage or Deed of Trust to conform same to the original intent of the
         parties thereto or to correct title errors discovered after such title
         insurance was issued and said modification or re-recording, in either
         instance, does not adversely affect the lien of the Mortgage or Deed of
         Trust as insured.

2.       The subordination of the lien of a Mortgage or Deed of Trust to an
         easement in favor of a public utility company or a government agency or
         unit with powers of eminent domain; this section shall include, without
         limitation, the execution of partial satisfactions/releases, partial
         reconveyances or the execution of requests to trustees to accomplish
         same.

3.       With respect to a Mortgage or Deed of Trust, the foreclosure, the
         taking of a deed in lieu of foreclosure, or the completion of judicial
         or non-judicial foreclosure or termination, cancellation or rescission
         of any such foreclosure, including, without limitation, any and all of
         the following acts:

<PAGE>

         a.   The substitution of trustee(s) serving under a Deed of Trust, in
              accordance with state law and the Deed of Trust;

         b.   Statements of breach or non-performance;

         c.   Notices of default;

         d.   Cancellations/rescissions of notices of default and/or notices of
              sale;

         e.   The taking of a deed in lieu of foreclosure; and

         f.   Such other documents and actions as may be necessary under the
              terms of the Mortgage, Deed of Trust or state law to
              expeditiously complete said transactions.

4.       The conveyance of the properties to the mortgage insurer, or the
         closing of the title to the property to be acquired as real estate
         owned, or conveyance of title to real estate owned.

5.       The completion of loan assumption agreements.

6.       The full satisfaction/release of a Mortgage or Deed of Trust or full
         reconveyance upon payment and discharge of all sums secured thereby,
         including, without limitation, cancellation of the related Mortgage
         Note.

7.       The assignment of any Mortgage or Deed of Trust and the related
         Mortgage Note, in connection with the repurchase of the Home Loan
         secured and evidenced thereby pursuant to the requirements of a
         Residential Funding Corporation Seller Contract.

8.       The full assignment of a Mortgage or Deed of Trust upon payment and
         discharge of all sums secured thereby in conjunction with the
         refinancing thereof, including, without limitation, the endorsement of
         the related Mortgage Note.

9.       The modification or re-recording of a Mortgage or Deed of Trust, where
         said modification or re-recording is for the purpose of any
         modification pursuant to Section 3.01 of the Servicing Agreement.

10.      The subordination of the lien of a Mortgage or Deed of Trust, where
         said subordination is in connection with any modification pursuant to
         Section 3.01 of the Servicing Agreement, and the execution of partial
         satisfactions/releases in connection with such same Section 3.01.

The undersigned gives said Attorney-in-Fact full power and authority to execute
such instruments and to do and perform all and every act and thing necessary and
proper to carry into effect the power or powers granted by or under this Limited
Power of Attorney as fully as the undersigned might or could do, and hereby does
ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
to be done by authority hereof.

<PAGE>

Third parties without actual notice may rely upon the exercise of the power
granted under this Limited Power of Attorney; and may be satisfied that this
Limited Power of Attorney shall continue in full force and effect has not been
revoked unless an instrument of revocation has been made in writing by the
undersigned.

                                                              THE CHASE
                                                              MANHATTAN BANK,
                                                              not in its
                                                              individual
                                                              capacity, but
                                                              solely as
                                                              Indenture Trustee
                                                              under the
                                                              Agreements and the
                                                              Indentures

Name:                                                         Name:
      -----------------------------------------------

Title:                                                        Title:
       ----------------------------------------------

<PAGE>

STATE OF          )
                  SS.
COUNTY OF         )

         On this __ day of ____________, 2001, before me the undersigned, Notary
Public of said State, personally appeared _______________________________
personally known to me to be duly authorized officers of The Chase Manhattan
Bank that executed the within instrument and personally known to me to be the
persons who executed the within instrument on behalf of The Chase Manhattan Bank
therein named, and acknowledged to me such The Chase Manhattan Bank executed the
within instrument pursuant to its by-laws.

                                         WITNESS my hand
and official seal.

                                         Notary Public in and for the
                                         State of

After recording, please mail to:

Attn:

<PAGE>

                                    EXHIBIT C
                           FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:               REQUEST FOR RELEASE OF DOCUMENTS

In connection with your administration of the Home Loans, we request the release
of the Mortgage File described below.

Servicing Agreement Dated:
Series #:
Account #:
Pool #:
Loan #:
Borrower Name(s):
Reason for Document Request: (circle one)     Home Loan       Prepaid in Full

                                                        Home 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 Servicing Agreement."

-------------------------------------
Residential Funding Corporation
Authorized Signature

******************************************************************
TO CUSTODIAN/INDENTURE 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 Servicing Agreement.

         Enclosed Documents:        [  ]    Promissory Note
                                    [  ]     Mortgage or Deed of Trust
                                    [  ]     Assignment(s) of Mortgage or
                                              Deed of Trust
                                    [  ]     Title Insurance Policy
                                    [  ]     Other:  --------------------------

Name

Title

DateRESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.

                                  as Depositor

                                       and

                            WILMINGTON TRUST COMPANY

                                as Owner Trustee

                    -----------------------------------------

                      AMENDED AND RESTATED TRUST AGREEMENT

                          Dated as of February 22, 2001

                   ------------------------------------------

                         Home Loan-Backed Certificates,
                                 Series 2001-HI1

<PAGE>

<TABLE>
<CAPTION>
                                                 TABLE OF CONTENTS

         SECTION                                                                                               PAGE

                                                     ARTICLE I

                                                    DEFINITIONS

<S>      <C>                                                                                                    <C>
         1.01.         DEFINITIONS................................................................................1
         1.02.         OTHER DEFINITIONAL PROVISIONS..............................................................1

                                                    ARTICLE II

                                                   ORGANIZATION

         2.01.         NAME.......................................................................................3
         2.02.         OFFICE.....................................................................................3
         2.03.         PURPOSES AND POWERS........................................................................3
         2.04.         APPOINTMENT OF OWNER TRUSTEE...............................................................4
         2.05.         INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE.........................................4
         2.06.         DECLARATION OF TRUST.......................................................................4
         2.07.         LIABILITY OF THE HOLDERS OF THE CERTIFICATES...............................................4
         2.08.         TITLE TO TRUST PROPERTY....................................................................4
         2.09.         SITUS OF TRUST.............................................................................4
         2.10.         REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR............................................5
         2.11.         PAYMENT OF TRUST FEES......................................................................5

                                                    ARTICLE III

                                           CONVEYANCE OF THE HOME LOANS;
                                                    CERTIFICATES

         3.01.         CONVEYANCE OF THE HOME LOANS...............................................................6
         3.02.         INITIAL OWNERSHIP..........................................................................6
         3.03.         THE CERTIFICATES...........................................................................6
         3.04.         AUTHENTICATION OF CERTIFICATES.............................................................6
         3.05.         REGISTRATION OF AND LIMITATIONS ON TRANSFER AND EXCHANGE OF CERTIFICATES...................7
         3.06.         MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES..........................................9
         3.07.         PERSONS DEEMED CERTIFICATEHOLDERS..........................................................9
         3.08.         ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES.................................10
         3.09.         MAINTENANCE OF OFFICE OR AGENCY...........................................................10
         3.10.         CERTIFICATE PAYING AGENT..................................................................10
         3.11.         COOPERATION...............................................................................11

                                                         i

<PAGE>

SECTION

                                                    ARTICLE IV

                                       AUTHORITY AND DUTIES OF OWNER TRUSTEE

         4.01.         GENERAL AUTHORITY.........................................................................12
         4.02.         GENERAL DUTIES............................................................................12
         4.03.         ACTION UPON INSTRUCTION...................................................................12
         4.04.         NO DUTIES EXCEPT AS SPECIFIED UNDER SPECIFIED DOCUMENTS OR IN INSTRUCTIONS ...............13
         4.05.         RESTRICTIONS..............................................................................13
         4.06.         PRIOR NOTICE TO CERTIFICATEHOLDERS AND THE CREDIT ENHANCER WITH RESPECT TO
                       CERTAIN MATTERS...........................................................................13
         4.07.         ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS..............................14
         4.08.         ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY...................................14
         4.09.         RESTRICTIONS ON CERTIFICATEHOLDERS' POWER.................................................14
         4.10.         MAJORITY CONTROL..........................................................................14
         4.11.         DOING BUSINESS IN OTHER JURISDICTIONS.....................................................15

                                                     ARTICLE V

                                            APPLICATION OF TRUST FUNDS

         5.01.         DISTRIBUTIONS.............................................................................16
         5.02.         METHOD OF PAYMENT.........................................................................16
         5.03.         SIGNATURE ON RETURNS......................................................................16
         5.04.         STATEMENTS TO CERTIFICATEHOLDERS..........................................................17
         5.05.         TAX REPORTING.............................................................................17

                                                    ARTICLE VI

                                           CONCERNING THE OWNER TRUSTEE

         6.01.         ACCEPTANCE OF TRUSTS AND DUTIES...........................................................18
         6.02.         FURNISHING OF DOCUMENTS...................................................................19
         6.03.         REPRESENTATIONS AND WARRANTIES............................................................19
         6.04.         RELIANCE; ADVICE OF COUNSEL...............................................................20
         6.05.         NOT ACTING IN INDIVIDUAL CAPACITY.........................................................20
         6.06.         OWNER TRUSTEE NOT LIABLE FOR CERTIFICATES OR RELATED DOCUMENTS............................20
         6.07.         OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES..............................................21

                                                        ii

<PAGE>

                                                    ARTICLE VII

                                           COMPENSATION OF OWNER TRUSTEE

         7.01.         OWNER TRUSTEE'S FEES AND EXPENSES.........................................................22
         7.02.         INDEMNIFICATION...........................................................................22

                                                   ARTICLE VIII

                                          TERMINATION OF TRUST AGREEMENT

         8.01.         TERMINATION OF TRUST AGREEMENT............................................................24

                                                    ARTICLE IX

                              SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         9.01.         ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE................................................26
         9.02.         REPLACEMENT OF OWNER TRUSTEE..............................................................26
         9.03.         SUCCESSOR OWNER TRUSTEE...................................................................27
         9.04.         MERGER OR CONSOLIDATION OF OWNER TRUSTEE..................................................27
         9.05.         APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.............................................27

                                                     ARTICLE X

                                                   MISCELLANEOUS

         10.01.        AMENDMENTS................................................................................29
         10.02.        NO LEGAL TITLE TO OWNER TRUST ESTATE......................................................30
         10.03.        LIMITATIONS ON RIGHTS OF OTHERS...........................................................30
         10.04.        NOTICES...................................................................................30
         10.05.        SEVERABILITY..............................................................................31
         10.06.        SEPARATE COUNTERPARTS.....................................................................31
         10.07.        SUCCESSORS AND ASSIGNS....................................................................31
         10.08.        NO PETITION...............................................................................31
         10.09.        NO RECOURSE...............................................................................31
         10.10.        HEADINGS..................................................................................32
         10.11.        GOVERNING LAW.............................................................................32
         10.12.        INTEGRATION...............................................................................32
         10.13.        RIGHTS OF CREDIT ENHANCER TO EXERCISE RIGHTS OF CERTIFICATEHOLDERS........................32

Signatures ......................................................................................................34

</TABLE>

                                       iii

<PAGE>

EXHIBIT

Exhibit A - Form of Certificate...........................................A-1
Exhibit B - Certificate of Trust of Residential Home
                             Loan Trust 2001-HI1 .........................B-1
Exhibit C - Form of 144A Investment Representation........................C-1
Exhibit D - Form of Investor Representation Letter........................D-1
Exhibit E - Form of Transferor Representation Letter......................E-1
Exhibit F - Form of Certificate of Non-Foreign Status.....................F-1
Exhibit G - Form of ERISA Representation Letter...........................G-1

                                       iv

<PAGE>

         This Amended and Restated Trust Agreement, dated as of February 22,
2001 (as amended from time to time, this "Trust Agreement"), between RESIDENTIAL
FUNDING MORTGAGE SECURITIES II, INC., a Delaware corporation, as depositor (the
"Depositor") and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as
owner trustee (the "Owner Trustee"),

                                WITNESSETH THAT:

         WHEREAS, the Depositor and the Owner Trustee entered into a trust
agreement dated as of February 13, 2001, in connection with the formation of a
Delaware business trust (the "Original Trust Agreement");

         WHEREAS, the Depositor and the Owner Trustee wish to amend and restate
the Original Trust Agreement;

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the Depositor and the Owner Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01. DEFINITIONS. For all purposes of this Trust Agreement,
except as otherwise expressly provided herein or unless the context otherwise
requires, capitalized terms not otherwise defined herein shall have the meanings
assigned to such terms in Appendix A to the Indenture dated February 22, 2001
(the "Indenture"), between Home Loan Trust 2001-HI1, as issuer, and The Chase
Manhattan Bank, as indenture trustee. All other capitalized terms used herein
shall have the meanings specified herein.

         Section 1.02.     OTHER DEFINITIONAL PROVISIONS.

         (a) All terms defined in this Trust Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

         (b) As used in this Trust Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Trust Agreement or in any such certificate or other document,
and accounting terms partly defined in this Trust Agreement or in any such
certificate or other document to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles, the
definitions contained in this Trust Agreement or in any such certificate or
other document shall control.

<PAGE>

         (c) The words "hereof," "herein," "hereunder" and words of similar
import when used in this Trust Agreement shall refer to this Trust Agreement as
a whole and not to any particular provision of this Trust Agreement; Article,
Section and Exhibit references contained in this Trust Agreement are references
to Articles, Sections and Exhibits in or to this Trust Agreement unless
otherwise specified; and the term "including" shall mean "including without
limitation".

         (d) The definitions contained in this Trust Agreement are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

         (e) Any agreement, instrument or statute defined or referred to herein
or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

                                        2

<PAGE>

                                   ARTICLE II

                                  ORGANIZATION

         Section 2.01. NAME. The trust created hereby (the "Trust") shall be
known as "Home Loan Trust 2001-HI1," in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

         Section 2.02. OFFICE. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware
as the Owner Trustee may designate by written notice to the Certificateholders
and the Depositor.

         Section 2.03. PURPOSES AND POWERS. The purpose of the Trust is to
engage in the following activities:

                  (i) to issue the Notes pursuant to the Indenture and the
         Certificates pursuant to this Trust Agreement and to sell the Notes and
         the Certificates;

                  (ii) to purchase the Home Loans and to pay the organizational,
         start-up and transactional expenses of the Trust;

                  (iii) to assign, grant, transfer, pledge and convey the Home
         Loans pursuant to the Indenture and to hold, manage and distribute to
         the Certificateholders pursuant to Section 5.01 any portion of the Home
         Loans released from the Lien of, and remitted to the Trust pursuant to,
         the Indenture;

                  (iv) to enter into and perform its obligations under the Basic
         Documents to which it is to be a party;

                  (v) to engage in those activities, including entering into
         agreements, that are necessary, suitable or convenient to accomplish
         the foregoing or are incidental thereto or connected therewith,
         including, without limitation, to accept additional contributions of
         equity that are not subject to the Lien of the Indenture; and

                  (vi) subject to compliance with the Basic Documents, to engage
         in such other activities as may be required in connection with
         conservation of the Owner Trust Estate and the making of distributions
         to the Certificateholders and the Noteholders.

The Trust is hereby authorized to engage in the foregoing activities. 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 Trust Agreement or the
Basic Documents while any Note is outstanding without the consent of the Holders
of a majority of the Certificate Percentage Interest of the Certificates and the
Indenture Trustee.

                                        3

<PAGE>

         Section 2.04. APPOINTMENT OF OWNER TRUSTEE. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

         Section 2.05. INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial corpus of the Trust and shall
be deposited in the Certificate Distribution Account. The Owner Trustee also
acknowledges on behalf of the Issuer, the receipt in trust of the Home Loans and
a Credit Enhancement Instrument assigned to the Trust pursuant to Section 3.01,
which shall constitute the Owner Trust Estate.

         Section 2.06. DECLARATION OF TRUST. The Owner Trustee hereby declares
that it shall hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders,
subject to the obligations of the Trust under the Basic Documents. It is the
intention of the parties hereto that the Trust constitute a business trust under
the Business Trust Statute and that this Trust Agreement constitute the
governing instrument of such business trust. Effective as of the date hereof,
the Owner Trustee shall have all rights, powers and duties set forth herein and
in the Business Trust Statute with respect to accomplishing the purposes of the
Trust. It is the intention of the parties hereto that, solely for federal, state
and local income and franchise tax purposes, the Trust shall be treated as an
entity disregarded from the sole holder of 100% of the Certificates, which
Certificates shall initially be owned by the Depositor or an affiliate thereof,
and the provisions of this Trust Agreement shall be interpreted to further this
intention. If more than one person owns the Certificates for federal income tax
purposes, then it is the intention of the parties hereto, that solely for
federal, state and local income and franchise tax purposes the Trust shall be
treated as a partnership, with the assets of the partnership being the Trust
Estate, the partners of the partnership being the Certificateholders and the
Notes being debt of the partnership and the provisions of this Trust Agreement
shall be interpreted to further this intention. The parties agree that, unless
otherwise required by appropriate tax authorities, the Owner Trustee will file
or cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Owner Trust as an entity wholly
owned by the Depositor or an affiliate thereof, or, if two or more persons own
the Certificates, as a partnership for such tax purposes.

         Section 2.07. LIABILITY OF THE HOLDERS OF THE CERTIFICATES. The Holders
of the Certificates shall be liable for any entity level taxes imposed on the
Owner Trust.

         Section 2.08. TITLE TO TRUST PROPERTY. Legal title to the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

         Section 2.09. SITUS OF TRUST. The Trust will be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the
State of New York. The Trust shall not have any employees in any state other
than Delaware; provided, however, that nothing herein shall restrict or prohibit
the

                                        4

<PAGE>

Owner Trustee from having employees within or without the State of Delaware or
taking actions outside the State of Delaware in order to comply with Section
2.03. Payments will be received by the Trust only in Delaware or New York, and
payments will be made by the Trust only from Delaware or New York. The only
office of the Trust will be at the Corporate Trust Office in Delaware.

         Section 2.10. REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor hereby represents and warrants to the Owner Trustee that:

                      (i) The Depositor is duly organized and validly existing
         as a corporation in good standing under the laws of the State of
         Delaware, with power and authority to own its properties and to conduct
         its business as such properties are currently owned and such business
         is presently conducted.

                     (ii) The Depositor is duly qualified to do business as a
         foreign corporation in good standing and has obtained all necessary
         licenses and approvals in all jurisdictions in which the ownership or
         lease of its property or the conduct of its business shall require such
         qualifications and in which the failure to so qualify would have a
         material adverse effect on the business, properties, assets or
         condition (financial or other) of the Depositor and the ability of the
         Depositor to perform under this Trust Agreement.

                    (iii) The Depositor has the power and authority to execute
         and deliver this Trust Agreement and to carry out its terms; the
         Depositor has full power and authority to sell and assign the property
         to be sold and assigned to and deposited with the Trust as part of the
         Trust and the Depositor has duly authorized such sale and assignment
         and deposit to the Trust by all necessary corporate action; and the
         execution, delivery and performance of this Trust Agreement have been
         duly authorized by the Depositor by all necessary corporate action.

                     (iv) The consummation of the transactions contemplated by
         this Trust Agreement and the fulfillment of the terms hereof do not
         conflict with, result in any breach of any of the terms and provisions
         of, or constitute (with or without notice or lapse of time) a default
         under, the articles of incorporation or bylaws of the Depositor, or any
         indenture, agreement or other instrument to which the Depositor is a
         party or by which it is bound; nor result in the creation or imposition
         of any Lien upon any of its properties pursuant to the terms of any
         such indenture, agreement or other instrument (other than pursuant to
         the Basic Documents); nor violate any law or, to the best of the
         Depositor's knowledge, any order, rule or regulation applicable to the
         Depositor of any court or of any federal or state regulatory body,
         administrative agency or other governmental instrumentality having
         jurisdiction over the Depositor or its properties.

         Section 2.11. PAYMENT OF TRUST FEES. The Owner Trustee shall pay the
Trust's fees and expenses incurred with respect to the performance of the
Trust's duties under the Indenture.

                                        5

<PAGE>

                                   ARTICLE III

                          CONVEYANCE OF THE HOME LOANS;
                                  CERTIFICATES

         Section 3.01. CONVEYANCE OF THE HOME LOANS. The Depositor, concurrently
with the execution and delivery hereof, does hereby transfer, convey, sell and
assign to the Trust, on behalf of the Holders of the Notes and the Certificates
and the Credit Enhancer, without recourse, all its right, title and interest in
and to the Home Loans. The Depositor will also provide the Trust with the Credit
Enhancement Instrument.

         The parties hereto intend that the transaction set forth herein be a
sale by the Depositor to the Trust of all of its right, title and interest in
and to the Home Loans. In the event that the transaction set forth herein is not
deemed to be a sale, the Depositor hereby grants to the Trust a security
interest in all of its right, title and interest in, to and under the Owner
Trust Estate, all distributions thereon and all proceeds thereof; and this Trust
Agreement shall constitute a security agreement under applicable law.

         Section 3.02. INITIAL OWNERSHIP. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the conveyance
of the Home Loans pursuant to Section 3.01 and the issuance of the Certificates,
the Depositor shall be the sole Certificateholder.

         Section 3.03. THE CERTIFICATES. The Certificates shall be issued in
minimum denominations of a Certificate Percentage Interest of 10.0000% and
integral multiples of 0.0001% in excess thereof.

         The Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee and
authenticated in the manner provided in Section 3.04. Certificates bearing the
manual or facsimile signatures of individuals who were, at the time when such
signatures shall have been affixed, authorized to sign on behalf of the Trust,
shall be validly issued and entitled to the benefit of this Trust Agreement,
notwithstanding that such individuals or any of them shall 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 authentication and delivery of such
Certificates. A Person shall become a Certificateholder and shall be entitled to
the rights and subject to the obligations of a Certificateholder hereunder upon
such Person's acceptance of a Certificate duly registered in such Person's name,
pursuant to Section 3.05.

         A transferee of a Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Certificate
duly registered in such transferee's name pursuant to and upon satisfaction of
the conditions set forth in Section 3.05.

         Section 3.04. AUTHENTICATION OF CERTIFICATES. Concurrently with the
acquisition of the Home Loans by the Trust, the Owner Trustee or the Certificate
Paying Agent shall cause the Certificates in an initial Certificate Percentage
Interest of 100.00% to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by its chairman
of the board, its president or any vice president, without further corporate
action by the Depositor, in

                                        6

<PAGE>

authorized denominations. No Certificate shall entitle its holder to any benefit
under this Trust Agreement or be valid for any purpose unless there shall appear
on such Certificate a certificate of authentication substantially in the form
set forth in Exhibit A, executed by the Owner Trustee or the Certificate Paying
Agent, by manual signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

         Section 3.05. REGISTRATION OF AND LIMITATIONS ON TRANSFER AND EXCHANGE
OF CERTIFICATES. (a) The Certificate Registrar shall keep or cause to be kept,
at the office or agency maintained pursuant to Section 3.09, 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 Indenture
Trustee shall be the initial Certificate Registrar. If the Certificate Registrar
resigns or is removed, the Owner Trustee shall appoint a successor Certificate
Registrar.

         Subject to satisfaction of the conditions set forth below, upon
surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.09, the Owner Trustee shall execute,
authenticate and deliver (or shall cause the Certificate Registrar as its
authenticating agent to authenticate and deliver), in the name of the designated
transferee or transferees, one or more new Certificates in authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent. At the option of a Certificateholder,
Certificates may be exchanged for other Certificates of authorized denominations
of a like aggregate amount upon surrender of the Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.09.

         Every Certificate presented or surrendered for registration of transfer
or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Certificateholder
or such Certificateholder's attorney duly authorized in writing. Each
Certificate surrendered for registration of transfer or exchange shall be
cancelled and subsequently disposed of by the Certificate Registrar in
accordance with its customary practice.

         No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Owner Trustee or 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.

         Except as described below, no transfer of any Certificate or interest
therein shall be made to any Person that is not a United States Person. Each
Certificateholder shall establish its non-foreign status by submitting to the
Certificate Paying Agent an IRS Form W-9 and the Certificate of Non- Foreign
Status set forth in Exhibit F hereto.

         A Certificate may be transferred to a Certificateholder unable to
establish its non-foreign status as described in the preceding paragraph only if
such Certificateholder provides an Opinion of Counsel, which Opinion of Counsel
shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar or the Depositor, satisfactory to the Depositor and the Credit
Enhancer, that such transfer (1) will not affect the tax status of the Owner
Trust and (2) will not adversely affect the

                                        7

<PAGE>

interests of any Certificateholder, Noteholder or the Credit Enhancer,
including, without limitation, as a result of the imposition of any United
States federal withholding taxes on the Trust (except to the extent that such
withholding taxes would be payable solely from amounts otherwise distributable
to the Certificate of the prospective transferee). If such transfer occurs and
such foreign Certificateholder becomes subject to such United States federal
withholding taxes, any such taxes will be withheld by the Indenture Trustee.
Each Certificateholder unable to establish its non-foreign status shall submit
to the Certificate Paying Agent a copy of its Form W-8BEN and shall resubmit
such Form W-8BEN every three years or as otherwise required by law.

         (b)(i) No transfer, sale, pledge or other disposition of a Certificate
shall be made unless such transfer, sale, pledge or other disposition is exempt
from the registration requirements of the Securities Act and any applicable
state securities laws or is made in accordance with said Act and laws. In the
event of any such transfer, the Certificate Registrar or the Depositor shall
prior to such transfer require the transferee to execute (A) either (i) an
investment letter in substantially the form attached hereto as Exhibit C (or in
such form and substance reasonably satisfactory to the Certificate Registrar and
the Depositor) which investment letters shall not be an expense of the Trust,
the Owner Trustee, the Certificate Registrar, the Master Servicer or the
Depositor 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, provided by Rule 144A or (ii) (a) a written Opinion of
Counsel acceptable to and in form and substance satisfactory to the Certificate
Registrar and the Depositor 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 Trust, the Owner Trustee, the Certificate
Registrar, the Master Servicer or the Depositor and (b) the transferee executes
a representation letter, substantially in the form of Exhibit D hereto, and the
transferor executes a representation letter, substantially in the form of
Exhibit E hereto, each acceptable to and in form and substance satisfactory to
the Certificate Registrar and the Depositor certifying the facts surrounding
such transfer, which representation letters shall not be an expense of the
Trust, the Owner Trustee, the Certificate Registrar, the Master Servicer or the
Depositor and (B) the Certificate of Non-Foreign Status (in substantially the
form attached hereto as Exhibit F) acceptable to and in form and substance
reasonably satisfactory to the Certificate Registrar and the Depositor, which
certificate shall not be an expense of the Trust, the Owner Trustee, the
Certificate Registrar or the Depositor. If the Certificateholder is unable to
provide a Certificate of Non-Foreign Status, the Certificateholder must provide
an Opinion of Counsel as described in the preceding paragraph. The
Certificateholder desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trust, the Owner Trustee, the Certificate Registrar, the
Master Servicer 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.

         (ii) No transfer of Certificates or any interest therein shall be made
to any Person unless the Depositor, the Owner Trustee, the Certificate Registrar
and the Master Servicer are provided with an Opinion of Counsel which
establishes to the satisfaction of the Depositor, the Owner Trustee, the
Certificate Registrar and the Master Servicer that the purchase of Certificates
is permissible under applicable law, will not constitute or result in any
prohibited transaction under ERISA or Section

                                        8

<PAGE>

4975 of the Code and will not subject the Depositor, the Owner Trustee, the
Certificate Registrar 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 Depositor, the Owner Trustee, the Certificate
Registrar or the Master Servicer. In lieu of such Opinion of Counsel, a Person
acquiring such Certificates may provide a certification in the form of Exhibit G
to this Agreement, which the Depositor, the Owner Trustee, the Certificate
Registrar and the Master Servicer may rely upon without further inquiry or
investigation. Neither an Opinion of Counsel nor a certification will be
required in connection with the initial transfer of any such Certificate by the
Depositor to an affiliate of the Depositor (in which case, the Depositor or any
affiliate thereof shall be deemed to have represented that such affiliate is not
a Plan or a Person investing Plan Assets of any Plan) and the Owner Trustee
shall be entitled to conclusively rely upon a representation (which, upon the
request of the Owner Trustee, shall be a written representation) from the
Depositor of the status of such transferee as an affiliate of the Depositor.

         (iii) In addition, no transfer of a Certificate shall be permitted, and
no such transfer shall be registered by the Certificate Registrar or be
effective hereunder, unless evidenced by an Opinion of Counsel, which
establishes that such transfer or the registration of such transfer would not
cause the Trust to be classified as a publicly traded partnership, an
association taxable as a corporation, a corporation or a taxable mortgage pool
for federal and relevant state income tax purposes, which Opinion of Counsel
shall not be an expense of the Certificate Registrar and shall be an expense of
the proposed transferee. No Opinion of Counsel will be required if such transfer
is made to a nominee of an existing beneficial holder of a Certificate.

         Section 3.06. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (a)
any mutilated Certificate shall be surrendered to the Certificate Registrar, or
if the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them and the Issuer from harm, then in
the absence of notice to the Certificate Registrar or the Owner Trustee that
such Certificate has been acquired by a bona fide purchaser, the Owner Trustee
shall execute on behalf of the Trust and the Owner Trustee or the Certificate
Paying Agent, as the Trust's authenticating agent, 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 and denomination. In
connection with the issuance of any new Certificate under this Section 3.06, the
Owner 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
connection therewith. Any duplicate Certificate issued pursuant to this Section
3.06 shall constitute conclusive 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.

         Section 3.07. PERSONS DEEMED CERTIFICATEHOLDERS. Prior to due
presentation of a Certificate for registration of transfer, the Owner Trustee,
the Certificate Registrar or any Certificate Paying Agent may treat the Person
in whose name any Certificate is registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Trust, the
Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by
any notice to the contrary.

                                        9

<PAGE>

         Section 3.08. ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES. The Certificate Registrar shall furnish or cause to be furnished to
the Depositor or the Owner Trustee, within 15 days after receipt by the
Certificate Registrar of a written request therefor from the Depositor or the
Owner Trustee, a list, in such form as the Depositor or the Owner Trustee, as
the case may be, may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. Each Holder, by receiving
and holding a Certificate, shall be deemed to have agreed not to hold any of the
Trust, the Depositor, the Certificate Registrar or the Owner Trustee accountable
by reason of the disclosure of its name and address, regardless of the source
from which such information was derived.

         Section 3.09. MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee, on
behalf of the Trust, shall maintain in the City of New York an office or offices
or agency or agencies where Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Owner Trustee
in respect of the Certificates and the Basic Documents may be served. The Owner
Trustee initially designates the Corporate Trust Office of the Indenture Trustee
as its office for such purposes. The Owner Trustee shall give prompt written
notice to the Depositor and the Certificateholders of any change in the location
of the Certificate Register or any such office or agency.

         Section 3.10. CERTIFICATE PAYING AGENT. (a) The Certificate Paying
Agent shall make distributions to Certificateholders from the Certificate
Distribution Account on behalf of the Trust in accordance with the provisions of
the Certificates and Section 5.01 hereof from payments remitted to the
Certificate Paying Agent by the Indenture Trustee pursuant to Section 3.05 of
the Indenture. The Trust hereby appoints the Indenture Trustee as Certificate
Paying Agent and the Indenture Trustee hereby accepts such appointment and
further agrees that it will be bound by the provisions of this Trust Agreement
relating to the Certificate Paying Agent and shall:

                         (i) hold all sums held by it for the payment of amounts
         due with respect to the Certificates in trust for the benefit of the
         Persons entitled thereto until such sums shall be paid to such Persons
         or otherwise disposed of as herein provided;

                        (ii) give the Owner Trustee notice of any default by the
         Trust of which it has actual knowledge in the making of any payment
         required to be made with respect to the Certificates;

                       (iii) at any time during the continuance of any such
         default, upon the written request of the Owner Trustee, forthwith pay
         to the Owner Trustee on behalf of the Trust all sums so held in Trust
         by such Certificate Paying Agent;

                        (iv) immediately resign as Certificate Paying Agent and
         forthwith pay to the Owner Trustee on behalf of the Trust all sums held
         by it in trust for the payment of Certificates if at any time it ceases
         to meet the standards required to be met by the Certificate Paying
         Agent at the time of its appointment;

                         (v) comply with all requirements of the Code with
         respect to the withholding from any payments made by it on any
         Certificates of any applicable withholding taxes

                                       10

<PAGE>

         imposed thereon and with respect to any applicable reporting
         requirements in connection therewith; and

                        (vi deliver to the Owner Trustee a copy of the report to
         Certificateholders prepared with respect to each Payment Date by the
         Master Servicer pursuant to Section 4.01 of the Servicing Agreement.

         (b) The Trust may revoke such power and remove the Certificate Paying
Agent if the Owner Trustee determines in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this
Trust Agreement in any material respect. The Indenture Trustee shall be
permitted to resign as Certificate Paying Agent upon 30 days' written notice to
the Owner Trustee; provided the Indenture Trustee is also resigning as Paying
Agent under the Indenture at such time. In the event that the Indenture Trustee
shall no longer be the Certificate Paying Agent under this Trust Agreement and
Paying Agent under the Indenture, the Owner Trustee shall appoint a successor to
act as Certificate Paying Agent (which shall be a bank or trust company) and
which shall also be the successor Paying Agent under the Indenture. The Owner
Trustee shall cause such successor Certificate Paying Agent or any additional
Certificate Paying Agent appointed by the Owner Trustee to execute and deliver
to the Owner Trustee an instrument to the effect set forth in this Section 3.10
as it relates to the Certificate Paying Agent. The Certificate Paying Agent
shall return all unclaimed funds to the Trust and upon removal of a Certificate
Paying Agent such Certificate Paying Agent shall also return all funds in its
possession to the Trust. The provisions of Sections 6.01, 6.03, 6.04 and 7.01
shall apply to the Certificate Paying Agent to the extent applicable. Any
reference in this Agreement to the Certificate Paying Agent shall include any
co- paying agent unless the context requires otherwise.

         (c) The Certificate Paying Agent shall establish and maintain with
itself the Certificate Distribution Account in which the Certificate Paying
Agent shall deposit, on the same day as it is received from the Indenture
Trustee, each remittance received by the Certificate Paying Agent with respect
to payments made pursuant to the Indenture. The Certificate Paying Agent shall
make all distributions of Certificate Distribution Amounts on the Certificates,
from moneys on deposit in the Certificate Distribution Account.

         Section 3.11. COOPERATION. The Owner Trustee shall cooperate in all
respects with any reasonable request by the Credit Enhancer for action to
preserve or enforce the Credit Enhancer's rights or interest under this Trust
Agreement or the Insurance Agreement, consistent with this Trust Agreement and
without limiting the rights of the Certificateholders as otherwise expressly set
forth in this Trust Agreement.

                                       11

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                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 4.01. GENERAL AUTHORITY. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument described herein, in each case, in
such form as the Owner Trustee shall approve, as evidenced conclusively by the
Owner Trustee's execution thereof. In addition to the foregoing, the Owner
Trustee is obligated to take all actions required of the Trust pursuant to the
Basic Documents.

         Section 4.02. GENERAL DUTIES. The Owner Trustee shall be responsible to
administer the Trust pursuant to the terms of this Trust Agreement and the Basic
Documents to which the Trust is a party and in the interest of the
Certificateholders, subject to the Basic Documents and in accordance with the
provisions of this Trust Agreement.

         Section 4.03. ACTION UPON INSTRUCTION. (a) Subject to this Article IV
and in accordance with the terms of the Basic Documents, the Certificateholders
may by written instruction direct the Owner Trustee in the management of the
Trust. Such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to this Article IV.

         (b) Notwithstanding the foregoing, the Owner Trustee shall not be
required to take any action hereunder or under any Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel,
that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any Basic Document or is
otherwise contrary to law.

         (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Trust Agreement or
under any Basic Document, or in the event that the Owner Trustee is unsure as to
the application of any provision of this Trust Agreement or any Basic Document
or any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this
Trust Agreement permits any determination by the Owner Trustee or is silent or
is incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Certificateholders (with a copy to the Credit Enhancer) requesting
instruction as to the course of action to be adopted, and to the extent the
Owner Trustee acts in good faith in accordance with any written instructions
received from Holders of Certificates representing a majority of the Certificate
Percentage Interest thereof, the Owner Trustee shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action not inconsistent with this Trust Agreement or the Basic
Documents, as it shall deem to be in the best interests of the
Certificateholders, and the Owner Trustee shall have no liability to any Person
for such action or inaction.

                                       12

<PAGE>

         Section 4.04. NO DUTIES EXCEPT AS SPECIFIED UNDER SPECIFIED DOCUMENTS
OR IN INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Trust Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Trust Agreement or any Basic Document against the Owner
Trustee. The Owner 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 or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Trust Agreement or any Basic Document. The Owner
Trustee nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any liens on any part of the
Owner Trust Estate that result from actions by, or claims against, the Owner
Trustee that are not related to the ownership or the administration of the Owner
Trust Estate.

         Section 4.05. RESTRICTIONS. (a) The Owner Trustee shall not take any
action (x) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (y) that, to the actual knowledge of the Owner Trustee, would
result in the Trust becoming taxable as a corporation for federal income tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 4.05.

         (b) The Owner Trustee shall not convey or transfer any of the Trust's
properties or assets, including those included in the Trust Estate, to any
person unless (a) it shall have received an Opinion of Counsel to the effect
that such transaction will not have any material adverse tax consequence to the
Trust or any Certificateholder and (b) such conveyance or transfer shall not
violate the provisions of Section 3.16(b) of the Indenture.

         Section 4.06. PRIOR NOTICE TO CERTIFICATEHOLDERS AND THE CREDIT
ENHANCER WITH RESPECT TO CERTAIN MATTERS. With respect to the following matters,
the Owner Trustee shall not take action unless, at least 30 days before the
taking of such action, the Owner Trustee shall have notified the
Certificateholders and the Credit Enhancer in writing of the proposed action and
Holders of Certificates representing a majority of the Certificate Percentage
Interest thereof and the Credit Enhancer shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders and the Credit Enhancer have withheld consent or provided
alternative direction:

         (a) the initiation of any claim or lawsuit by the Trust (except claims
or lawsuits brought in connection with the collection of cash distributions due
and owing under the Home Loans) and the compromise of any action, claim or
lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection of cash distributions due and
owing under the Home Loans);

                                       13

<PAGE>

         (b) the election by the Trust to file an amendment to the Certificate
of Trust (unless such amendment is required to be filed under the Business Trust
Statute);

         (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

         (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholders;
and

         (e) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Trust Agreement
of a successor Certificate Registrar or Certificate Paying Agent or the consent
to the assignment by the Note Registrar, Paying Agent, Indenture Trustee,
Certificate Registrar or Certificate Paying Agent of its obligations under the
Indenture or this Trust Agreement, as applicable.

         Section 4.07. ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN
MATTERS. The Owner Trustee shall not have the power, except upon the direction
of Certificateholders evidencing not less than a majority of the outstanding
Certificate Percentage Interest of the Certificates, and with the consent of the
Credit Enhancer, to (a) remove the Master Servicer under the Servicing Agreement
pursuant to Section 7.01 thereof or (b) except as expressly provided in the
Basic Documents, sell the Home Loans after the termination of the Indenture. The
Owner Trustee shall take the actions referred to in the preceding sentence only
upon written instructions signed by Certificateholders evidencing not less than
a majority of the outstanding Certificate Percentage Interest of the
Certificates and with the consent of the Credit Enhancer.

         Section 4.08. ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY.
The Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Certificateholders and with the consent of the Credit Enhancer and the delivery
to the Owner Trustee by each such Certificateholder of a certificate certifying
that such Certificateholder reasonably believes that the Trust is insolvent.

         Section 4.09. RESTRICTIONS ON CERTIFICATEHOLDERS' POWER. The
Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Trust Agreement or any of the Basic
Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

         Section 4.10. MAJORITY CONTROL. Except as expressly provided herein,
any action that may be taken by the Certificateholders under this Trust
Agreement may be taken by the Certificateholders evidencing not less than a
majority of the outstanding Certificate Percentage Interest of the Certificates.
Except as expressly provided herein, any written notice of the
Certificateholders delivered pursuant to this Trust Agreement shall be effective
if signed by Certificateholders evidencing not less than a majority of the
outstanding Certificate Percentage Interest of the Certificates at the time of
the delivery of such notice.

                                       14

<PAGE>

         Section 4.11. DOING BUSINESS IN OTHER JURISDICTIONS. Notwithstanding
anything contained herein to the contrary, neither Wilmington Trust Company nor
the Owner Trustee shall be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will, even after the
appointment of a co-trustee or separate trustee in accordance with Section 9.05
hereof, (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration with or the taking of any other action
in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of the State of Delaware becoming
payable by Wilmington Trust Company, or (iii) subject Wilmington Trust Company
to personal jurisdiction in any jurisdiction other than the State of Delaware
for causes of action arising from acts unrelated to the consummation of the
transactions by Wilmington Trust Company or the Owner Trustee, as the case may
be, contemplated hereby.

                                       15

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                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

         Section 5.01. DISTRIBUTIONS. (a) On each Payment Date, the Certificate
Paying Agent shall distribute to the Certificateholders all funds on deposit in
the Certificate Distribution Account and available therefor (as provided in
Section 3.05 of the Indenture), as the Certificate Distribution Amount for such
Payment Date. All distributions made pursuant to this Section shall be
distributed to the Certificateholders on a pro rata basis based on the
Certificate Percentage Interests thereof.

         (b) In the event that any withholding tax is imposed on the
distributions (or allocations of income) to a Certificateholder, such tax shall
reduce the amount otherwise distributable to the Certificateholder in accordance
with this Section 5.01. The Certificate Paying Agent is hereby authorized and
directed to retain or cause to be retained from amounts otherwise distributable
to the Certificateholders sufficient funds for the payment of any tax that is
legally owed by the Trust (but such authorization shall not prevent the Owner
Trustee from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings). The amount of any withholding tax imposed with respect to a
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Certificate Paying Agent and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Certificate Paying Agent may in its sole discretion
withhold such amounts in accordance with this paragraph (b).

         (c) Distributions to Certificateholders shall be subordinated to the
creditors of the Trust, including the Noteholders.

         (d) Allocations of profits and losses, as determined for federal income
tax purposes, shall be made to the Certificateholders on a pro rata basis based
on the Certificate Percentage Interests thereof.

         Section 5.02. METHOD OF PAYMENT. Subject to Section 8.01(c),
distributions required to be made to Certificateholders on any Payment Date as
provided in Section 5.01 shall be made to each Certificateholder of record on
the preceding Record Date either by, in the case of any Certificateholder owning
Certificates having denominations aggregating at least 10.0000% Certificate
Percentage Interest and integral multiples of 0.0001% in excess thereof, wire
transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided to the Certificate Registrar appropriate
written instructions at least five Business Days prior to such Payment Date or,
if not, by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register.

         Section 5.03. SIGNATURE ON RETURNS. To the extent required and unless
otherwise required by law, the Owner Trustee shall sign on behalf of the Trust
the tax returns of the Trust.

                                       16

<PAGE>

         Section 5.04. STATEMENTS TO CERTIFICATEHOLDERS. On each Payment Date,
the Certificate Paying Agent shall send to each Certificateholder the statement
or statements provided to the Owner Trustee and the Certificate Paying Agent by
the Master Servicer pursuant to Section 4.01 of the Servicing Agreement with
respect to such Payment Date.

         Section 5.05. TAX REPORTING. So long as the Depositor or any affiliate
of the Depositor owns 100% of the Certificates (the "Original
Certificateholder"), then no separate federal and state income tax returns and
information returns or statements will be filed with respect to the Trust and a
federal employer identification number shall not be applied for from the IRS. If
the Original Certificateholder is no longer the sole Certificateholder and the
Certificates are held by the Original Certificateholder and one or more persons
for federal income tax purposes, the subsequent holders of the Certificates by
their acceptance hereof, agree to appoint the Original Certificateholder as
their agent for the tax matters partner and the Original Certificateholder, as
agent for such holders, agrees to perform (itself or through its agent) all
duties necessary to comply with federal and state income tax laws including but
not limited to applying for a federal employer identification number and filing
tax returns.

                                       17

<PAGE>

                                   ARTICLE VI

                          CONCERNING THE OWNER TRUSTEE

         Section 6.01. ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Trust Agreement. The
Owner Trustee and the Certificate Paying Agent also agree to disburse all moneys
actually received by it constituting part of the Owner Trust Estate upon the
terms of the Basic Documents and this Trust Agreement. The Owner Trustee shall
not be answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct, negligence or bad
faith or negligent failure to act or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.03 expressly made by the Owner
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

         (a) No provision of this Trust Agreement or any Basic Document shall
require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights, duties or powers
hereunder or under any Basic Document if the Owner Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured or provided to it;

         (b) Under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

         (c) The Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Trust Agreement or for the due execution hereof
by the Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Owner Trust Estate, or for or in respect of the validity
or sufficiency of the Basic Documents, the Notes, the Certificates, other than
the certificate of authentication on the Certificates, if executed by the Owner
Trustee and the Owner Trustee shall in no event assume or incur any liability,
duty, or obligation to any Noteholder or to any Certificateholder, other than as
expressly provided for herein or expressly agreed to in the Basic Documents;

         (d) The execution, delivery, authentication and performance by it of
this Trust Agreement will not require the authorization, consent or approval of,
the giving of notice to, the filing or registration with, or the taking of any
other action with respect to, any governmental authority or agency;

         (e) The Owner Trustee shall not be liable for the default or misconduct
of the Depositor, the Indenture Trustee or the Master Servicer under any of the
Basic Documents or otherwise and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust under this Trust Agreement or
the Basic Documents that are required to be performed by the Indenture Trustee
under the Indenture or the Seller under the Home Loan Purchase Agreement; and

         (f) The Owner Trustee shall be under no obligation to exercise any of
the rights or powers vested in it or duties imposed by this Trust Agreement, or
to institute, conduct or defend any

                                       18

<PAGE>

litigation under this Trust Agreement or otherwise or in relation to this Trust
Agreement or any Basic Document, at the request, order or direction of any of
the Certificateholders, unless such Certificateholders have offered to the Owner
Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The
right of the Owner Trustee to perform any discretionary act enumerated in this
Trust Agreement or in any Basic Document shall not be construed as a duty, and
the Owner Trustee shall not be answerable for other than its negligence, bad
faith or willful misconduct in the performance of any such act.

         Section 6.02. FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish
to the Securityholders promptly upon receipt of a written reasonable request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Trust under the Basic Documents.

         Section 6.03. REPRESENTATIONS AND WARRANTIES. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

         (a) It is a banking corporation duly organized and validly existing in
good standing under the laws of the State of Delaware. It has all requisite
corporate power and authority to execute, deliver and perform its obligations
under this Trust Agreement;

         (b) It has taken all corporate action necessary to authorize the
execution and delivery by it of this Trust Agreement, and this Trust Agreement
will be executed and delivered by one of its officers who is duly authorized to
execute and deliver this Trust Agreement on its behalf;

         (c) Neither the execution nor the delivery by it of this Trust
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene
any federal or Delaware law, governmental rule or regulation governing the
banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or bylaws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound;

         (d) This Trust Agreement, assuming due authorization, execution and
delivery by the Owner Trustee and the Depositor, constitutes a valid, legal and
binding obligation of the Owner Trustee, 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;

         (e) The Owner Trustee 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 Owner Trustee or its properties or might have consequences
that would materially adversely affect its performance hereunder; and

                                       19

<PAGE>

         (f) No litigation is pending or, to the best of the Owner Trustee's
knowledge, threatened against the Owner Trustee which would prohibit its
entering into this Trust Agreement or performing its obligations under this
Trust Agreement.

         Section 6.04. RELIANCE; ADVICE OF COUNSEL. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a certified
copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter
and such certificate shall constitute full protection to the Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.

         (b) In the exercise or administration of the Trust hereunder and in the
performance of its duties and obligations under this Trust Agreement or the
Basic Documents, the Owner Trustee (i) may act directly or through its agents,
attorneys, custodians or nominees (including persons acting under a power of
attorney) pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents,
attorneys, custodians or nominees (including persons acting under a power of
attorney) if such persons have been selected by the Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other
skilled persons to be selected with reasonable care and employed by it at the
expense of the Trust. The Owner Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel, accountants or other such Persons and not contrary to this
Trust Agreement or any Basic Document.

         Section 6.05. NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article VI, in accepting the trusts hereby created Wilmington Trust Company
acts solely as Owner Trustee hereunder and not in its individual capacity, and
all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Trust Agreement or any Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

         Section 6.06. OWNER TRUSTEE NOT LIABLE FOR CERTIFICATES OR RELATED
DOCUMENTS. The recitals contained herein and in the Certificates (other than the
signatures of the Owner Trustee on the Certificates) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Trust Agreement, of any Basic Document or of the
Certificates (other than the signatures of the Owner Trustee on the
Certificates) or the Notes, or of any Related Documents. The Owner Trustee shall
at no time have any responsibility or liability with respect to the sufficiency
of the Owner Trust Estate or its ability to generate the payments to be
distributed to Certificateholders under this Trust Agreement or the Noteholders
under the Indenture, including, the compliance by the Depositor or the Seller
with any warranty or representation made under any Basic Document or in any
related document or the accuracy of any such warranty or representation, or any

                                       20

<PAGE>

action of the Certificate Paying Agent, the Certificate Registrar or the
Indenture Trustee taken in the name of the Owner Trustee.

         Section 6.07. OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of Certificates or Notes and may deal with the Depositor, the Seller, the
Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in
transactions with the same rights as it would have if it were not Owner Trustee.

                                       21

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                                   ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

         Section 7.01. OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof, and the Owner Trustee shall be
reimbursed for its reasonable expenses hereunder and under the Basic Documents,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Owner Trustee may reasonably
employ in connection with the exercise and performance of its rights and its
duties hereunder and under the Basic Documents which shall be payable by the
Master Servicer pursuant to Section 3.09 of the Servicing Agreement.

         Section 7.02. INDEMNIFICATION. The holder of the majority of the
Certificate Percentage Interest of the Certificates shall indemnify, defend and
hold harmless the Owner Trustee and its successors, assigns, agents and servants
(collectively, the "Indemnified Parties") from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and
any and all reasonable costs, expenses and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever (collectively,
"Expenses") which may at any time be imposed on, incurred by, or asserted
against the Owner Trustee or any Indemnified Party in any way relating to or
arising out of this Trust Agreement, the Basic Documents, the Owner Trust
Estate, the administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, provided, that:

                         (i the holder of the majority of the Certificate
         Percentage Interest of the Certificates shall not be liable for or
         required to indemnify an Indemnified Party from and against Expenses
         arising or resulting from the Owner Trustee's willful misconduct,
         negligence or bad faith or as a result of any inaccuracy of a
         representation or warranty contained in Section 6.03 expressly made by
         the Owner Trustee;

                        (ii with respect to any such claim, the Indemnified
         Party shall have given the holder of the majority of the Certificate
         Percentage Interest of the Certificates written notice thereof promptly
         after the Indemnified Party shall have actual knowledge thereof;

                       (iii while maintaining control over its own defense, the
         holder of the majority of the Certificate Percentage Interest of the
         Certificates shall consult with the Indemnified Party in preparing such
         defense; and

                        (iv notwithstanding anything in this Agreement to the
         contrary, the holder of the majority of the Certificate Percentage
         Interest of the Certificates shall not be liable for settlement of any
         claim by an Indemnified Party entered into without the prior consent of
         the holder of the majority of the Certificate Percentage Interest of
         the Certificates which consent shall not be unreasonably withheld.

         The indemnities contained in this Section shall survive the resignation
or termination of the Owner Trustee or the termination of this Trust Agreement.
In the event of any claim, action or

                                       22

<PAGE>

proceeding for which indemnity will be sought pursuant to this Section 7.02, the
Owner Trustee's choice of legal counsel, if other than the legal counsel
retained by the Owner Trustee in connection with the execution and delivery of
this Trust Agreement, shall be subject to the approval of the holder of the
majority of the Certificate Percentage Interest of the Certificates, which
approval shall not be unreasonably withheld. In addition, upon written notice to
the Owner Trustee and with the consent of the Owner Trustee which consent shall
not be unreasonably withheld, the holder of the majority of the Certificate
Percentage Interest of the Certificates has the right to assume the defense of
any claim, action or proceeding against the Owner Trustee.

                                       23

<PAGE>

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

         Section 8.01. TERMINATION OF TRUST AGREEMENT. (a) This Trust Agreement
(other than this Article VIII) and the Trust shall terminate and be of no
further force or effect upon the earliest of (i) the final distribution of all
moneys or other property or proceeds of the Owner Trust Estate in accordance
with the terms of the Indenture and this Trust Agreement, (ii) the Payment Date
in February 2026, or (iii) the purchase by the Master Servicer of all Home Loans
pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not
(x) operate to terminate this Trust Agreement or the Trust or (y) 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 all
or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

         (b) Except as provided in Section 8.01(a), neither the Depositor nor
any Certificateholder shall be entitled to revoke or terminate the Trust.

         (c) Notice of any termination of the Trust, specifying the Payment Date
upon which Certificateholders shall surrender their Certificates to the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Certificate Paying Agent by letter to Certificateholders
and the Credit Enhancer mailed within five Business Days of receipt of notice of
such termination from the Owner Trustee, stating (i) the Payment Date upon or
with respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Certificate
Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Certificate Payment Agent therein specified.
The Certificate Paying Agent shall give such notice to the Owner Trustee and the
Certificate Registrar at the time such notice is given to Certificateholders.
Upon presentation and surrender of the Certificates, the Certificate Paying
Agent shall cause to be distributed to Certificateholders amounts distributable
on such Payment Date pursuant to Section 5.01.

         In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the date specified
in the above mentioned written notice, the Certificate Paying Agent shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. Subject to applicable laws with respect to escheat of funds, if within
one year following the Payment Date on which final payment of the Certificates
was to have been made pursuant to Section 3.10, all the Certificates shall not
have been surrendered for cancellation, the Certificate Paying Agent may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the remaining Certificateholders concerning surrender of their Certificates, and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Trust Agreement. Any funds remaining in the Certificate
Distribution Account after exhaustion of such remedies shall be distributed by
the

                                       24

<PAGE>

Certificate Paying Agent to the holder of the majority of the Certificate
Percentage Interest of the Certificates.

         (d) Upon the winding up of the Trust and its termination, the Owner
Trustee shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810(c) of the Business Trust Statute.

                                       25

<PAGE>

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 9.01. ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Business Trust Statute; authorized 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 authorities; and
having (or having a parent that has) long-term debt obligations with a rating of
at least A by Moody's and/or Standard & Poor's. If such corporation shall
publish reports of condition at least annually pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section
9.01, the Owner Trustee shall resign immediately in the manner and with the
effect specified in Section 9.02.

         Section 9.02. REPLACEMENT OF OWNER TRUSTEE. The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving 30
days' prior written notice thereof to the Credit Enhancer and the Depositor.
Upon receiving such notice of resignation, the Indenture Trustee shall promptly
appoint a successor Owner Trustee with the consent of the Credit Enhancer which
will not be unreasonably withheld, by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee. If no successor Owner Trustee shall have
been so appointed and have accepted appointment within 30 days after the giving
of such notice of resignation, the resigning Owner Trustee may petition any
court of competent jurisdiction for the appointment of a successor Owner
Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 9.01 and shall fail to resign after
written request therefor by the Indenture Trustee, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Indenture Trustee may and shall at the
direction of the Credit Enhancer remove the Owner Trustee. If the Indenture
Trustee shall remove the Owner Trustee under the authority of the immediately
preceding sentence, the Indenture Trustee shall promptly appoint a successor
Owner Trustee acceptable to the Credit Enhancer by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing Owner
Trustee so removed and one copy to the successor Owner Trustee, and shall pay
all fees owed to the outgoing Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee.

                                       26

<PAGE>

         Section 9.03. SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Indenture Trustee and to its predecessor Owner Trustee an instrument accepting
such appointment under this Trust Agreement, and thereupon the resignation or
removal of the predecessor Owner Trustee shall become effective, and such
successor Owner Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor under this Trust Agreement, with like effect as if originally named
as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees
and expenses deliver to the successor Owner Trustee all documents and statements
and monies held by it under this Trust Agreement; and the predecessor Owner
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 Owner Trustee all such rights, powers, duties and obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, the Indenture Trustee shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies. If the Indenture Trustee shall fail to mail such notice within 10 days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Indenture Trustee.

         Section 9.04. MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such Person shall be eligible pursuant to Section 9.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

         Section 9.05. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Trust Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Owner Trustee
shall have the power and shall execute and deliver all instruments to appoint
one or more Persons to act as co-trustee, jointly with the Owner Trustee, or as
separate trustee or trustees, of all or any part of the Owner Trust Estate, and
to vest in such Person, in such capacity, such title to the Trust or any part
thereof and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Owner Trustee may consider
necessary or desirable. No co- trustee or separate trustee under this Trust
Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 9.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 9.03.

                                       27

<PAGE>

         Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

         (a) All rights, powers, duties and obligations conferred or imposed
upon the Owner Trustee shall be conferred upon and exercised or performed by the
Owner 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 Owner 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, the Owner 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 Owner Trust Estate 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 Owner Trustee;

         (b) No trustee under this Trust Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Trust Agreement;
and

         (c) The Owner Trustee may at any time accept the resignation of or
remove any separate trustee or co-trustee.

         Any notice, request or other writing given to the Owner 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 Trust
Agreement and the conditions of this Article. 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 Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Trust Agreement, specifically including
every provision of this Trust Agreement relating to the conduct of, affecting
the liability of, or affording protection to, the Owner Trustee. Each such
instrument shall be filed with the Owner Trustee.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as 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
Trust 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 Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

                                       28

<PAGE>

                                    ARTICLE X

                                  MISCELLANEOUS

         Section 10.01. AMENDMENTS. (a) This Trust Agreement may be amended from
time to time by the parties hereto as specified in this Section 10.01, provided
that any amendment, except as provided in subparagraph (e) below, be accompanied
by an Opinion of Counsel, to the Owner Trustee to the effect that such amendment
(i) complies with the provisions of this Section and (ii) will not cause the
Trust to be subject to an entity level tax.

         (b) If the purpose of the amendment (as detailed therein) is to correct
any mistake, eliminate any inconsistency, cure any ambiguity or deal with any
matter not covered (i.e., to give effect to the intent of the parties), it shall
not be necessary to obtain the consent of any Holders, but the Owner Trustee
shall be furnished with (A) a letter from the Rating Agencies that the amendment
will not result in the downgrading or withdrawal of the rating then assigned to
any Security if determined without regard to the Credit Enhancement Instrument
and (B) an Opinion of Counsel to the effect that such action will not adversely
affect in any material respect the interests of any Holders, and the consent of
the Credit Enhancer shall be obtained.

         (c) If the purpose of the amendment is to prevent the imposition of any
federal or state taxes at any time that any Security is outstanding (i.e.,
technical in nature), it shall not be necessary to obtain the consent of any
Holder, but the Owner Trustee shall be furnished with an Opinion of Counsel that
such amendment is necessary or helpful to prevent the imposition of such taxes
and is not materially adverse to any Holder and the consent of the Credit
Enhancer shall be obtained.

         (d) If the purpose of the amendment is to add or eliminate or change
any provision of the Trust Agreement other than as contemplated in (b) and (c)
above, the amendment shall require (A) the consent of the Credit Enhancer and an
Opinion of Counsel to the effect that such action will not adversely affect in
any material respect the interests of any Holders and (B) either (a) a letter
from the Rating Agency that the amendment will not result in the downgrading or
withdrawal of the rating then assigned to any security if determined without
regard to the Credit Enhancement Instrument or (b) the consent of Holders of
Certificates evidencing a majority of the Certificate Percentage Interest of the
Certificates and the Indenture Trustee; provided, however, that no such
amendment shall (i) reduce in any manner the amount of, or delay the timing of,
payments received that are required to be distributed on any Certificate without
the consent of the related Certificateholder and the Credit Enhancer, or (ii)
reduce the aforesaid percentage of Certificates the Holders of which are
required to consent to any such amendment, without the consent of the Holders of
all such Certificates then outstanding.

         (e) If the purpose of the amendment is to provide for the holding of
any of the Certificates in book-entry form, it shall require the consent of
Holders of all such Certificates then outstanding; provided, that the Opinion of
Counsel specified in subparagraph (a) above shall not be required.

         (f) If the purpose of the amendment is to provide for the issuance of
additional certificates representing an interest in the Trust, it shall not be
necessary to obtain the consent of any

                                       29

<PAGE>

Holder, but the Owner Trustee shall be furnished with (A) an Opinion of Counsel
to the effect that such action will not adversely affect in any material respect
the interests of any Holders and (B) a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any Security, if determined without regard to the Credit Enhancement
Instrument and the consent of the Credit Enhancer shall be obtained.

         (g) Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Certificateholder, the Indenture Trustee, the
Credit Enhancer and each of the Rating Agencies. It shall not be necessary for
the consent of Certificateholders or the Indenture Trustee pursuant to this
Section 10.01 to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Trust Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe.

         (h) In connection with the execution of any amendment to any agreement
to which the Trust is a party, other than this Trust Agreement, the Owner
Trustee shall be entitled to receive and conclusively rely upon an Opinion of
Counsel to the effect that such amendment is authorized or permitted by the
documents subject to such amendment and that all conditions precedent in the
Basic Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

         Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State of the State of Delaware.

         Section 10.02. NO LEGAL TITLE TO OWNER TRUST ESTATE. The
Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with
respect to their undivided beneficial interest therein only in accordance with
Articles V and VIII. No transfer, by operation of law or otherwise, of any
right, title or interest of the Certificateholders to and in their ownership
interest in the Owner Trust Estate shall operate to terminate this Trust
Agreement or the trusts hereunder or entitle any transferee to an accounting or
to the transfer to it of legal title to any part of the Owner Trust Estate

         Section 10.03. LIMITATIONS ON RIGHTS OF OTHERS. Except for Section
2.07, the provisions of this Trust Agreement are solely for the benefit of the
Owner Trustee, the Depositor, the Certificateholders, the Credit Enhancer and,
to the extent expressly provided herein, the Indenture Trustee and the
Noteholders, and nothing in this Trust Agreement (other than Section 2.07),
whether express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Owner Trust Estate or under or
in respect of this Trust Agreement or any covenants, conditions or provisions
contained herein.

         Section 10.04. NOTICES. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt, if to the Owner Trustee, addressed to Wilmington
Trust Company, Corporate Trust Administration, Rodney Square

                                       30

<PAGE>

North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration; if to the Depositor, addressed to Residential
Funding Mortgage Securities II, Inc., 8400 Normandale Lake Boulevard, Suite 250,
Minneapolis, Minnesota 55437; if to the Credit Enhancer, addressed to Ambac
Assurance Corporation, One State Street Plaza, 19th Floor, New York, New York
10004, Attention: Consumer Asset-Backed Securities Group; if to the Rating
Agencies, addressed to Moody's Investors Service, Inc., 99 Church Street, 4th
Floor, New York, New York 10001 and Standard & Poor's, 55 Water Street - 41st
Floor, New York, New York 10041, Attention: Structured Finance Department - MBS
or, as to each party, at such other address as shall be designated by such party
in a written notice to each other party.

         (b) Any notice required or permitted to be given 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 Trust Agreement shall be conclusively presumed to have
been duly given, whether or not the Certificateholder receives such notice.

         (c) A copy of any notice delivered to the Owner Trustee or the Trust
shall also be delivered to the Depositor.

         Section 10.05. SEVERABILITY. Any provision of this Trust Agreement 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 provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         Section 10.06. SEPARATE COUNTERPARTS. This Trust Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

         Section 10.07. SUCCESSORS AND ASSIGNS. All representations, warranties,
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, each of the Depositor, the Owner Trustee and its successors and
each Certificateholder and its successors and permitted assigns, all as herein
provided and the Credit Enhancer. Any request, notice, direction, consent,
waiver or other instrument or action by a Certificateholder shall bind the
successors and assigns of such Certificateholder.

         Section 10.08. NO PETITION. The Owner Trustee, by entering into this
Trust Agreement and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations with respect to the
Certificates, the Notes, this Trust Agreement or any of the Basic Documents.

         Section 10.09. NO RECOURSE. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the Seller, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties
or their assets,

                                       31

<PAGE>

except as may be expressly set forth or contemplated in this Trust Agreement,
the Certificates or the Basic Documents.

         Section 10.10. HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 10.11. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 10.12. INTEGRATION. This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understanding pertaining thereto.

         Section 10.13. RIGHTS OF CREDIT ENHANCER TO EXERCISE RIGHTS OF
CERTIFICATEHOLDERS. By accepting its Certificate, each Certificateholder agrees
that unless a Credit Enhancer Default exists, the Credit Enhancer shall have the
right to exercise all rights of the Certificateholders under this Agreement
without any further consent of the Certificateholders. Nothing in this Section,
however, shall alter or modify in any way, the fiduciary obligations of the
Owner Trustee to the Certificateholders pursuant to this Agreement, or create
any fiduciary obligation of the Owner Trustee to the Credit Enhancer.

                                       32

<PAGE>

         IN WITNESS WHEREOF, the Depositor and the Owner 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.

                                          RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES II, INC.

                                          By:  /s/ Lisa Lundsten
                                              --------------------------
                                          Name:    Lisa Lundsten
                                          Title:   Vice President

                                          WILMINGTON TRUST COMPANY,
                                          not in its individual
                                          capacity but solely as
                                          Owner Trustee, except with
                                          respect to the
                                          representations and
                                          warranties contained in
                                          Section 6.03 hereof,

                                          By:      /s/ James P. Lawler
                                             -------------------------
                                          Name:      James P. Lawler
                                          Title:     Vice President

Acknowledged and Agreed:

THE CHASE MANHATTAN BANK,
as Indenture Trustee, Certificate
Registrar and Certificate
Paying Agent

By:   /s/ Mark McDermott
   --------------------------
Name:     Mark McDermott
Title:    Trust Officer

                                       33

<PAGE>

         IN WITNESS WHEREOF, the Depositor and the Owner 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.

                                         RESIDENTIAL FUNDING MORTGAGE
                                         SECURITIES II, INC.

                                          By:  /s/ Lisa Lundsten
                                              --------------------------
                                          Name:    Lisa Lundsten
                                          Title:   Vice President

                                          WILMINGTON TRUST COMPANY,
                                          not in its individual
                                          capacity but solely as
                                          Owner Trustee, except with
                                          respect to the
                                          representations and
                                          warranties contained in
                                          Section 6.03 hereof,

                                          By:      /s/ James P. Lawler
                                             -------------------------
                                          Name:      James P. Lawler
                                          Title:     Vice President

Acknowledged and Agreed:

THE CHASE MANHATTAN BANK,
as Indenture Trustee, Certificate
Registrar and Certificate
Paying Agent

By:   /s/ Mark McDermott
   --------------------------
Name:     Mark McDermott
Title:    Trust Officer

                                       34

<PAGE>

                                    EXHIBIT A

                      FORM OF HOME LOAN-BACKED CERTIFICATE

                  THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE
NOTES AS 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 3.05 OF THE AMENDED AND RESTATED TRUST
AGREEMENT ("THE AGREEMENT").

                  NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE
CERTIFICATE REGISTRAR SHALL HAVE RECEIVED EITHER (I) A CERTIFICATION IN THE FORM
OF EXHIBIT G TO THE AGREEMENT FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE
EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
PROHIBITED TRANSACTION RESTRICTIONS AND THE FIDUCIARY RESPONSIBILITY
REQUIREMENTS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"),
ANY PERSON ACTING, DIRECTLY OR INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY
PERSON USING "PLAN ASSETS," WITHIN THE MEANING OF THE DEPARTMENT OF LABOR
REGULATION AT 29 C.F.R. SS.2510.3-101, TO ACQUIRE THIS CERTIFICATE (COLLECTIVELY
A "PLAN INVESTOR"), OR (II) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN
THE NAME OF A PLAN INVESTOR, AN OPINION OF COUNSEL, TO THE EFFECT THAT THE
PURCHASE OR HOLDING OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW,
WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT
ENACTMENTS) AND WILL NOT SUBJECT THE COMPANY, THE OWNER TRUSTEE, THE MASTER
SERVICER OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY IN ADDITION
TO THOSE UNDERTAKEN IN THE AGREEMENT.

                  THE TRANSFEREE OF THIS CERTIFICATE SHALL BE SUBJECT TO UNITED
STATES FEDERAL WITHHOLDING TAX UNLESS THE CERTIFICATE REGISTRAR SHALL HAVE
RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE'S
STATUS AS A U.S. PERSON AS DEFINED BY U.S. FEDERAL INCOME TAX LAW.

                                       A-1

<PAGE>

                  THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR
OBLIGATION OF THE SELLER, THE COMPANY, THE MASTER SERVICER, THE INDENTURE
TRUSTEE, OR THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS
EXPRESSLY PROVIDED IN THE AGREEMENT OR THE BASIC DOCUMENTS.

                                                        A-2

<PAGE>

Certificate No. ____                  Assumed Final Payment Date:
                                      February 25, 2026
Cut-off Date:
February 1, 2001                      Certificate Percentage Interest of
                                      this Certificate:  ____%
Date of Amended and
Restated Trust Agreement:
February 22, 2001

First Payment Date:
March 26, 2001

                          HOME LOAN-BACKED CERTIFICATE
                                 Series 2001-HI1

         evidencing a fractional undivided interest in the Owner Trust Estate,
the property of which consists primarily of the Home Loans, created by
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. (hereinafter called the
"Company," which term includes any successor entity under the Agreement referred
to below).

                  This Certificate is payable solely from the assets of the
Owner Trust Estate, and does not represent an obligation of or interest in the
Company, the Seller, the Master Servicer, the Indenture Trustee, the Owner
Trustee or GMAC Mortgage Group, Inc. or any of their affiliates. This
Certificate is not guaranteed or insured by any governmental agency or
instrumentality or by the Company, the Seller, the Master Servicer, the
Indenture Trustee, the Owner Trustee or GMAC Mortgage Group, Inc. or any of
their affiliates. None of the Company, the Seller, the Master Servicer, the
Indenture Trustee, the Owner Trustee, 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 [name of Holder] is the registered owner
of the Certificate Percentage Interest evidenced by this Certificate (as set
forth on the face hereof) in certain distributions with respect to the Owner
Trust Estate, consisting primarily of the Home Loans, created by Residential
Funding Mortgage Securities II, Inc. The Trust (as defined herein) was created
pursuant to a Trust Agreement, dated as of February 13, 2001 and an Amended and
Restated Trust Agreement, dated as specified above (as amended and supplemented
from time to time, the "Agreement") between the Company and Wilmington Trust
Company, as owner trustee (the "Owner Trustee," which term includes any
successor entity under the Agreement), 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.

                                       A-3

<PAGE>

                  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 "Payment Date"), commencing on the
first Payment 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 immediately preceding the month of such distribution (the "Record Date"),
in an amount equal to the pro rata portion evidenced by this Certificate (based
on the Certificate Percentage Interest stated on the face hereon) of the
Certificate Distribution Amount, if any, required to be distributed to Holders
of Certificates on such Payment Date. Distributions on this Certificate will be
made as provided in the Agreement by the Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the making
of any notation hereon.

                  Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Certificate Paying Agent of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
office or agency maintained by the Certificate Registrar for that purpose in the
City and State of New York. The initial Certificate Percentage Interest of this
Certificate is set forth above. The Certificate Percentage Interest hereof will
be reduced to the extent of the distributions allocable to principal.

                  No transfer of this 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 Certificate Registrar or the Company may require an opinion of
counsel acceptable to and in form and substance satisfactory to the Certificate
Registrar 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 in the Agreement and (iii) the
Certificate Registrar shall require the transferee to execute an investment
letter and a Certificate of Non-Foreign Status in the form described by the
Agreement (or if a Certificate of Non-Foreign Status is not provided, an Opinion
of Counsel as described in the Agreement), which investment letter and
certificate or Opinion of Counsel shall not be at the expense of the Trust, the
Owner Trustee, the Certificate Registrar or the Company. The Holder hereof
desiring to effect such transfer shall, and does hereby agree to, indemnify the
Trust, the Owner Trustee, the Company, the Master Servicer and the Certificate
Registrar 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 Certificate Registrar (unless otherwise directed by
the Company) will also require either (i) 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 restrictions or the
fiduciary responsibility requirements of ERISA or Section 4975 of the Code
("Plan"), any person acting, directly or indirectly, on behalf of any such plan
or any person using the "plan assets," within the meaning of the Department of
Labor regulations at 29 C.F.R. ss.2510.3-101, to effect such acquisition
(collectively, a "Plan Investor") or (ii) if such transferee is a Plan Investor,
an opinion of counsel acceptable to and in form and substance satisfactory to
the Company, the Owner Trustee, the Master Servicer and the Certificate
Registrar,

                                       A-4

<PAGE>

or a certification in the form of Exhibit G to the Agreement, to the effect that
the purchase or holding of the Certificate is permissible under applicable law,
will not constitute or result in a prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code (or comparable provisions of any subsequent
enactments) and will not subject the Company, the Owner Trustee, the Master
Servicer or the Certificate Registrar to any obligation or liability in addition
to those undertaken in the Agreement.

                  This Certificate is one of a duly authorized issue of
Certificates designated as Home Loan-Backed Certificates of the Series specified
hereon (herein collectively called the "Certificates"). All terms used in this
Certificate which are defined in the Agreement shall have the meanings assigned
to them in the Agreement.

                  The Certificateholder, by its acceptance of this Certificate,
agrees that it will look solely to the funds on deposit in the Certificate
Distribution Account that have been released from the Lien of the Indenture for
payment hereunder and that neither the Owner Trustee in its individual capacity
nor the Company is personally liable to the Certificateholders for any amount
payable under this Certificate or the Agreement or, except as expressly provided
in the Agreement, subject to any liability under the Agreement.

                  The Holder of this Certificate acknowledges and agrees that
its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as described in the Indenture,
dated as of February 22, 2001 between Home Loan Trust 2001-HI1 (the "Trust") and
The Chase Manhattan Bank, as Indenture Trustee (the "Indenture").

                  Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not at any time institute
against the Company, or join in any institution against the Company or the Trust
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Certificates, the Notes, the Agreement or any of the Basic Documents.

                  The Agreement permits the amendment thereof as specified
below, provided that any amendment be accompanied by the consent of the Credit
Enhancer and an Opinion of Counsel to the Owner Trustee to the effect that such
amendment complies with the provisions of the Agreement and will not cause the
Trust to be subject to an entity level tax. If the purpose of the amendment is
to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal
with any matter not covered, it shall not be necessary to obtain the consent of
any Holder, but the Owner Trustee shall be furnished with a letter from the
Rating Agencies that the amendment will not result in the downgrading or
withdrawal of the rating then assigned to any Security if determined without
regard to the Credit Enhancement Instrument and the counsel of the Credit
Enhancer shall be obtained. If the purpose of the amendment is to prevent the
imposition of any federal or state taxes at any time that any Security is
outstanding, it shall not be necessary to obtain the consent of any Holder, but
the Owner Trustee shall be furnished with an Opinion of Counsel that such
amendment is necessary or helpful to prevent the imposition of such taxes and is
not materially adverse to any Holder and the consent of the Credit Enhancer
shall be obtained. If the purpose of the amendment is to add or eliminate or
change any provision of the Agreement, other than as specified in the preceding
two

                                       A-5

<PAGE>

sentences, the amendment shall require either (a) a letter from the Rating
Agencies that the amendment will not result in the downgrading or withdrawal of
the rating then assigned to any Security, if determined without regard to the
Credit Enhancement Instrument or (b) the consent of Holders of a majority of the
Certificate Percentage Interests of the Controlling Certificates and the
Indenture Trustee; PROVIDED, HOWEVER, that no such amendment shall (i) reduce in
any manner the amount of, or delay the time of, payments received that are
required to be distributed on any Certificate without the consent of the related
Certificateholder and the Credit Enhancer, or (ii) reduce the aforesaid
percentage of Certificates the Holders of which are required to consent to any
such amendment without the consent of the Holders of all such Certificates then
outstanding.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
in the City and State of New York, accompanied by a written instrument of
transfer in form satisfactory to 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 Certificate Percentage Interest will be issued to
the designated transferee. The initial Certificate Registrar appointed under the
Agreement is the Owner Trustee.

                  Except as provided in the Agreement, the Certificates are
issuable only in minimum denominations of a 10.0000% Certificate Percentage
Interest and in integral multiples of a 0.0001% Certificate Percentage Interest
in excess thereof. As provided in the Agreement and subject to certain
limitations therein set forth, the Certificates are exchangeable for new
Certificates of authorized denominations, as requested by the Holder
surrendering the same. This Certificate is issued in the Certificate Percentage
Interest above.

                  No service charge will be made for any such registration of
transfer or exchange, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

                  The Owner Trustee, the Certificate Paying Agent, the
Certificate Registrar and any agent of the Owner Trustee, the Certificate Paying
Agent, 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
Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or any
such agent shall be affected by any notice to the contrary.

                  This Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware.

                  The obligations created by the Agreement in respect of the
Certificates and the Trust created thereby shall terminate upon the earliest of
(i) the final distribution of all moneys or other property or proceeds of the
Owner Trust Estate in accordance with the terms of the Indenture and the
Agreement, (ii) the Payment Date in February 2026 or (iii) the purchase by the
Master Servicer of all Home Loans pursuant to Section 8.08(a) of the Servicing
Agreement.

                                       A-6

<PAGE>

                  Unless the certificate of authentication hereon shall have
been executed by an authorized officer of the Owner Trustee, or an
authenticating agent by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose.

                                       A-7

<PAGE>

                  IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust
and not in its individual capacity, has caused this Certificate to be duly
executed.

                                          HOME LOAN TRUST 2001-HI1

                                          by WILMINGTON TRUST COMPANY, not in
                                          its individual capacity but solely
                                          as Owner Trustee

Dated:
                                           -----------------------
                                            Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within mentioned Agreement.

WILMINGTON TRUST COMPANY,
not in its individual capacity
but solely as Owner Trustee

By:______________________________
           Authorized Signatory

or __________________________________,
         as Authenticating Agent of the Trust

By:______________________________
           Authorized Signatory

                                       A-8

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)

--------------------------------------------------------------------------------
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

--------------------------------------------------------------------------------
to transfer said Certificate on the books of the Certificate Registrar, with
full power of substitution in the premises.

Dated:

                                  ___________________________________________*/
                                                                             -
                                             Signature Guaranteed:

                                           ____________________________*/
                                                                        -

-----------------

*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

                                       A-9

<PAGE>

&&&

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for the information of the
Certificate Paying Agent:

         Distribution shall be made by wire transfer in immediately available
funds to
        ------------------------------------------------------------------------
--------------------------------------------------------------------------------
for the account of ________________________________________, account number
______________, or, if mailed by check, to ______________.

         Applicable statements should be mailed to__________________.

                                               ------------------------------
                                               Signature of assignee or agent
                                               (for authorization of wire
                                                transfer only)

                                      A-10

<PAGE>

                                    EXHIBIT B
                             TO THE TRUST AGREEMENT

                              CERTIFICATE OF TRUST

                                       OF

                            HOME LOAN TRUST 2001-HI1

         THIS Certificate of Trust of HOME LOAN TRUST 2001-HI1 (the "Trust") is
being duly executed and filed on behalf of the Trust by the undersigned, as
trustee, to form a business trust under the Delaware Business Trust Act (12 DEL.
C.ss.3801 ET SEQ.) (the "Act").

         1. NAME. The name of the business trust formed by this Certificate of
Trust is HOME LOAN TRUST 2001-HI1.

         2. DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust in the State of Delaware are ________________, __________________,
______________, Delaware ______________.

         3. EFFECTIVE DATE. This Certificate of Trust shall be effective upon
filing.

         IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
of Trust in accordance with Section 3811(a)(1) of the Act.

                                             [NAME OF OWNER
TRUSTEE],

                                             not in its individual capacity
                                             but solely as Trustee

                                             By:
                                                 -----------------------------
                                             Name:
                                             Title:

                                       B-1

<PAGE>

                                    EXHIBIT C

                  [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 Owner Trustee and the Depositor (as defined in the Amended and Restated
Trust Agreement (the "Agreement"), dated as of February 22, 2001 between
Residential Funding Mortgage Securities II, Inc., as Depositor and Wilmington
Trust Company as Owner Trustee pursuant to Section 3.05 of the Agreement and The
Chase Manhattan Bank as indenture 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 Indenture Trustee, the Owner Trustee or the Master
         Servicer.

                                       C-1

<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 represents that:

         (i)      either (a) or (b) is satisfied, as marked below:

                           ____ a. The Buyer is not any employee benefit plan
         subject to the Employee Retirement Income Security Act of 1974, as
         amended ("ERISA"), or the Internal Revenue Code of 1986 (the "Code"), a
         Person acting, directly or indirectly, on behalf of any such plan or
         any Person acquiring such Certificates with "plan assets" of a Plan
         within the meaning of the Department of Labor regulation promulgated at
         29 C.F.R. ss.2510.3-101 and will provide a certification in the form of
         Exhibit G to the Trust Agreement to that effect; or

                           ____ b. The Buyer will provide the Depositor, the
         Owner Trustee, the Certificate Registrar and the Master Servicer with
         an opinion of counsel, satisfactory to the Depositor, the Owner
         Trustee, the Certificate Registrar and the Master Servicer, to the
         effect that the purchase and holding of a Certificate by or on behalf
         of the Buyer is permissible under applicable law, will not constitute
         or result in a prohibited transaction under Section 406 of ERISA or
         Section 4975 of the Code (or comparable provisions of any subsequent
         enactments) and will not subject the Depositor, the Owner Trustee, the
         Certificate Registrar or the Master Servicer to any obligation or
         liability (including liabilities under ERISA or Section 4975 of the
         Code) in addition to those

                                       C-2

<PAGE>

         undertaken in the Trust Agreement, which opinion of counsel shall not
         be an expense of the Depositor, the Owner Trustee, the Certificate
         Registrar or the Master Servicer; and

         (ii) the Buyer is familiar with the prohibited transaction restrictions
         and fiduciary responsibility requirements of Sections 406 and 407 of
         ERISA and Section 4975 of the Code and understands that each of the
         parties to which this certification is made is relying and will
         continue to rely on the statements made in this paragraph 3.

                  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:
     -----------------------------            -----------------------------

                                       C-3

<PAGE>

                                                            ANNEX 1 TO EXHIBIT C

            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 $______________________1 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.
--------
1 Buyer must own and/or invest on a discretionary basis at least $100,000,000 in
securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.

                                       C-4

<PAGE>

     ___     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.

     ___     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.

                                       C-5

<PAGE>

             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 Rule 144A
Securities 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 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:
                                                -----------------------------

                                       C-6

<PAGE>

                                                            ANNEX 2 TO EXHIBIT C

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

                                       C-7

<PAGE>

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.

                  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:
                                            Date:
                                                -----------------------------

                                          IF AN ADVISER:

                                        ---------------------------------------
                                            Print Name of Buyer

                                            Date:
                                                -----------------------------

                                       C-8

<PAGE>

                                    EXHIBIT D

                     FORM OF INVESTOR REPRESENTATION LETTER

                                      , 20

Residential Funding Mortgage Securities II, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, NY  10001

Attention:  Capital Markets Fiduciary Services

                  Re:      Home Loan-Backed Certificates
                           Series 2001-HI1
                           -----------------------------

Ladies and Gentlemen:

                  (the "Purchaser") intends to purchase from (the "Seller") a
___% Certificate Percentage Interest of Certificates of Series 2001-HI1 (the
"Certificates"), issued pursuant to the Amended and Restated Trust Agreement
(the "Trust Agreement"), dated as of February 22, 2001, between Residential
Funding Mortgage Securities II, Inc. as depositor (the "Company") and Wilmington
Trust Company, as owner trustee (the "Owner Trustee"), as acknowledged and
agreed by The Chase Manhattan Bank as Certificate Registrar. All terms used
herein and not otherwise defined shall have the meanings set forth in the Trust
Agreement. The Purchaser hereby certifies, represents and warrants to, and
covenants with, the Company and the Certificate Registrar 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 Trust Agreement contains
                  restrictions regarding the transfer of the Certificates and
                  (e) the Certificates will bear a legend to the foregoing
                  effect.

                                       D-1

<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 Trust Agreement and [b] [c] such other information
                  concerning the Certificates, the Home 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

                                       D-2

<PAGE>

                  thereto. The Purchaser will not sell or otherwise transfer any
                  of the Certificates, except in compliance with the provisions
                  of the Trust Agreement.

                           6.  The Purchaser represents:

         (i) that either (a) or (b) is satisfied, as marked below:

                           ____ a. The Purchaser is not any employee benefit
         plan subject to the Employee Retirement Income Security Act of 1974, as
         amended ("ERISA"), or the Internal Revenue Code of 1986 (the "Code"), a
         Person acting, directly or indirectly, on behalf of any such plan or
         any Person acquiring such Certificates with "plan assets" of a Plan
         within the meaning of the Department of Labor regulation promulgated at
         29 C.F.R. ss.2510.3-101 and will provide a certification in the form of
         Exhibit G to the Trust Agreement to that effect; or

                           ____ b. The Purchaser will provide the Depositor, the
         Owner Trustee, the Certificate Registrar and the Master Servicer with
         an opinion of counsel, satisfactory to the Depositor, the Owner
         Trustee, the Certificate Registrar and the Master Servicer, to the
         effect that the purchase and holding of a Certificate by or on behalf
         of the Purchaser is permissible under applicable law, will not
         constitute or result in a prohibited transaction under Section 406 of
         ERISA or Section 4975 of the Code (or comparable provisions of any
         subsequent enactments) and will not subject the Depositor, the Owner
         Trustee, the Certificate Registrar or the Master Servicer to any
         obligation or liability (including liabilities under ERISA or Section
         4975 of the Code) in addition to those undertaken in the Trust
         Agreement, which opinion of counsel shall not be an expense of the
         Depositor, the Owner Trustee, the Certificate Registrar or the Master
         Servicer; and

         (ii) the Purchaser is familiar with the prohibited transaction
         restrictions and fiduciary responsibility requirements of Sections 406
         and 407 of ERISA and Section 4975 of the Code and understands that each
         of the parties to which this certification is made is relying and will
         continue to rely on the statements made in this paragraph 6.

                           7.  The Purchaser is acquiring the Certificate for

         its own behalf and is not acting as agent or custodian for any other
         person or entity in connection with such acquisition;

                           8.  The Purchaser is not a non-United States person
         for federal income tax purposes.

                                Very truly yours,

                                -----------------------------

                                By:
                                    -----------------------------
                                Name:
                                    -----------------------------
                                Title:
                                    -----------------------------

                                       D-3

<PAGE>

                                    EXHIBIT E

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                      , 20

Residential Funding Mortgage Securities II, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, NY  10001

Attention:  Capital Markets Fiduciary Services

                  Re:      Home  Loan-Backed Certificates
                           Series 2001-HI1
                           -----------------------------

Ladies and Gentlemen:

                  (the "Purchaser") intends to purchase from (the "Seller") a
___% Certificate Percentage Interest of Certificates of Series 2001-HI1 (the
"Certificates"), issued pursuant to the Amended and Restated Trust Agreement
(the "Trust Agreement"), dated as of February 22, 2001 between Residential
Funding Mortgage Securities II, Inc. as depositor (the "Company") and Wilmington
Trust Company, as owner trustee (the "Owner Trustee"), as acknowledged and
agreed by The Chase Manhattan Bank as Certificate Registrar. All terms used
herein and not otherwise defined shall have the meanings set forth in the Trust
Agreement. The Seller hereby certifies, represents and warrants to, and
covenants with, the Company and the Certificate Registrar 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

                                       E-1

<PAGE>

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 Trust
Agreement.

                               Very truly yours,

                                ---------------------------------
                                         (Seller)

                                By:
                                    -----------------------------
                                Name:
                                    -----------------------------
                                Title:
                                    -----------------------------

                                       E-2

<PAGE>

                                    EXHIBIT F

                        CERTIFICATE OF NON-FOREIGN STATUS

         This Certificate of Non-Foreign Status ("certificate") is delivered
pursuant to Section 3.05 of the Amended and Restated Trust Agreement, dated as
of February 22, 2001 (the "Trust Agreement"), between Residential Funding
Mortgage Securities II, Inc., as depositor and Wilmington Trust Company, as
Owner Trustee, in connection with the acquisition of, transfer to or possession
by the undersigned, whether as beneficial owner (the "Beneficial Owner"), or
nominee on behalf of the Beneficial Owner of the Residential Home Loan-Backed
Certificates, Series 2001- HI1 (the "Certificate"). Capitalized terms used but
not defined in this certificate have the respective meanings given them in the
Trust Agreement.

         Each holder must complete Part I, Part II (if the holder is a nominee),
and in all cases sign and otherwise complete Part III.

         In addition, each holder shall submit with the Certificate an IRS Form
W-9 relating to such holder.

         To confirm to the Trust that the provisions of Sections 871, 881 or
1446 of the Internal Revenue Code (relating to withholding tax on foreign
shareholders and partners) do not apply in respect of the Certificate held by
the undersigned, the undersigned hereby certifies:

Part I -          Complete Either A or B

                  A.       Individual as Beneficial Owner

                           1.       I am (The Beneficial Owner is ) not a
                                    non-resident alien for purposes of U.S.
                                    income taxation;

                           2.       My (The Beneficial Owner's) name and home
                                    address are:

                                    --------------------------
                                    --------------------------
                                    --------------------------; and

                           3.       My (The Beneficial Owner's) U.S. taxpayer
                                    identification number (Social Security
                                    Number) is                           .
                                               --------------------------

                  B.       Corporate, Partnership or Other Entity as Beneficial
                           Owner

                           1.       ------------------------ (Name of the

                                    Beneficial Owner) is not a foreign
                                    corporation, foreign partnership, foreign
                                    trust or foreign estate (as those terms are
                                    defined in the Code and Treasury
                                    Regulations;

                           2.       The Beneficial Owner's office address and
                                    place of incorporation (if applicable) is

                                       F-1

<PAGE>

                                                                          ; and
                                    --------------------------------------

                           3.       The Beneficial Owner's U.S. employer
                                    identification number is
                                                             -------------.

Part II -         Nominees

         If the undersigned is the nominee for the Beneficial Owner, the
undersigned certifies that this certificate has been made in reliance upon
information contained in:

                         an IRS Form W-9
                  ------

                         a form such as this or substantially similar
                  ------

provided to the undersigned by an appropriate person and (i) the undersigned
agrees to notify the Trust at least thirty (30) days prior to the date that the
form relied upon becomes obsolete, and (ii) in connection with change in
Beneficial Owners, the undersigned agrees to submit a new Certificate of
Non-Foreign Status to the Trust promptly after such change.

Part III -        Declaration

         The undersigned, as the Beneficial Owner or a nominee thereof, agrees
to notify the Trust within sixty (60) days of the date that the Beneficial Owner
becomes a foreign person. The undersigned understands that this certificate may
be disclosed to the Internal Revenue Service by the Trust and any false
statement contained therein could be punishable by fines, imprisonment or both.

                                       F-2

<PAGE>

         Under penalties of perjury, I declare that I have examined this
certificate and to the best of my knowledge and belief it is true, correct and
complete and will further declare that I will inform the Trust of any change in
the information provided above, and, if applicable, I further declare that I
have the authority* to sign this document.

--------------------------
Name

--------------------------
 Title (if applicable)

--------------------------
Signature and Date

*NOTE:  If signed pursuant to a power of attorney, the power of attorney must
accompany this certificate.

                                       F-3

<PAGE>

                                    EXHIBIT G

                       FORM OF ERISA REPRESENTATION LETTER

                                        _____________, 20__

Residential Funding Mortgage
 Securities II, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

[CERTIFICATE REGISTRAR]

               Re: Residential Funding Mortgage Securities II, Inc.
                   Home Loan-Backed Certificates, Series 2001-HI1
                   ------------------------------------------------

Dear Sirs:

                  __________________________________ (the "Transferee") intends
to acquire from _____________________ (the "Transferor") a ___% Certificate
Percentage Interest of Residential Mortgage Securities II, Inc. Home Loan-Backed
Certificates, Series 2001-HI1 (the "Certificates"), issued pursuant to an
Amended and Restated Trust Agreement (the "Trust Agreement") dated February 22,
2001 among Residential Funding Mortgage Securities II, Inc., as depositor (the
"Depositor") and Wilmington Trust Company, as trustee (the "Owner Trustee").
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned thereto in the Trust Agreement.

                  The Transferee hereby certifies, represents and warrants to,
and covenants with, the Depositor, the Owner Trustee, the Certificate Registrar
and the Master Servicer that:

                  (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,

                                       G-1

<PAGE>

         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 Plan or any entity that is deemed to be investing
         in plan assets within the meaning of the DOL regulation, 29 C.F.R. ss.
         2510.3-101; and

                  (2) The Transferee is familiar with the prohibited transaction
         restrictions and fiduciary responsibility requirements of Sections 406
         and 407 of ERISA and Section 4975 of the Code and understands that each
         of the parties to which this certification is made is relying and will
         continue to rely on the statements made herein.

                                Very truly yours,

                                By:
                                    -----------------------------
                                Name:
                                    -----------------------------
                                Title:
                                    -----------------------------

                                       G-1

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