Document:

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                                                                  EXHIBIT 4.6(a)

                       FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of December 16, 1996
(this "Amendment"), amends the Credit Agreement, dated as of February 13,
1996,(the "Credit Agreement"), between The PMI Group, Inc., a Delaware
corporation (the "Company") and Bank of America National Trust and Savings
Association (the "Bank"). Terms defined in the Credit Agreement are, unless
otherwise defined herein or the context otherwise requires, used herein as
defined therein.

     WHEREAS, the parties hereto have entered into the Credit Agreement, which
provides for the Bank to extend certain credit to the Company from time to time;
and

     WHEREAS, the parties hereto desire to amend the Credit Agreement in certain
respects as hereinafter set forth;

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

     SECTION 1 AMENDMENT. Subject to the provisions of Section 3 below,
effective as of the date hereof, the Section 7.11(c) of the Credit Agreement
shall be amended to state in its entirety as follows:

     " (c) the Risk to Capital Ratio of any Insurance Subsidiary (other than
     Residential Guaranty Company) to be greater then 23 to 1."

     SECTION 2 WAIVER. The Bank waives any rights it may have arising from a
breach by the Company of its obligations under Section 7.11(c) of the Credit
Agreement so long as no such breach would have arisen under Section 7.11(c) as
hereby amended. The waiver stated herein shall be limited to its terms and shall
not constitute a waiver of any other rights the Bank may have under the Credit
Agreement from time to time.

     SECTION 3 CONDITION PRECEDENT. This Amendment shall become effective when
this Amendment shall have been duly executed and delivered by the Company and
the Bank.

     SECTION 4 MISCELLANEOUS.

     SECTION 4.1 Continuing Effectiveness, etc. This Amendment shall be deemed
to be an amendment to the Credit Agreement, and

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the Credit Agreement, as amended hereby, shall remain in full force and effect
and is hereby ratified, approved and confirmed in each and every respect. After
the effectiveness of this Amendment in accordance with its terms, all references
to the Credit Agreement in the Loan Documents or in any other document,
instrument, agreement or writing shall be deemed to refer to the Credit
Agreement as amended hereby.

     SECTION 4.2 Payment of Costs and Expenses. The Company agrees to pay on
demand all expenses of the Bank (including the fees and out-of-pocket expenses
of counsel to the Bank and allocated costs of internal counsel) in connection
with the negotiation, preparation, execution and delivery of this Amendment.

     SECTION 4.3 Severability. Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other
jurisdiction.

     SECTION 4.4 Headings. The various headings of this Amendment are inserted
for convenience only and shall not affect the meaning or interpretation of this
Amendment or any provisions hereof.

     SECTION 4.5 Execution in Counterparts. This Amendment may be executed by
the parties hereto in several counterparts, each of which shall be deemed to be
an original and all of which shall constitute together but one and the same
agreement.

     SECTION 4.6 Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF CALIFORNIA

     SECTION 4.7 Successors and Assigns. This Amendment shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

                                       -2-

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                                             THE PMI GROUP, INC.

                                             By:  /s/ Bradley M. Shuster
                                                --------------------------------
                                               Title: Sr. VP.
                                                     ---------------------------

                                             BANK OF AMERICA NATIONAL TRUST AND
                                             SAVINGS ASSOCIATION

                                             By:  /s/ [ILLEGIBLE]
                                                --------------------------------
                                               Title: Vice President
                                                     ---------------------------

                                       -3-<PAGE>

                                                                  EXHIBIT 4.6(b)

                      SECOND AMENDMENT TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of April 7, 1998 (this
"Amendment"), amends the Credit Agreement, dated as of February 13, 1996, as
heretofore amended (as so amended, the "Credit Agreement"), between The PMI
Group, Inc., a Delaware corporation (the "Company") and Bank of America National
Trust and Savings Association (the "Bank"). Terms defined in the Credit
Agreement are, unless otherwise defined herein or the context otherwise
requires, used herein as defined therein.

     WHEREAS, the parties hereto have entered into the Credit Agreement, which
provides for the Bank to extend certain credit to the Company from time to time;
and

     WHEREAS, the parties hereto desire to amend the Credit Agreement in certain
respects as hereinafter set forth;

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

     SECTION 1 AMENDMENT. Subject to the provisions of Section 2 below,
effective as of the date hereof, the Credit Agreement shall be amended in
accordance with Sections 1.1 and 1.2 below.

     SECTION 1.1 Statutory Surplus. Section 7.11(b) of the Credit Agreement is
hereby amended by the deletion of the number "$200,000,000" and the substitution
therefor of the number "$150,000,000."

     SECTION 1.2 Statutory Capital. Section 7.11 of the Credit Agreement is
hereby amended by the addition of the following clause (d) at the end:

          "(d) the Statutory Capital of PMI Mortgage Insurance Company to be
     less than $675,000,000."

     SECTION 2 CONDITIONS PRECEDENT. This Amendment shall become effective when
each of the conditions precedent set forth in this Section 2 shall have been
satisfied.

     SECTION 2.1 Receipt of Documents. The Bank shall have received all of the
following documents duly executed, dated the date hereof or such other date as
shall be acceptable to the Bank, and in form and substance satisfactory to the
Bank:

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          (a) Amendment. This Amendment, duly executed by the Company and the
     Bank.

          (b) Secretary's Certificate. A certificate of the secretary or an
     assistant secretary of the Company, as to (i) resolutions of the Board of
     Directors of the Company then in full force and effect authorizing the
     execution, delivery and performance of this Amendment, and (ii) the
     incumbency and signatures of those officers of the Company authorized to
     act with respect to this Amendment and each other document described
     herein.

          (c) Opinion of Counsel. An opinion, addressed to the Bank, from
     counsel to the Company in the form attached as Exhibit A.

     SECTION 2.2 Compliance with Warranties, No Default, etc. Both before and
after giving effect to the effectiveness of this Amendment, the following
statements by the Company shall be true and correct (and the Company, by its
execution of this Amendment, hereby represents and warrants to the Bank that
such statements are true and correct as at such times):

          (a) the representations and warranties set forth in Article V of the
     Credit Agreement shall be true and correct with the same effect as if then
     made (unless stated to relate solely to an earlier date, in which case such
     representations and warranties shall be true and correct as of such earlier
     date); and

          (b) no Event of Default or Default shall have then occurred and be
     continuing.

     SECTION 3 REPRESENTATIONS AND WARRANTIES. To induce the Bank to enter into
this Amendment, the Company represents and warrants to the Bank as follows:

     SECTION 3.1 Due Authorizations, Non-Contravention, etc. The execution,
delivery and performance by the Company of this Amendment are within the
Company's corporate powers, have been duly authorized by all necessary corporate
action, and do not

          (a) contravene the Company's Organization Documents;

          (b) contravene any contractual restriction, law or governmental
     regulation or court decree or order binding on or affecting the Company; or

          (c) result in, or require the creation or imposition of, any Lien on
     any of the Company's properties.

                                       -2-

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     SECTION 3.2 Government Approval, Regulation, etc. No authorization or
approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution,
delivery or performance by the Company of this Amendment.

     SECTION 3.3 Validity, etc. This Amendment constitutes the legal, valid and
binding obligation of the Company enforceable in accordance with its terms.

     SECTION 4 MISCELLANEOUS.

     SECTION 4.1 Continuing Effectiveness, etc. This Amendment shall be deemed
to be an amendment to the Credit Agreement, and the Credit Agreement, as amended
hereby, shall remain in full force and effect and is hereby ratified, approved
and confirmed in each and every respect. After the effectiveness of this
Amendment in accordance with its terms, all references to the Credit Agreement
in the Loan Documents or in any other document, instrument, agreement or writing
shall be deemed to refer to the Credit Agreement as amended hereby.

     SECTION 4.2 Payment of Costs and Expenses. The Company agrees to pay on
demand all expenses of the Bank (including the fees and out-of-pocket expenses
of counsel to the Bank and allocated costs of internal counsel) in connection
with the negotiation, preparation, execution and delivery of this Amendment.

     SECTION 4.3 Severability. Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other
jurisdiction.

     SECTION 4.4 Headings. The various headings of this Amendment are inserted
for convenience only and shall not affect the meaning or interpretation of this
Amendment or any provisions hereof.

     SECTION 4.5 Execution in Counterparts. This Amendment may be executed by
the parties hereto in several counterparts, each of which shall be deemed to be
an original and all of which shall constitute together but one and the same
agreement.

     SECTION 4.6 Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF CALIFORNIA.

                                       -3-

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     SECTION 4.7 Successors and Assigns. This Amendment shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

                                       -4-

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                                             THE PMI GROUP, INC.

                                             By: /s/ John Lorenzen
                                                --------------------------------
                                               Title:
                                                     ---------------------------

                                             By: /s/ Bradley M. Shuster
                                                --------------------------------
                                               Title:
                                                     ---------------------------

                                             BANK OF AMERICA NATIONAL TRUST AND
                                             SAVINGS ASSOCIATION

                                             By: /s/ Gary R. Peet
                                                --------------------------------
                                                      GARY R. PEET
                                                --------------------------------
                                               Title: SENIOR VICE PRESIDENT
                                                     ---------------------------

                                       -5-

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