Document:

Exhibit 10.4

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                           MASTER REPURCHASE AGREEMENT

            CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as buyer
               ("Buyer", which term shall include any "Principal"
       as defined and provided for in Annex I) or as agent pursuant hereto
                                 ("Agent"), and

         MORTGAGEIT, INC., as seller ("MortgageIT" and a "Seller"), and

      MORTGAGEIT HOLDINGS, INC., as seller ("Holdings" and a "Seller", and
                    together with MortgageIT, the "Sellers")

                              Dated March 11, 2005

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                                TABLE OF CONTENTS

                                                                            Page
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1.    Applicability............................................................1

2.    Definitions..............................................................1

3.    Program; Initiation of Transactions.....................................21

4.    Repurchase..............................................................22

5.    Price Differential......................................................23

6.    Margin Maintenance......................................................24

7.    Income Payments.........................................................25

8.    Security Interest.......................................................26

9.    Payment and Transfer....................................................26

10.   Conditions Precedent....................................................26

11.   Program; Costs..........................................................29

12.   Servicing...............................................................30

13.   Representations and Warranties..........................................31

14.   Covenants...............................................................37

15.   Events of Default.......................................................42

16.   Remedies Upon Default...................................................46

17.   Reports.................................................................48

18.   Repurchase Transactions.................................................51

19.   Single Agreement........................................................51

20.   Notices and Other Communications........................................52

21.   Entire Agreement; Severability..........................................53

22.   Non assignability.......................................................53

23.   Set-off.................................................................53

                                       -i-

24.   Binding Effect; Governing Law; Jurisdiction.............................54

25.   No Waivers, Etc.........................................................54

26.   Intent..................................................................55

27.   Disclosure Relating to Certain Federal Protections......................55

28.   Power of Attorney.......................................................56

29.   Buyer May Act Through Affiliates........................................56

30.   Indemnification; Obligations............................................56

31.   Counterparts............................................................57

32.   Confidentiality.........................................................57

33.   Recording of Communications.............................................58

34.   Periodic Fee............................................................58

36.   Periodic Due Diligence Review...........................................58

37.   Authorizations..........................................................59

38.   Acknowledgement Of Anti-Predatory Lending Policies......................59

39.   Joint and Several.......................................................59

SCHEDULES

Schedule 1 - Representations and Warranties with Respect to Purchased Mortgage
             Loans

Schedule 2 - Authorized Representatives

ANNEXES

Annex I - Buyer Acting as Agent

Annex II - Periodic Fee Schedule

EXHIBITS

Exhibit A - Form of Transaction Request

Exhibit B - Form of Purchase Confirmation

Exhibit C - Form of Mortgage Loan Schedule

                                      -ii-

Exhibit D - Form of Officer's Compliance Certificate

Exhibit E - Form of Guaranty

Exhibit F - Form of Opinion of Seller's and Guarantor's counsel

Exhibit G - Underwriting Guidelines

Exhibit H - Officer's Certificate of the Seller and Corporate Resolutions of
            Seller

Exhibit I - Seller's Tax Identification Number

Exhibit J - Existing Indebtedness

Exhibit K - Escrow Instruction Letter

Exhibit L - Custodial and Bank Fee Schedule

Exhibit M - Form of Servicer Notice

                                     -iii-

                           MASTER REPURCHASE AGREEMENT

          This is a MASTER REPURCHASE AGREEMENT, dated as of March 11, 2005,
between MortgageIT, Inc., a New York corporation ("MortgageIT" and a "Seller"),
Mortgageit Holdings, Inc., a Maryland corporation ("Holdings" and a "Seller",
and together with MortgageIT, the "Sellers") and CREDIT SUISSE FIRST BOSTON
MORTGAGE CAPITAL LLC (the "Buyer").

     1. APPLICABILITY

          From time to time the parties hereto may enter into transactions in
which Sellers agree to transfer to Buyer Mortgage Loans (as hereinafter defined)
against the transfer of funds by Buyer, with a simultaneous agreement by Buyer
to transfer to Sellers such Mortgage Loans at a date certain or on demand,
against the transfer of funds by Sellers. This Agreement is a commitment by
Buyer to engage in the Transactions as set forth herein up to the Maximum
Committed Purchase Price; provided, that the Buyer shall have no commitment to
enter into any Transaction requested which would result in the aggregate
Purchase Price of then outstanding Transactions to exceed the Maximum Committed
Purchase Price. Each such transaction shall be referred to herein as a
"Transaction" and, unless otherwise agreed in writing, shall be governed by this
Agreement, including any supplemental terms or conditions contained in any
annexes identified herein, as applicable hereunder.

     2. DEFINITIONS

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

          "Acceptable State" means any state acceptable pursuant to Sellers'
Underwriting Guidelines.

          "Accepted Servicing Practices" means, with respect to any Mortgage
Loan, those mortgage servicing practices of prudent mortgage lending
institutions which service mortgage loans of the same type as such Mortgage Loan
in the jurisdiction where the related Mortgaged Property is located.

          "Act of Insolvency" means, with respect to any Person or its
Affiliates, (i) the filing of a petition, commencing, or authorizing the
commencement of any case or proceeding, or the voluntary joining of any case or
proceeding under any bankruptcy, insolvency, reorganization, liquidation,
dissolution or similar law relating to the protection of creditors, or suffering
any such petition or proceeding to be commenced by another which is consented
to, not timely contested or results in entry of an order for relief; (ii) the
seeking of the appointment of a receiver, trustee, custodian or similar official
for such party or an Affiliate or any substantial part of the property of
either; (iii) the appointment of a receiver, conservator, or manager for such
party or an Affiliate by any governmental agency or authority having the
jurisdiction to do so; (iv) the making or offering by such party or an Affiliate
of a composition with its creditors or a general assignment for the benefit of
creditors; (v) the admission by such party or an Affiliate of

such party of its inability to pay its debts or discharge its obligations as
they become due or mature; or (vi) that any governmental authority or agency or
any person, agency or entity acting or purporting to act under governmental
authority shall have taken any action to condemn, seize or appropriate, or to
assume custody or control of, all or any substantial part of the property of
such party or of any of its Affiliates, or shall have taken any action to
displace the management of such party or of any of its Affiliates or to curtail
its authority in the conduct of the business of such party or of any of its
Affiliates.

          "Adjusted Tangible Net Worth" means, for any Person, Net Worth of such
Person plus Subordinated Debt, minus all intangible assets, including
capitalized servicing rights, goodwill, patents, tradenames, trademarks,
copyrights, franchises, any organizational expenses, deferred expenses, prepaid
expenses, prepaid assets, receivables from shareholders, Affiliates or
employees, and any other asset as shown as an intangible asset on the balance
sheet of such Person on a consolidated basis as determined at a particular date
in accordance with GAAP.

          "Affiliate" means, with respect to any Person, any "affiliate" of such
Person, as such term is defined in the Bankruptcy Code.

          "Aged Loan" means a Mortgage Loan which has been subject to a
Transaction hereunder for a period of greater than 120 days but not greater than
180 days.

          "Agency" means Freddie Mac, Fannie Mae or GNMA, as applicable.

          "Agency Security" means a mortgage-backed security issued by an
Agency.

          "Agent" means Credit Suisse First Boston Mortgage Capital LLC or any
affiliate or successor thereto.

          "Agreement" means this Master Repurchase Agreement, as it may be
amended, supplemented or otherwise modified from time to time.

          "Alt-A Mortgage Loan" means a first lien Mortgage Loan originated in
accordance with the criteria established by Buyer for Alt-A Mortgage Loans, as
determined by Buyer in its sole discretion and which has a FICO score of at
least 620.

          "Appraised Value" means the value set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the
Mortgaged Property.

          "Asset Tape" means a remittance report on a monthly basis or requested
by Buyer pursuant to Section 17d hereof containing servicing information,
including, without limitation, those fields reasonably requested by Buyer from
time to time, on a loan-by-loan basis and in the aggregate, with respect to the
Purchased Mortgage Loans serviced by Sellers or any Servicer for the month (or
any portion thereof) prior to the Reporting Date.

          "Assignment of Mortgage" means an assignment of the Mortgage, notice
of transfer or equivalent instrument in recordable form, sufficient under the
laws of the jurisdiction wherein the related Mortgaged Property is located to
reflect the sale of the Mortgage to Buyer.

                                       -2-

          "Bailee Letter" has the meaning assigned to such term in the Custodial
Agreement.

          "Bankruptcy Code" means the United States Bankruptcy Code of 1978, as
amended from time to time.

          "Bid" has the meaning set forth in Section 4(c) hereof.

          "Bid Fee" has the meaning set forth in Section 4(c) hereof.

          "BPO" means an opinion of the fair market value of a Mortgaged
Property given by a licensed real estate agent or broker which generally
includes three comparable sales and three comparable listings.

          "Business Day" means any day other than (A) a Saturday or Sunday and
(B) a public or bank holiday in New York City.

          "Buyer" means Credit Suisse First Boston Mortgage Capital LLC, and any
successor or assign hereunder.

          "Buyer's Margin Amount" means with respect to any Transaction as of
any date of determination, an amount equal to the product of (A) Buyer's Margin
Percentage and (B) the Purchase Price for such Transaction.

          "Buyer's Margin Percentage" means, with respect to any Transaction as
of any date, a percentage equal to the percentage obtained by dividing the (A)
Market Value of the Purchased Mortgage Loans on the Purchase Date for such
Transaction by (B) the Purchase Price on the Purchase Date for such Transaction;
provided, that, with respect to any Mortgage Loan which was not an Exception
Mortgage Loan on the related Purchase Date and which, as of the date of
determination, is an Exception Mortgage Loan, Buyer's Margin Percentage as of
such date of determination shall be equal to the percentage obtained by dividing
(A) the Market Value of such Mortgage Loan on the related Purchase Date by (B)
the amount the Purchase Price would have been on the Purchase Date if such
Mortgage Loan had been categorized as the type of Mortgage Loan (e.g., Exception
Mortgage Loan, etc.) that it is categorized on the date of determination.

          "Capital Lease Obligations" means, for any Person, all obligations of
such Person to pay rent or other amounts under a lease of (or other agreement
conveying the right to use) Property to the extent such obligations are required
to be classified and accounted for as a capital lease on a balance sheet of such
Person under GAAP, and, for purposes of this Agreement, the amount of such
obligations shall be the capitalized amount thereof, determined in accordance
with GAAP.

          "Change in Control" means:

          (A) any transaction or event as a result of which Holdings ceases to
          own, beneficially or of record, 100% of the stock of MortgageIT;

                                      -3-

          (B) the sale, transfer, or other disposition of all or substantially
          all of either Seller's assets (excluding any such action taken in
          connection with any securitization transaction); or

          (C) the consummation of a merger or consolidation of either Seller
          with or into another entity or any other corporate reorganization, if
          more than 50% of the combined voting power of the continuing or
          surviving entity's stock outstanding immediately after such merger,
          consolidation or such other reorganization is owned by Persons who
          were not stockholders of Seller immediately prior to such merger,
          consolidation or other reorganization.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Collection Account" means one or more accounts established by the
Servicer for the benefit of Buyer, into which all collections and proceeds on or
in respect of the Mortgage Loans shall be deposited by Servicer.

          "Committed Mortgage Loan" means a Mortgage Loan which is the subject
of a Take-out Commitment with a Take-out Investor.

          "Conforming Mortgage Loan" means a first lien Mortgage Loan originated
in accordance with the criteria of an Agency for purchase of Mortgage Loans,
including, without limitation, conventional Mortgage Loans, FHA Loans and VA
Loans, as determined by Buyer in its sole discretion.

          "Co-op" means a private, cooperative housing corporation, having only
one class of stock outstanding, which owns or leases land and all or part of a
building or buildings, including apartments, spaces used for commercial purposes
and common areas therein and whose board of directors authorizes the sale of
stock and the issuance of a Proprietary Lease.

          "Co-op Corporation" means, with respect to any Co-op Loan, the
cooperative apartment corporation that holds legal title to the related Co-op
Project and grants occupancy rights to units therein to stockholders through
Proprietary Leases or similar arrangements.

          "Co-op Lien Search" means a search for (a) federal tax liens,
mechanics' liens, lis pendens, judgments of record or otherwise against (i) the
Co-op Corporation and (ii) the seller of the Co-op Unit, (b) filings Uniform
Commercial Code financing statements and (c) the deed of the Co-op Project into
the Co-op Corporation.

          "Co-op Loan" means a Mortgage Loan secured by the pledge of stock
allocated to a dwelling unit in a residential cooperative housing corporation
and collateral assignment of the related Proprietary Lease.

          "Co-op Project" means, with respect to any Co-op Loan, all real
property and improvements thereto and rights therein and thereto owned by a
Co-op Corporation including without limitation the land, separate dwelling units
and all common elements.

                                      -4-

          "Co-op Shares" means, with respect to any Co-op Loan, the shares of
stock issued by a Co-op Corporation and allocated to a Co-op Unit and
represented by a stock certificates.

          "Co-op Unit" means, with respect to any Co-op Loan, a specific unit in
a Co-op Project.

          "Credit Limit" means, with respect to each HELOC, the maximum amount
permitted under the terms of the related Credit Line Agreement.

          "Credit Line Agreement" means, with respect to each HELOC, the related
home equity line of credit agreement, account agreement and promissory note (if
any) executed by the related Mortgagor and any amendment or modification
thereof.

          "CSFBMC Mortgage Loan" means a Mortgage Loan which is the subject of a
Take-out Commitment with Buyer or any Affiliate thereof.

          "Custodial Agreement" means the custodial agreement dated as of the
date hereof, among Sellers, Buyer and Custodian as the same may be amended from
time to time.

          "Custodial Mortgage Loan Schedule" has the meaning assigned to such
term in the Custodial Agreement.

          "Custodian" means Deutsche Bank National Trust Company or such other
party specified by Buyer and agreed to by Sellers, which approval shall not be
unreasonably withheld.

          "Default" means an Event of Default or an event that with notice or
lapse of time or both would become an Event of Default.

          "Dollars" and "$" means dollars in lawful currency of the United
States of America.

          "Draw" means, with respect to each HELOC, an additional borrowing by
the Mortgagor in accordance with the related Credit Line Agreement.

          "Due Date" means the day of the month on which the Monthly Payment is
due on a Mortgage Loan, exclusive of any days of grace.

          "Effective Date" means the date upon which the conditions precedent
set forth in Section 10 shall have been satisfied.

          "Electronic Tracking Agreement" means an Electronic Tracking Agreement
among Buyer, Sellers, MERS and MERSCORP, Inc., to the extent applicable as the
same may be amended from time to time.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

                                      -5-

          "ERISA Affiliate" means any corporation or trade or business that is a
member of any group of organizations (i) described in Section 414(b) or (c) of
the Code of which Seller is a member and (ii) solely for purposes of potential
liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code
and the lien created under Section 302(f) of ERISA and Section 412(n) of the
Code, described in Section 414(m) or (o) of the Code of which any Seller is a
member.

          "Escrow Instruction Letter" means the Escrow Instruction Letter from
the related Seller to the Settlement Agent, in the form of Exhibit K hereto, as
the same may be modified, supplemented and in effect from time to time.

          "Escrow Payments" means, with respect to any Mortgage Loan, the
amounts constituting ground rents, taxes, assessments, water rates, sewer rents,
municipal charges, mortgage insurance premiums, fire and hazard insurance
premiums, condominium charges, and any other payments required to be escrowed by
the Mortgagor with the mortgagee pursuant to the Mortgage or any other document.

          "Event of Default" has the meaning specified in Section 15 hereof.

          "Event of Termination" means with respect to either Seller (i) with
respect to any Plan, a reportable event, as defined in Section 4043 of ERISA, as
to which the PBGC has not by regulation waived the requirement of Section
4043(a) of ERISA that it be notified with 30 days of the occurrence of such
event, or (ii) the withdrawal of Seller or any ERISA Affiliate thereof from a
Plan during a plan year in which it is a substantial employer, as defined in
Section 4001(a)(2) of ERISA, or (iii) the failure by Seller or any ERISA
Affiliate thereof to meet the minimum funding standard of Section 412 of the
Code or Section 302 of ERISA with respect to any Plan, including, without
limitation, the failure to make on or before its due date a required installment
under Section 412(m) of the Code or Section 302(e) of ERISA, or (iv) the
distribution under Section 4041 of ERISA of a notice of intent to terminate any
Plan or any action taken by Seller or any ERISA Affiliate thereof to terminate
any plan, or (v) the adoption of an amendment to any Plan that, pursuant to
Section 401(a)(29) of the Code or Section 307 of ERISA, would result in the loss
of tax-exempt status of the trust of which such Plan is a part if Seller or any
ERISA Affiliate thereof fails to timely provide security to the Plan in
accordance with the provisions of said sections, or (vi) the institution by the
PBGC of proceedings under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan, or (vii) the receipt by Seller
or any ERISA Affiliate thereof of a notice from a Multiemployer Plan that action
of the type described in the previous clause (vi) has been taken by the PBGC
with respect to such Multiemployer Plan, or (viii) any event or circumstance
exists which may reasonably be expected to constitute grounds for such Seller or
any ERISA Affiliate thereof to incur liability under Title IV of ERISA or under
Sections 412(c)(11) or 412(n) of the Code with respect to any Plan.

          "Exception Mortgage Loan" means any Mortgage Loan which is otherwise
ineligible for purchase hereunder, or which otherwise becomes ineligible for
purchase hereunder and which is approved by Buyer in its sole discretion;
provided, however, that Sellers shall pay to Buyer a fee of $25 with respect to
any such approval of an Exception Mortgage Loan other than a Wet-Ink Mortgage
Loan and $10 with respect to any such approval of an Exception Mortgage Loan
which is a Wet-Ink Mortgage Loan; and provided, that upon 30 days' notice to the
Sellers, Buyer may change such Exception Mortgage Loan approval fee. Buyer's
approval of a Mortgage Loan as an Exception

                                      -6-

Mortgage Loan shall expire on the earlier of (a) the date set forth by the Buyer
in the written notice that such Mortgage Loan is approved as an Exception
Mortgage Loan (an "Exception Notice") or (b) the occurrence of any additional
event, other than that set forth in the Exception Notice, which would cause the
Mortgage Loan to become ineligible for purchase hereunder. The Pricing Rate,
Market Value, Purchase Price and Buyer's Margin Percentage with respect to
Exception Mortgage Loans shall be set in the sole discretion of Buyer. Buyer may
at any time, and in its sole discretion, no longer consider a Mortgage Loan an
Exception Mortgage Loan, in which case such Mortgage Loan shall have a Market
Value of zero.

          "Existing Indebtedness" has the meaning specified in Section 13(a)(23)
hereof.

          "Fannie Mae" means Fannie Mae, the government sponsored enterprise
formerly known as the Federal National Mortgage Association.

          "FHA" means the Federal Housing Administration, an agency within the
United States Department of Housing and Urban Development, or any successor
thereto, and including the Federal Housing Commissioner and the Secretary of
Housing and Urban Development where appropriate under the FHA Regulations.

          "FHA Approved Mortgagee" means a corporation or institution approved
as a mortgagee by the FHA under the National Housing Act, as amended from time
to time, and applicable FHA Regulations, and eligible to own and service
mortgage loans such as the FHA Loans.

          "FHA Loan" means a Mortgage Loan which is the subject of an FHA
Mortgage Insurance Contract.

          "FHA Mortgage Insurance" means, mortgage insurance authorized under
the National Housing Act, as amended from time to time, and provided by the FHA.

          "FHA Mortgage Insurance Contract" means the contractual obligation of
the FHA respecting the insurance of a Mortgage Loan.

          "FHA Regulations" means the regulations promulgated by the Department
of Housing and Urban Development under the National Housing Act, as amended from
time to time and codified in 24 Code of Federal Regulations, and other
Department of Housing and Urban Development issuances relating to FHA Loans,
including the related handbooks, circulars, notices and mortgagee letters.

          "FICO" means Fair Isaac & Co., or any successor thereto.

          "Fidelity Insurance" shall mean insurance coverage with respect to
employee errors, omissions, dishonesty, forgery, theft, disappearance and
destruction, robbery and safe burglary, property (other than money and
securities) and computer fraud in an aggregate amount acceptable to Sellers'
regulators.

                                      -7-

          "Foreclosed Loan" means a Mortgage Loan, the property securing which
has been foreclosed upon by a Seller.

          "Freddie Mac" means the Federal Home Loan Mortgage Corporation or any
successor thereto.

          "GAAP" means generally accepted accounting principles in effect from
time to time in the United States of America and applied on a consistent basis.

          "GNMA" means the Government National Mortgage Association and any
successor thereto.

          "Governmental Authority" means any nation or government, any state or
other political subdivision thereof, or any entity exercising executive,
legislative, judicial, regulatory or administrative functions over any Seller,
or Buyer, as applicable.

          "Gross Margin" means, with respect to each adjustable rate Mortgage
Loan, the fixed percentage amount set forth in the related Mortgage Note.

          "Guarantee" means, as to any Person, any obligation of such Person
directly or indirectly guaranteeing any Indebtedness of any other Person or in
any manner providing for the payment of any Indebtedness of any other Person or
otherwise protecting the holder of such Indebtedness against loss (whether by
virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, or to take-or-pay or otherwise); provided
that the term "Guarantee" shall not include (i) endorsements for collection or
deposit in the ordinary course of business, or (ii) obligations to make
servicing advances for delinquent taxes and insurance or other obligations in
respect of a Mortgaged Property, to the extent required by Buyer. The amount of
any Guarantee of a Person shall be deemed to be an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guarantee
is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by such Person in good faith. The
terms "Guarantee" and "Guaranteed" used as verbs shall have correlative
meanings.

          "HELOC" means a home equity revolving line of credit secured by a
mortgage, deed of trust or other instrument creating a first or second lien on
the related Mortgaged Property, which lien secures the related line of credit
and (i) that is underwritten in accordance with Sellers' Underwriting Guidelines
and (ii) that either (a) will be sold or securitized by any Seller or (b) is
subject to a Take-Out Commitment.

          "High Cost Mortgage Loan" means a Mortgage Loan classified as (a) a
"high cost" loan under the Home Ownership and Equity Protection Act of 1994 or
(b) a "high cost," "threshold," "covered," or "predatory" loan under any other
applicable state, federal or local law (or a similarly classified loan using
different terminology under a law, regulation or ordinance imposing heightened
regulatory scrutiny or additional legal liability for residential mortgage loans
having high interest rates, points and/or fees).

          "Holdings" means MortgageIT Holdings, Inc., a Maryland corporation, or
its permitted successors and assigns.

                                      -8-

          "Home Equity Mortgage Loan" means a home equity mortgage loan
originated in accordance with the criteria established by Buyer, as determined
by Buyer in its sole discretion.

          "Income" means with respect to any Purchased Mortgage Loan at any time
until repurchased by a Seller, any principal received thereon or in respect
thereof and all interest, dividends or other distributions thereon.

          "Indebtedness" means, for any Person: (a) obligations created, issued
or incurred by such Person for borrowed money (whether by loan, the issuance and
sale of debt securities or the sale of Property to another Person subject to an
understanding or agreement, contingent or otherwise, to repurchase such Property
from such Person); (b) obligations of such Person to pay the deferred purchase
or acquisition price of Property or services, other than trade accounts payable
(other than for borrowed money) arising, and accrued expenses incurred, in the
ordinary course of business, so long as such trade accounts payable are payable
within 90 days of the date the respective goods are delivered or the respective
services are rendered; (c) Indebtedness of others secured by a Lien on the
Property of such Person, whether or not the respective Indebtedness so secured
has been assumed by such Person; (d) obligations (contingent or otherwise) of
such Person in respect of letters of credit or similar instruments issued or
accepted by banks and other financial institutions for the account of such
Person; (e) Capital Lease Obligations of such Person; (f) obligations of such
Person under repurchase agreements, sale/buy-back agreements or like
arrangements; (g) Indebtedness of others Guaranteed by such Person; (h) all
obligations of such Person incurred in connection with the acquisition or
carrying of fixed assets by such Person; and (i) Indebtedness of general
partnerships of which such Person is a general partner.

          "Index" means, with respect to any adjustable rate Mortgage Loan, the
index identified on the Mortgage Loan Schedule and set forth in the related
Mortgage Note for the purpose of calculating the applicable Mortgage Interest
Rate.

          "Interest Only Adjustment Date" means, with respect to each Interest
Only Loan, the date, specified in the related Mortgage Note on which the Monthly
Payment will be adjusted to include principal as well as interest.

          "Interest Only Loan" shall mean a Mortgage Loan which only requires
payments of interest for a period of time specified in the related Mortgage
Note.

          "Interest Rate Adjustment Date" means the date on which an adjustment
to the Mortgage Interest Rate with respect to each Mortgage Loan becomes
effective.

          "Interest Rate Protection Agreement" means, with respect to any or all
of the Purchased Mortgage Loans, any short sale of a US Treasury Security, or
futures contract, or mortgage related security, or Eurodollar futures contract,
or options related contract, or interest rate swap, cap or collar agreement or
Take-out Commitment, or similar arrangement providing for protection against
fluctuations in interest rates or the exchange of nominal interest obligations,
either generally or under specific contingencies, entered into by a Seller and
an Affiliate of Buyer or such other party acceptable to Buyer in its sole
discretion, which agreement is acceptable to Buyer in its sole discretion.

                                      -9-

          "Jumbo Mortgage Loan" means an A quality first lien Mortgage Loan
which is not eligible for sale to an Agency.

          "LIBOR" means for each day, the rate of interest (calculated on a per
annum basis) equal to the overnight British Bankers Association Rate as reported
on the display designated as "BBAM" "Page DG8 4a" on Bloomberg (or such other
display as may replace "BBAM" "Page DG8 4a" on Bloomberg) on such date of
determination, and if such rate shall not be so quoted, the rate per annum at
which Buyer is offered Dollar deposits at or about 11:00 a.m., (New York City
time), on such day, by prime banks in the interbank eurodollar market where the
eurodollar and foreign currency exchange operations in respect of its loans are
then being conducted for delivery on such day for an overnight period, and in an
amount comparable to the amount of the Purchase Price of Transactions to be
outstanding on such day.

          "Lien" means any mortgage, lien, pledge, charge, security interest or
similar encumbrance.

          "Loan to Value Ratio" or "LTV" means with respect to any Mortgage
Loan, the ratio of the original outstanding principal amount of the Mortgage
Loan, with respect to a Mortgage Loan other than a HELOC, or the original Credit
Limit, with respect to a HELOC, and, with respect to any Second Lien Mortgage
Loan, the outstanding principal amount of any related first lien as of the date
of origination of such mortgage loan, to the lesser of (a) the Appraised Value
of the related Mortgaged Property at origination or (b) if the Mortgaged
Property was purchased within 12 months of the origination of such Mortgage
Loan, the purchase price of the related Mortgaged Property.

          "Margin Call" has the meaning specified in Section 6(a) hereof.

          "Margin Deadline" has the meaning specified in Section 6(b) hereof.

          "Margin Deficit" has the meaning specified in Section 6(a) hereof.

          "Market Value" means, with respect to any Purchased Mortgage Loan as
of any date of determination, the whole-loan servicing released fair market
value of such Purchased Mortgage Loan on such date as determined by Buyer (or an
Affiliate thereof) in its sole discretion. Without limiting the generality of
the foregoing, each Seller acknowledges that (a) in the event that a Purchased
Mortgage Loan is not subject to a Take-out Commitment, Buyer may deem the Market
Value for such Mortgage Loan to be no greater than par and (b) the Market Value
of a Purchased Mortgage Loan may be reduced to zero by Buyer if:

               (i) a breach of a representation, warranty or covenant made by
          either Seller in this Agreement with respect to such Purchased
          Mortgage Loan has occurred and is continuing;

               (ii) such Purchased Mortgage Loan is a Non-Performing Mortgage
          Loan (other than a Repurchased Mortgage Loan);

               (iii) such Purchased Mortgage Loan has been released from the
          possession of the Custodian under the Custodial Agreement (other than
          to a Take-

                                      -10-

          out Investor pursuant to a Bailee Letter) for a period in excess of
          ten (10) calendar days;

               (iv) such Purchased Mortgage Loan has been released from the
          possession of the Custodian under the Custodial Agreement to a
          Take-out Investor pursuant to a Bailee Letter for a period in excess
          of 45 calendar days;

               (v) such Purchased Mortgage Loan has been subject to a
          Transaction hereunder for a period of greater 180 days;

               (vi) such Purchased Mortgage Loan is a Wet-Ink Mortgage Loan for
          which the Mortgage File has not been delivered to the Custodian on or
          prior to the seventh Business Day after the related Purchase Date;

               (vii) such Purchased Mortgage Loan is no longer acceptable for
          purchase by Buyer (or an Affiliate thereof) under any of the flow
          purchase or conduit programs for which Seller then has been approved
          due to a Requirement of Law relating to consumer credit laws or
          otherwise;

               (viii) when the Purchase Price for such Purchased Mortgage Loan
          is added to other Purchased Mortgage Loans, the aggregate Purchase
          Price of all Aged Loans that are Purchased Mortgage Loans exceeds 15%
          of the Maximum Aggregate Purchase Price;

               (ix) when the Purchase Price for such Purchased Mortgage Loan is
          added to other Purchased Mortgage Loans, the aggregate Purchase Price
          of all Second Lien Mortgage Loans (including HELOCs) that are
          Purchased Mortgage Loans exceeds $100 million;

               (x) when the Purchase Price for such Purchased Mortgage Loan is
          added to other Purchased Mortgage Loans, the aggregate Purchase Price
          of all Sub-Prime Mortgage Loans that are Purchased Mortgage Loans
          exceeds $100 million;

               (xi) when the Purchase Price for such Purchased Mortgage Loan is
          added to other Purchased Mortgage Loans, the aggregate Purchase Price
          of all Wet-Ink Mortgage Loans that are Purchased Mortgage Loans
          exceeds 30% of the Maximum Aggregate Purchase Price;

               (xii) when the Purchase Price for such Purchased Mortgage Loan is
          added to other Purchased Mortgage Loans, the aggregate Purchase Price
          of all Repurchased Mortgage Loans that are Purchased Mortgage Loans
          exceeds $5 million; or

               (xiii) when the Purchase Price for such Purchased Mortgage Loan
          is added to other Purchased Mortgage Loans, the aggregate Purchase
          Price of all Mortgage Loans that are accompanied by a lost note
          affidavit exceeds $1.5 million.

                                      -11-

          "Material Adverse Effect" means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, properties, condition
(financial or otherwise) or prospects of either Seller or any Affiliate that is
a party to any Program Agreement taken as a whole; (b) a material impairment of
the ability of either Seller or any Affiliate that is a party to any Program
Agreement to perform under any Program Agreement and to avoid any Event of
Default; or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability of any Program Agreement against either Seller or any
Affiliate that is a party to any Program Agreement.

          "Maximum Aggregate Purchase Price" means FOUR HUNDRED MILLION DOLLARS
($400,000,000).

          "Maximum Committed Purchase Price" shall mean TWO HUNDRED MILLION
DOLLARS ($200,000,000). All funds made available by Buyer to either Seller under
this Agreement will first be attributed to the Maximum Committed Purchase Price.
For purposes of this Agreement, Mortgage Loans will be allocated first to the
Maximum Committed Purchase Price based on the date on which such Mortgage Loan
becomes subject to this Agreement, commencing from the earliest date to the most
recent date. To the extent that there is availability under the Maximum
Aggregate Purchase Price, but any Mortgage Loans proposed by either Seller for
purchase by Buyer would otherwise exceed the Maximum Committed Purchase Price,
then to the extent that such Maximum Committed Purchase Price would be exceeded,
such Mortgage Loans may be purchased by the Buyer on an uncommitted basis, in
Buyer's sole discretion.

          "MERS" means Mortgage Electronic Registration Systems, Inc., a
corporation organized and existing under the laws of the State of Delaware, or
any successor thereto.

          "MERS System" means the system of recording transfers of mortgages
electronically maintained by MERS.

          "Monthly Payment" means the scheduled monthly payment of principal
and/or interest on a Mortgage Loan.

          "Moody's" means Moody's Investors Service, Inc. or any successors
thereto.

          "Mortgage" means each mortgage, assignment of rents, security
agreement and fixture filing, or deed of trust, assignment of rents, security
agreement and fixture filing, deed to secure debt, assignment of rents, security
agreement and fixture filing, or similar instrument creating and evidencing a
lien on real property and other property and rights incidental thereto.

          "Mortgage File" means, with respect to a Mortgage Loan, the documents
and instruments relating to such Mortgage Loan and set forth in Exhibit F to the
Custodial Agreement.

          "Mortgage Interest Rate" means the rate of interest borne on a
Mortgage Loan from time to time in accordance with the terms of the related
Mortgage Note.

                                      -12-

          "Mortgage Interest Rate Cap" means, with respect to an adjustable rate
Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth
in the related Mortgage Note.

          "Mortgage Loan" means any Sub-Prime Mortgage Loan, Repurchased
Mortgage Loan, Exception Mortgage Loan, Jumbo Mortgage Loan, Alt-A Mortgage
Loan, Home Equity Mortgage Loan, Second Lien Mortgage Loan, HELOC, Co-op Loan or
Conforming Mortgage Loan which is a fixed or floating-rate, one-to-four-family
residential mortgage or home equity loan evidenced by a promissory note and
secured by a mortgage, which satisfies the requirements set forth in the
Underwriting Guidelines and Section 13(b) hereof; provided, however, that,
except as expressly approved in writing by Buyer, Mortgage Loans shall not
include any "high-LTV" loans (i.e., a mortgage loan having a loan-to-value ratio
in excess of 100% or in excess of such lower percentage set forth in the
Underwriting Guidelines or with respect to Second Lien Mortgage Loans, a
combined loan-to value ratio, in excess of the lower of (i) the percentage
specified in the Underwriting Guidelines or (ii) 100%) or any High Cost Mortgage
Loans and; provided, further, that the origination date with respect to such
Mortgage Loan is no earlier than sixty (60) days prior to the related Purchase
Date.

          "Mortgage Loan Documents" means the documents in the related Mortgage
File to be delivered to the Custodian.

          "Mortgage Loan Schedule" means with respect to any Transaction as of
any date, a mortgage loan schedule in the form of either (a) Exhibit C attached
hereto or (b) a computer tape or other electronic medium generated by either
Seller and delivered to Buyer and Custodian, which provides information
(including, without limitation, the information set forth on Exhibit C attached
hereto) relating to the Purchased Mortgage Loans in a format acceptable to
Buyer.

          "Mortgage Note" means the promissory note or other evidence of the
indebtedness of a Mortgagor secured by a Mortgage.

          "Mortgaged Property" means the real property securing repayment of the
debt evidenced by a Mortgage Note.

          "MortgageIT" means MortgageIT, Inc., a New York corporation, or its
permitted successors and assigns.

          "Mortgagor" means the obligor or obligors on a Mortgage Note,
including any person who has assumed or guaranteed the obligations of the
obligor thereunder.

          "Multiemployer Plan" means a multiemployer plan defined as such in
Section 3(37) of ERISA to which contributions have been or are required to be
made by a Seller or any ERISA Affiliate and that is covered by Title IV of
ERISA.

          "Net Income" means, for any period and any Person, the net income of
such Person for such period as determined in accordance with GAAP.

                                      -13-

          "Net Worth" means, with respect to any Person, an amount equal to, on
a consolidated basis, such Person's stockholder equity (determined in accordance
with GAAP).

          "1934 Act" means the Securities Exchange Act of 1934, as amended from
time to time.

          "Non-Performing Mortgage Loan" means (i) any Mortgage Loan for which
any payment of principal or interest is more than twenty-nine (29) days past
due, (ii) any Mortgage Loan with respect to which the related mortgagor is in
bankruptcy or (iii) any Mortgage Loan with respect to which the related
mortgaged property is in foreclosure.

          "Notice Date" has the meaning given to it in Section 3(b) hereof.

          "Obligations" means (a) all of Sellers' indebtedness, obligations to
pay the Repurchase Price on the Repurchase Date, the Price Differential on each
Price Differential Payment Date, and other obligations and liabilities, to
Buyer, its Affiliates or Custodian arising under, or in connection with, the
Program Agreements, whether now existing or hereafter arising; (b) any and all
sums paid by Buyer or on behalf of Buyer in order to preserve any Purchased
Mortgage Loan or its interest therein; (c) in the event of any proceeding for
the collection or enforcement of any of Sellers' indebtedness, obligations or
liabilities referred to in clause (a), the reasonable expenses of retaking,
holding, collecting, preparing for sale, selling or otherwise disposing of or
realizing on any Purchased Mortgage Loan, or of any exercise by Buyer of its
rights under the Program Agreements, including, without limitation, attorneys'
fees and disbursements and court costs; and (d) all of Sellers' indemnity
obligations to Buyer or Custodian or both pursuant to the Program Agreements.

          "PBCG" means the Pension Benefit Guaranty Corporation or any entity
succeeding to any or all of its functions under ERISA.

          "Person" means an individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or
any political subdivision or agency thereof.

          "Plan" means an employee benefit or other plan established or
maintained by any Seller or any ERISA Affiliate and covered by Title IV of
ERISA, other than a Multiemployer Plan.

          "Post Default Rate" means an annual rate of interest equal to the
greater of (a) the Pricing Rate plus 2% or (b) the Mortgage Interest Rate.

          "Price Differential" means with respect to any Transaction as of any
date of determination, an amount equal to the product of (A) the Pricing Rate
for such Transaction and (B) the Purchase Price for such Transaction, calculated
daily on the basis of a 360-day year for the actual number of days during the
period commencing on (and including) the Purchase Date for such Transaction and
ending on (but excluding) the Repurchase Date.

          "Price Differential Payment Date" means, with respect to a Purchased
Mortgage Loan, the 5th day of the month following the related Purchase Date and
each succeeding 5th day

                                      -14-

of the month thereafter; provided, that, with respect to such Purchased Mortgage
Loan, the final Price Differential Payment Date shall be the related Repurchase
Date; and provided, further, that if any such day is not a Business Day, the
Price Differential Payment Date shall be the next succeeding Business Day.

          "Pricing Rate" means LIBOR plus:

               (a) 0.75% with respect to Transactions the subject of which are
          Conforming Mortgage Loans (other than Wet-Ink Mortgage Loans or
          Repurchased Mortgage Loans);

               (b) 0.75% with respect to Transactions the subject of which are
          Jumbo Mortgage Loans (other than Wet-Ink Mortgage Loans or Repurchased
          Mortgage Loans);

               (c) 0.80% with respect to Transactions the subject of which are
          Alt-A Mortgage Loans (other than Wet-Ink Mortgage Loans or Repurchased
          Mortgage Loans);

               (d) 0.85% with respect to Transactions the subject of which are
          Sub-Prime Mortgage Loans (other than Wet-Ink Mortgage Loans or
          Repurchased Mortgage Loans);

               (e) 0.85% with respect to Transactions the subject of which are
          Wet-Ink Mortgage Loans;

               (f) 0.85% with respect to Transactions the subject of which are
          Second Lien Mortgage Loans (other than Wet-Ink Mortgage Loans or
          Repurchased Mortgage Loans);

               (g) 0.85% with respect to Transactions the subject of which are
          HELOCs (other than Wet-Ink Mortgage Loans or Repurchased Mortgage
          Loans);

               (h) 1.25% with respect to Transactions the subject of which are
          Repurchased Mortgage Loans;

               (i) the rate determined in the sole discretion of Buyer with
          respect to Transactions the subject of which are Exception Mortgage
          Loans and any other Transactions so identified by the Buyer in
          agreeing to enter into a Transaction with respect to such Exception
          Mortgage Loan

          The Pricing Rate shall change in accordance with LIBOR, as provided in
Section 5(a).

          "Principal" has the meaning given to it in Annex I.

          "Program Agreements" means, collectively, the Servicing Agreement, if
any, the Servicer Notice, if any, the Custodial Agreement, this Agreement, the
Electronic Tracking

                                      -15-

Agreement, if entered into and, with respect to each Exception Mortgage Loan, a
Purchase Confirmation.

          "Property" means any right or interest in or to property of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible.

          "Proprietary Lease" means the lease on a Co-op Unit evidencing the
possessory interest of the owner of the Co-op Shares in such Co-op Unit.

          "Purchase Confirmation" means a confirmation of a Transaction, in the
form attached as Exhibit B hereto.

          "Purchase Date" means the date on which Purchased Mortgage Loans are
to be transferred by a Seller to Buyer.

          "Purchase Price" means the price at which each Purchased Mortgage Loan
is transferred by a Seller to Buyer, which shall equal:

          (i) on the Purchase Date, in the case of Purchased Mortgage Loans
(other than, in all cases, Mortgage Loans that are Repurchased Mortgage Loans)
the lesser of either:

          (A) the product of (1) the Market Value of such Purchased Mortgage
Loan multiplied by (2) the applicable Purchase Price Percentage for such
Mortgage Loan; or

          (B) (x) in the case of Purchased Mortgage Loans other than CSFBMC
Mortgage Loans, the product of (1) the outstanding principal amount thereof as
set forth in the Mortgage Loan Schedule multiplied by (2) the applicable
Purchase Price Percentage for such Mortgage Loan and (y) in the case of CSFBMC
Mortgage Loans, the outstanding principal amount thereof as set forth in the
Mortgage Loan Schedule; or

          (ii) on the Purchase Date, in the case of Purchased Mortgage Loans
which are Repurchased Mortgage Loans, the lesser of (1) the product of (A)(x)
for the first 90 days in which the Purchased Mortgage Loan is subject to a
Transaction, 85%; and (y) thereafter, 85% minus an additional 10% for each
30-day period following the 90th day in which the Purchased Mortgage Loan is
subject to a Transaction multiplied by (B) the outstanding principal balance
thereof as set forth on the related Mortgage Loan Schedule or (2) 70% of the
value reflected in the most recent BPO; and

          (iii) on any day after the Purchase Date, except where Buyer and a
Seller agree otherwise, the amount determined under the immediately preceding
clauses (i) or (ii) decreased by the amount of any cash transferred by a Seller
to Buyer pursuant to Section 4(c) hereof or applied to reduce a Seller's
obligations under clause (ii) of Section 4(b) hereof or under Section 6 hereof.

          "Purchase Price Percentage" means, with respect to each Mortgage Loan,
the following percentage, as applicable:

                                      -16-

          (a) 98% with respect to Purchased Mortgage Loans that are Sub-Prime
          Mortgage Loans;

          (b) 98% with respect to Purchased Mortgage Loans that are Alt-A
          Mortgage Loans;

          (c) 98% with respect to Purchased Mortgage Loans that are Jumbo
          Mortgage Loans;

          (d) 98% with respect to Transactions the subject of which are first
          lien Conforming Mortgage Loans;

          (e) 98% with respect to Transactions the subject of which are Second
          Lien Mortgage Loans;

          (f) 98% with respect to Transactions the subject of which are HELOCs;

          (g) with respect to Transactions the subject of which are Exception
          Mortgage Loans, a percentage to be determined by Buyer in its sole
          discretion.

          "Purchased Mortgage Loans" means the collective reference to Mortgage
Loans together with the Repurchase Assets related to such Mortgage Loans
transferred by a Seller to Buyer in a Transaction hereunder, which are either
(i) listed on the related Mortgage Loan Schedule attached to the related
Transaction Request, or (ii) with respect to which the related Mortgage Loan is
in possession of the Custodian, which such Mortgage Loans the Custodian has been
instructed to hold pursuant to the Custodial Agreement.

          "Qualified Insurer" means a mortgage guaranty insurance company duly
authorized and licensed where required by law to transact mortgage guaranty
insurance business and approved as an insurer by Fannie Mae or Freddie Mac.

          "Qualified Originator" means an originator of Mortgage Loans which is
acceptable under the Underwriting Guidelines.

          "Records" means all instruments, agreements and other books, records,
and reports and data generated by other media for the storage of information
maintained by a Seller or any other person or entity with respect to a Purchased
Mortgage Loan. Records shall include the Mortgage Notes, any Mortgages, the
Mortgage Files, the credit files related to the Purchased Mortgage Loan and any
other instruments necessary to document or service a Mortgage Loan.

          "REIT" means a real estate investment trust, as defined in Section 856
of the Code.

          "REIT Status" means, with respect to any Person, such Person's status
as a real estate investment trust, as defined in Section 856(a) of the Code,
that satisfies the conditions and limitations set forth in Section 856(b) and
856(c) of the Code.

                                      -17-

          "REO Property" means real property acquired by a Seller, including a
Mortgaged Property acquired through foreclosure of a Mortgage Loan or by deed in
lieu of such foreclosure.

          "Reporting Date" means the 5th day of each month or, if such day is
not a Business Day, the next succeeding Business Day.

          "Repurchase Assets" has the meaning assigned thereto in Section 8
hereof.

          "Repurchase Date" means the earlier of (i) the Termination Date, (ii)
the date set forth in the applicable Purchase Confirmation, (iii) the date
determined by application of Section 16 hereof or (iv) the date identified to
Buyer by a Seller as the date that the related Mortgage Loan is to be sold
pursuant to a Take-out Commitment.

          "Repurchase Price" means the price at which Purchased Mortgage Loans
are to be transferred from Buyer to a Seller upon termination of a Transaction,
which will be determined in each case (including Transactions terminable upon
demand) as the sum of the Purchase Price and the accrued but unpaid Price
Differential as of the date of such determination.

          "Repurchased Mortgage Loan" means a Mortgage Loan (a) which is
repurchased by a Seller from any third party purchaser as a result of (i) a
breach of representations and warranties under the agreed upon terms in which
the claimed breach is not a result of fraud or material misrepresentation of
fact by any party to the Mortgage Loan or consumer credit law violation or (ii)
an early payment default repurchase obligation, (b) where the claimed breach or
early payment default is expressly identified to Buyer in writing, (c) which is
subject to a Transaction hereunder for no more than 180 days and (d) which has
not been foreclosed upon or converted to REO Property. In addition to the
foregoing, in no event will a Repurchased Mortgage Loan be subject to a
Transaction hereunder as a "Repurchased Mortgage Loan" if there is a breach of
representation and warranty in respect of such Repurchased Mortgage Loan other
than the breach identified in writing to the Buyer pursuant to subclause (b) of
this definition.

          "Request for Certification" means a notice sent to the Custodian
reflecting the sale of one or more Purchased Mortgage Loans to Buyer hereunder.

          "Requirement of Law" means, with respect to any Person, any law,
treaty, rule or regulation or determination of an arbitrator, a court or other
governmental authority, applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject.

          "Responsible Officer" means shall mean, as to any Person, the chief
executive officer or, with respect to financial matters, the chief financial
officer of such Person.

          "S&P" means Standard & Poor's Ratings Services, or any successor
thereto.

          "SEC" means the Securities and Exchange Commission, or any successor
thereto.

          "Second Lien Mortgage Loan" shall mean a Mortgage Loan secured by a
second lien on the related Mortgaged Property.

                                      -18-

          "Seller" means each of MortgageIT Holdings, Inc. and MortgageIT, Inc.
or their permitted successors and assigns.

          "Servicer" means any servicer approved by Buyer in its sole
discretion, which may be Seller.

          "Servicer Notice" means the notice acknowledged by the Servicer
substantially in the form of Exhibit M hereto.

          "Servicing Agreement" means any servicing agreement entered into among
Sellers and a Servicer as the same may be amended from time to time.

          "Settlement Agent" means, with respect to any Transaction the subject
of which is a Wet-Ink Mortgage Loan, the entity approved by Buyer, in its sole
good-faith discretion, which may be a title company, escrow company or attorney
in accordance with local law and practice in the jurisdiction where the related
Wet-Ink Mortgage Loan is being originated. A Settlement Agent is deemed approved
unless Buyer notifies Sellers otherwise at any time electronically or in
writing.

          "SIPA" means the Securities Investor Protection Act of 1970, as
amended from time to time.

          "Subordinated Debt" means, Indebtedness of a Seller which is (i)
unsecured, (ii) no part of the principal of such Indebtedness is required to be
paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory
prepayment or otherwise) prior to the date which is one year following the
Termination Date and (iii) the payment of the principal of and interest on such
Indebtedness and other obligations of a Seller in respect of such Indebtedness
are subordinated to the prior payment in full of the principal of and interest
(including post-petition obligations) on the Transactions and all other
obligations and liabilities of a Seller to Buyer hereunder on terms and
conditions approved in writing by Buyer and all other terms and conditions of
which are satisfactory in form and substance to Buyer.

          "Subsidiary" means, with respect to any Person, any corporation,
partnership or other entity of which at least a majority of the securities or
other ownership interests having by the terms thereof ordinary voting power to
elect a majority of the board of directors or other persons performing similar
functions of such corporation, partnership or other entity (irrespective of
whether or not at the time securities or other ownership interests of any other
class or classes of such corporation, partnership or other entity shall have or
might have voting power by reason of the happening of any contingency) is at the
time directly or indirectly owned or controlled by such Person or one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person.

          "Sub-Prime Mortgage Loan" means a first lien Mortgage Loan originated
in accordance with the criteria established by Buyer for sub-prime mortgage
loans, as determined by Buyer in its sole discretion.

          "Take-out Commitment" means a commitment of a Seller to either (a)
sell one or more identified Mortgage Loans to a Take-out Investor or (b) (i)
swap one or more identified

                                      -19-

Mortgage Loans with a Take-out Investor that is an Agency for an Agency
Security, and (ii) sell the related Agency Security to a Take-out Investor, and
in each case, the corresponding Take-out Investor's commitment back to a Seller
to effectuate any of the foregoing, as applicable. With respect to any Take-out
Commitment with an Agency, the applicable agency documents list Buyer as sole
subscriber.

          "Take-out Investor" means (i) an Agency or (ii) other institution
which has made a Take-out Commitment and has been approved by Buyer.

          "Termination Date" means the earlier of (a) February 28, 2006, and (b)
the date of the occurrence of an Event of Default.

          "Test Period" means any calendar quarter.

          "Transaction" has the meaning set forth in Section 1 hereof.

          "Transaction Request" means a request from a Seller to Buyer, in the
form attached as Exhibit A hereto, to enter into a Transaction.

          "Trust Receipt and Certification" means, with respect to any
Transaction as of any date, a receipt and certification in the form attached as
an exhibit to the Custodial Agreement.

          "Underwriting Guidelines" means the standards, procedures and
guidelines of the Sellers for underwriting and acquiring Mortgage Loans, which
are set forth in the written policies and procedures of the Sellers, a copy of
which is attached hereto as Exhibit G and such other guidelines as are
identified and approved in writing by Buyer.

          "Uniform Commercial Code" means the Uniform Commercial Code as in
effect on the date hereof in the State of New York or the Uniform Commercial
Code as in effect in the applicable jurisdiction.

          "VA" means the U.S. Department of Veterans Affairs, an agency of the
United States of America, or any successor thereto including the Secretary of
Veterans Affairs.

          "VA Approved Lender" means a lender which is approved by the VA to act
as a lender in connection with the origination of VA Loans.

          "VA Loan" means a Mortgage Loan which is subject of a VA Loan Guaranty
Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which
is a vender loan sold by the VA.

          "VA Loan Guaranty Agreement" means the obligation of the United States
to pay a specific percentage of a Mortgage Loan (subject to a maximum amount)
upon default of the Mortgagor pursuant to the Servicemen's Readjustment Act, as
amended.

          "Violation Deadline" has the meaning assigned thereto in Section 4(c)
hereof.

                                      -20-

          "Wet-Ink Documents" means, with respect to any Wet-Ink Mortgage Loan,
the (a) Transaction Request and (b) the Mortgage Loan Schedule.

          "Wet-Ink Mortgage Loan" means a Mortgage Loan which a Seller is
selling to Buyer simultaneously with the origination thereof.

     3. PROGRAM; INITIATION OF TRANSACTIONS

          a. From time to time, in the sole discretion of Buyer, Buyer will
          purchase from Sellers certain Mortgage Loans that have been either
          originated by either Seller or purchased by either Seller from other
          originators. THIS AGREEMENT IS A COMMITMENT BY BUYER TO ENTER INTO
          TRANSACTIONS WITH THE SELLER FOR AN AMOUNT EQUAL TO THE MAXIMUM
          COMMITTED PURCHASE PRICE. THIS AGREEMENT IS NOT A COMMITMENT BY BUYER
          TO ENTER INTO TRANSACTIONS WITH THE SELLER FOR AMOUNTS EXCEEDING THE
          MAXIMUM COMMITTED PURCHASE PRICE BUT RATHER SETS FORTH THE PROCEDURES
          TO BE USED IN CONNECTION WITH PERIODIC REQUESTS FOR BUYER TO ENTER
          INTO TRANSACTIONS WITH THE SELLER. SELLER HEREBY ACKNOWLEDGES THAT,
          BEYOND THE MAXIMUM COMMITTED PURCHASE PRICE, BUYER IS UNDER NO
          OBLIGATION TO AGREE TO ENTER INTO, OR TO ENTER INTO, ANY TRANSACTION
          PURSUANT TO THIS AGREEMENT. All Purchased Mortgage Loans shall exceed
          or meet the Underwriting Guidelines, and shall be serviced by
          Servicer. The aggregate Purchase Price of Purchased Mortgage Loans
          subject to outstanding Transactions shall not exceed the Maximum
          Aggregate Purchase Price.

          b. With respect to each Transaction involving Mortgage Loans which are
          not Wet-Ink Mortgage Loans, Sellers shall give Buyer and Custodian at
          least 1 Business Day's prior notice of any proposed Purchase Date (the
          date on which such notice is given, the "Notice Date"); provided, that
          if Seller is delivering 25 or fewer Mortgage Loans, which are not
          Wet-Ink Mortgage Loans, on a Purchase Date, the notice shall be
          delivered on or before 10:30 a.m. (New York City time) on the Purchase
          Date. With respect to Wet-Ink Mortgage Loans, Sellers shall deliver
          notice of any proposed purchase on or before 3:00 p.m. (New York City
          time) on the Purchase Date. On the Notice Date, Sellers shall (i)
          request that Buyer enter into a Transaction by furnishing to Buyer a
          Transaction Request, (ii) deliver to Buyer and Custodian a Mortgage
          Loan Schedule and (iii) deliver to Custodian, or the Buyer, with
          respect to each Wet-Ink Mortgage Loan, either a Request for
          Certification and each Mortgage File or Wet-Ink Documents for each
          Wet-Ink Mortgage Loan, as applicable, in accordance with Section
          10(b)(3) hereof. With respect to requested Transactions which would
          cause the related Purchase Price to exceed the Maximum Committed
          Purchase Price, Buyer may enter into such requested Transaction or may
          notify the Sellers of its intention not to enter into such
          Transaction. In the event the Mortgage Loan Schedule provided by
          Sellers contains erroneous computer data, is not formatted properly or
          the computer fields are otherwise improperly aligned, Buyer shall
          provide written or electronic notice to Sellers describing such error
          and Sellers shall correct the computer data, reformat or properly
          align the computer fields themselves and resubmit the Mortgage Loan
          Schedule as required herein.

                                      -21-

          c. With respect to each Exception Mortgage Loan, upon receipt of the
          Transaction Request, Buyer shall, consistent with this Agreement,
          specify the terms for such proposed Transaction, including the
          Purchase Price, the Pricing Rate, the Market Value and the Repurchase
          Date in respect of such Transaction. The terms thereof shall be set
          forth in the Purchase Confirmation to be delivered to Sellers on or
          prior to the Purchase Date.

          d. With respect to each Exception Mortgage Loan, the Purchase
          Confirmation, together with this Agreement, shall constitute
          conclusive evidence of the terms agreed between Buyer and Sellers with
          respect to the Transaction to which the Purchase Confirmation relates,
          and Sellers' acceptance of the related proceeds shall constitute
          Sellers' agreement to the terms of such Purchase Confirmation. It is
          the intention of the parties that, with respect to each Exception
          Mortgage Loan, each Purchase Confirmation shall not be separate from
          this Agreement but shall be made a part of this Agreement. In the
          event of any conflict between this Agreement and, with respect to each
          Exception Mortgage Loan, a Purchase Confirmation, the terms of the
          Purchase Confirmation shall control with respect to the related
          Transaction.

          e. Upon the satisfaction of the applicable conditions precedent set
          forth in Section 10 hereof, all of Sellers' interest in the Repurchase
          Assets shall pass to Buyer on the Purchase Date, against the transfer
          of the Purchase Price to Sellers. Upon transfer of the Mortgage Loans
          to Buyer as set forth in this Section and until termination of any
          related Transactions as set forth in Sections 4 or 16 of this
          Agreement, ownership of each Mortgage Loan, including each document in
          the related Mortgage File and Records, is vested in Buyer; provided
          that, prior to the recordation by the Custodian as provided for in the
          Custodial Agreement record title in the name of related Seller to each
          Mortgage shall be retained by related Seller in trust, for the benefit
          of Buyer, for the sole purpose of facilitating the servicing and the
          supervision of the servicing of the Mortgage Loans.

          f. With respect to each Wet-Ink Mortgage Loan, by no later than 12:00
          noon, (New York City time) on the seventh Business Day following the
          applicable Purchase Date, the related Seller shall cause the related
          Settlement Agent to deliver to the Custodian the remaining documents
          in the Mortgage File.

     4. REPURCHASE

          a. Sellers shall repurchase the related Purchased Mortgage Loans from
          Buyer on each related Repurchase Date. Such obligation to repurchase
          exists without regard to any prior or intervening liquidation or
          foreclosure with respect to any Purchased Mortgage Loan (but
          liquidation or foreclosure proceeds received by Buyer shall be applied
          to reduce the Repurchase Price for such Purchased Mortgage Loan on
          each Price Differential Payment Date except as otherwise provided
          herein). Sellers are obligated to repurchase and take physical
          possession of the Purchased Mortgage Loans from Buyer or its designee
          (including the Custodian) at Sellers' expense on the related
          Repurchase Date.

                                      -22-

          b. Provided that no Default shall have occurred and is continuing, and
          Buyer has received the related Repurchase Price upon repurchase of the
          Purchased Mortgage Loans, Buyer agrees to release its ownership
          interest hereunder in the Purchased Mortgage Loans (including, the
          Repurchase Assets related thereto) at the request of Sellers. With
          respect to payments in full by the related Mortgagor of a Purchased
          Mortgage Loan, Sellers agree to (i) provide Buyer with a copy of a
          report from the related Servicer indicating that such Purchased
          Mortgage Loan has been paid in full, (ii) remit to Buyer, within two
          Business Days, the Repurchase Price with respect to such Purchased
          Mortgage Loans and (iii) provide Buyer a notice specifying each
          Purchased Mortgage Loan that has been prepaid in full. Buyer agrees to
          release its ownership interest in Purchased Mortgage Loans which have
          been prepaid in full after receipt of evidence of compliance with
          clauses (i) through (iii) of the immediately preceding sentence.

          c. In the event that at any time any Purchased Mortgage Loan violates
          the applicable sublimit set forth in the definition of Market Value,
          Buyer may, in its sole discretion, redesignate such Mortgage Loan as
          an Exception Mortgage Loan. If Buyer does not redesignate such
          Mortgage Loan as an Exception Mortgage Loan, and if either Seller
          fails to notify Buyer within five (5) Business Days following notice
          or knowledge of such violation that neither Seller wants to receive a
          bid for such Mortgage Loan as described below, Buyer or an Affiliate
          of Buyer may offer to terminate Sellers' right and obligation to
          repurchase such Mortgage Loan by paying Sellers a price to be set by
          Buyer in its sole discretion (a "Bid"). Sellers, within five (5)
          Business Days of receipt of Buyer's bid (the "Violation Deadline")
          may, in their sole discretion, either (i) accept Buyer's bid,
          terminating Sellers' right to repurchase such Mortgage Loan under this
          Agreement or (ii) immediately repurchase the Mortgage Loan at the
          Repurchase Price in accordance with this Section 4. Sellers shall pay
          Buyer a bid fee equal to $250 (the "Bid Fee") with respect to each
          Mortgage Loan on which Buyer or its Affiliate makes a Bid, regardless
          of whether the Bid is accepted and such Bid Fee shall be due and
          payable to Buyer on or before the Violation Deadline. Any amount paid
          by Buyer or its Affiliate to terminate Sellers' right to repurchase a
          Purchased Mortgage Loan if a Bid is accepted pursuant to this Section
          shall be applied by Buyer toward the outstanding Repurchase Price for
          the applicable Transaction.

     5. PRICE DIFFERENTIAL.

          a. On each Business Day that a Transaction is outstanding, the Pricing
          Rate shall be reset and, unless otherwise agreed, the accrued and
          unpaid Price Differential shall be settled in cash on each related
          Price Differential Payment Date. Two Business Days prior to the Price
          Differential Payment Date, Buyer shall give Sellers written or
          electronic notice of the amount of the Price Differential due on such
          Price Differential Payment Date. On the Price Differential Payment
          Date, Sellers shall pay to Buyer the Price Differential for such Price
          Differential Payment Date (along with any other amounts to be paid
          pursuant to Sections 7, and 34 hereof), by wire transfer in
          immediately available funds.

                                      -23-

          b. If Sellers fail to pay all or part of the Price Differential by
          3:00 p.m. (New York City time) on the related Price Differential
          Payment Date, with respect to any Purchased Mortgage Loan, Sellers
          shall be obligated to pay to Buyer (in addition to, and together with,
          the amount of such Price Differential) interest on the unpaid
          Repurchase Price at a rate per annum equal to the Post Default Rate
          until the Price Differential is received in full by Buyer.

          c. Sellers may remit to Buyer funds in $500,000 increments to be held
          as unsegregated cash margin and collateral for all Obligations under
          the Repurchase Agreement (such amount, to the extent not applied to
          Obligations under the Repurchase Agreement, the "Buydown Amount"). The
          Buydown Amount shall be used by Buyer in order to calculate the Price
          Differential, which will accrue on the Purchase Price then outstanding
          minus the Buydown Amount, applied to Transactions involving Conforming
          Mortgage Loans. The Sellers shall be entitled to request a drawdown of
          the Buydown Amount or remit additional funds to be added to the
          Buydown Amount in increments of $500,000 no more than one time per
          week. Without limiting the generality of the foregoing, in the event
          that a Margin Call or other Default exists, the Buyer shall be
          entitled to use any or all of the Buydown Amount to cure such
          circumstance or otherwise exercise remedies available to the Buyer
          without prior notice to, or consent from, the Sellers.

     6. MARGIN MAINTENANCE

          a. If at any time the Market Value of any Purchased Mortgage Loan
          subject to a Transaction is less than Buyer's Margin Amount for such
          Transaction (a "Margin Deficit"), then Buyer may by notice to any
          Seller require Sellers to transfer to Buyer cash in an amount at least
          equal to the Margin Deficit (such requirement, a "Margin Call").

          b. Notice delivered pursuant to Section 6(a) may be given by any
          written means. Any notice given before 10:00 a.m. (New York City time)
          on a Business Day shall be met, and the related Margin Call satisfied,
          no later than 5:00 p.m. (New York City time) on such Business Day;
          notice given after 10:00 a.m. (New York City time) on a Business Day
          shall be met, and the related Margin Call satisfied, no later than
          5:00 p.m. (New York City time) on the following Business Day (the
          foregoing time requirements for satisfaction of a Margin Call are
          referred to as the "Margin Deadlines"). The failure of Buyer, on any
          one or more occasions, to exercise its rights hereunder, shall not
          change or alter the terms and conditions to which this Agreement is
          subject or limit the right of Buyer to do so at a later date. Sellers
          and Buyer each agree that a failure or delay by Buyer to exercise its
          rights hereunder shall not limit or waive Buyer's rights under this
          Agreement or otherwise existing by law or in any way create additional
          rights for Sellers.

          c. In the event that a Margin Deficit exists with respect to any
          Purchased Mortgage Loan, Buyer may retain any funds received by it to
          which the Sellers would otherwise be entitled hereunder, which funds
          (i) shall be held by Buyer

                                      -24-

          against the related Margin Deficit and (ii) may be applied by Buyer
          against any Purchased Mortgage Loan for which the related Margin
          Deficit remains otherwise unsatisfied. Notwithstanding the foregoing,
          the Buyer retains the right, in its sole discretion, to make a Margin
          Call in accordance with the provisions of this Section 6.

     7. INCOME PAYMENTS

          a. If Income is paid in respect of any Purchased Mortgage Loan during
          the term of a Transaction, such Income shall be the property of Buyer.
          Notwithstanding the foregoing, and provided no Event of Default has
          occurred and is continuing, Buyer agrees that if a third-party
          Servicer is in place for any Purchased Mortgage Loans, such Servicer
          shall deposit such Income to the Collection Account. Sellers shall
          deposit all Income received in its capacity as Servicer of any
          Purchased Mortgage Loans to the Collection Account in accordance with
          Section 12(c) hereof.

          b. Provided no Event of Default has occurred and is continuing, on
          each Price Differential Payment Date, Sellers shall remit to Buyer an
          amount equal to the Price Differential out of the interest portion of
          the Income paid in respect to the Purchased Mortgage Loans for the
          preceding month in accordance with Section 5 of this Agreement. Upon
          termination of any Transaction, to the extent that there is any excess
          Income after repayment of all amounts to be transferred to Buyer by
          Sellers, Buyer, in its sole option, may apply the excess income to
          reduce the Repurchase Price due upon termination of any other
          outstanding Transactions.

          c. In the event that an Event of Default has occurred and is
          continuing, notwithstanding any provision set forth herein, Sellers
          shall remit to Buyer all Income received with respect to each
          Purchased Mortgage Loan on the related Price Differential Payment Date
          or on such other date or dates as Buyer notifies Sellers in writing.

          d. Notwithstanding any provision to the contrary in this Section 7,
          within two (2) Business Days of receipt by Sellers of any prepayment
          of principal in full, with respect to a Purchased Mortgage Loan,
          Sellers shall remit such amount to Buyer and Buyer shall immediately
          apply any such amount received by Buyer to reduce the amount of the
          Repurchase Price due upon termination of the related Transaction.

          e. Notwithstanding anything to the contrary set forth herein, upon
          notice by Buyer to Sellers, Sellers shall remit to Buyer all
          collections received by Servicer or Sellers on the Purchased Mortgage
          Loans in accordance with Buyer's directions no later than the day on
          which aggregate collections of principal and interest (excluding
          principal prepayments) on the Purchased Mortgaged Loans reaches an
          amount to be indicated by Buyer in its sole discretion.

                                      -25-

     8. SECURITY INTEREST

          Although the parties intend that all Transactions hereunder be sales
and purchases and not loans, in the event any such Transactions are deemed to be
loans, each Seller hereby pledges to Buyer as security for the performance by
Sellers of their Obligations and hereby grants, assigns and pledges to Buyer a
fully perfected first priority security interest in the Purchased Mortgage
Loans, the Records, and all related servicing rights, the Program Agreements (to
the extent such Program Agreements and each Seller's right thereunder relate to
the Purchased Mortgage Loans), any related Take-out Commitments, any Property
relating to the Purchased Mortgage Loans, all insurance policies and insurance
proceeds relating to any Purchased Mortgage Loan or the related Mortgaged
Property, including, but not limited to, any payments or proceeds under any
related primary insurance, hazard insurance and FHA Mortgage Insurance Contracts
and VA Loan Guaranty Agreements (if any), Income, the Collection Account,
Interest Rate Protection Agreements, accounts (including any interest of Sellers
in escrow accounts) and any other contract rights, instruments, accounts,
payments, rights to payment (including payments of interest or finance charges)
general intangibles and other assets relating to the Purchased Mortgage Loans
(including, without limitation, any other accounts) or any interest in the
Purchased Mortgage Loans, and any proceeds (including the related securitization
proceeds) and distributions with respect to any of the foregoing and any other
property, rights, title or interests as are specified on a Transaction Request
and/or Trust Receipt and Certification, in all instances, whether now owned or
hereafter acquired, now existing or hereafter created (collectively, the
"Repurchase Assets"). Sellers agree to execute, deliver and/or file such
documents and perform such acts as may be reasonably necessary to fully perfect
Buyer's security interest created hereby. Furthermore, the Sellers hereby
authorize the Buyer to file financing statements relating to the Repurchase
Assets, as the Buyer, at its option, may deem appropriate. The Sellers shall pay
the filing costs for any financing statement or statements prepared pursuant to
this Section.

     9. PAYMENT AND TRANSFER

          Unless otherwise mutually agreed in writing, all transfers of funds to
be made by Sellers hereunder shall be made in Dollars, in immediately available
funds, without deduction, set-off or counterclaim, to Buyer at the following
account maintained by Buyer: Account No. 3058 9442, for the account of CSFB
Buyer/MortgageIT Seller-Inbound Account, Citibank, ABA No. 021 000 089 or such
other account as Buyer shall specify to Sellers in writing. Sellers acknowledge
that they have no rights of withdrawal from the foregoing account. All Purchased
Mortgage Loans transferred by one party hereto to the other party shall be in
the case of a purchase by Buyer in suitable form for transfer or shall be
accompanied by duly executed instruments of transfer or assignment in blank and
such other documentation as Buyer may reasonably request. All Purchased Mortgage
Loans shall be evidenced by a Trust Receipt and Certification. Any Repurchase
Price received by Buyer after 2:00 p.m. (New York City time) shall be deemed
received on the next succeeding Business Day.

     10. CONDITIONS PRECEDENT

          a. Initial Transaction. As conditions precedent to the initial
          Transaction, Buyer shall have received on or before the day of such
          initial Transaction the following,

                                      -26-

          in form and substance satisfactory to Buyer and duly executed by
          Sellers and each other party thereto:

                    (1) Program Agreements. The Program Agreements (including
          without limitation a Custodial Agreement in a form acceptable to
          Buyer) duly executed and delivered by the parties thereto and being in
          full force and effect, free of any modification, breach or waiver.

                    (2) Security Interest. Evidence that all other actions
          necessary or, in the opinion of Buyer, desirable to perfect and
          protect Buyer's interest in the Purchased Mortgage Loans and other
          Repurchase Assets have been taken, including, without limitation, duly
          authorized and filed Uniform Commercial Code financing statements on
          Form UCC-1.

                    (3) Organizational Documents. A certificate of the corporate
          secretary of each Seller substantially in the form of Exhibit H
          hereto, attaching certified copies of each Seller's charter, bylaws
          and corporate resolutions approving the Program Agreements and
          transactions thereunder (either specifically or by general resolution)
          and all documents evidencing other necessary corporate action or
          governmental approvals as may be required in connection with the
          Program Agreements.

                    (4) Good Standing Certificate. A certified copy of a good
          standing certificate from the jurisdiction of organization of each
          Seller, dated as of no earlier than the date 10 Business Days prior to
          the Purchase Date with respect to the initial Transaction hereunder.

                    (5) Incumbency Certificate. An incumbency certificate of the
          corporate secretary of each Seller, certifying the names, true
          signatures and titles of the representatives duly authorized to
          request transactions hereunder and to execute the Program Agreements.

                    (6) Opinions of Counsel. Opinions of Sellers' counsel, in
          form and substance substantially as set forth in Exhibit F attached
          hereto.

                    (7) Underwriting Guidelines. A true and correct copy of the
          Underwriting Guidelines certified by an officer of each Seller.

                    (8) Fees. Payment of any fees due to Buyer hereunder.

                    (9) Insurance. Evidence that each Seller has added Buyer as
          an additional loss payee under the Sellers' Fidelity Insurance.

          b. All Transactions. The obligation of Buyer to enter into each
          Transaction pursuant to this Agreement is subject to the following
          conditions precedent:

                                      -27-

                    (1) Due Diligence Review. Without limiting the generality of
          Section 35 hereof, Buyer shall have completed, to its satisfaction,
          its due diligence review of the related Mortgage Loans and the
          Sellers.

                    (2) Required Documents.

               (a) With respect to each Purchased Mortgage Loan which is not a
          Wet-Ink Mortgage Loan, the Mortgage File has been delivered to the
          Custodian (i) with respect to any purchase of 25 or fewer Mortgage
          Loans on a single Purchase Date, on or prior to 3:00 p.m. (New York
          City time) on the Purchase Date, and (ii) with respect to any purchase
          of 26 or more Mortgage Loans on a single Purchase Date, at least 24
          hours prior to the Purchase Date;

               (b) With respect to each Wet-Ink Mortgage Loan, the Wet-Ink
          Documents have been delivered to Buyer or Custodian, as the case may
          be, by 3:00 p.m. (New York City time) on the Purchase Date.

                    (3) Transaction Documents. Buyer or its designee shall have
          received on or before the day of such Transaction (unless otherwise
          specified in this Agreement) the following, in form and substance
          satisfactory to Buyer and (if applicable) duly executed:

               (a) A Transaction Request delivered pursuant to Section 3(c)
          hereof and a Purchase Confirmation.

               (b) The Request for Certification and the related Custodial
          Mortgage Loan Schedule, and the Trust Receipt.

               (c) Such certificates, opinions of counsel or other documents as
          Buyer may reasonably request.

                    (4) No Default. No Default or Event of Default shall have
          occurred and be continuing;

                    (5) Requirements of Law. Buyer shall not have determined
          that the introduction of or a change in any Requirement of Law or in
          the interpretation or administration of any Requirement of Law
          applicable to Buyer has made it unlawful, and no Governmental
          Authority shall have asserted that it is unlawful, for Buyer to enter
          into Transactions with a Pricing Rate based on LIBOR.

                    (6) Representations and Warranties. Both immediately prior
          to the related Transaction and also after giving effect thereto and to
          the intended use thereof, the representations and warranties made by
          Sellers in each Program Agreement shall be true, correct and complete
          on and as of such Purchase Date in all material respects with the same
          force and effect as if made on and as of such date (or, if any such
          representation or warranty is expressly stated to have been made as of
          a specific date, as of such specific date).

                                      -28-

                    (7) Electronic Tracking Agreement. To the extent Sellers are
          selling Mortgage Loans which are registered on the MERS(R) System, an
          Electronic Tracking Agreement entered into, duly executed and
          delivered by the parties thereto and being in full force and effect,
          free of any modification, breach or waiver.

                    (8) Material Adverse Change. None of the following shall
          have occurred and/or be continuing:

               (a) Credit Suisse First Boston, New York Branch's corporate bond
          rating as calculated by S&P or Moody's has been lowered or downgraded
          to a rating below investment grade by S&P or Moody's;

               (b) an event or events shall have occurred in the good faith
          determination of Buyer resulting in the effective absence of a "repo
          market" or comparable "lending market" for financing debt obligations
          secured by mortgage loans or securities or an event or events shall
          have occurred resulting in Buyer not being able to finance Purchased
          Mortgage Loans through the "repo market" or "lending market" with
          traditional counterparties at rates which would have been reasonable
          prior to the occurrence of such event or events; or

               (c) an event or events shall have occurred resulting in the
          effective absence of a "securities market" for securities backed by
          mortgage loans or an event or events shall have occurred resulting in
          Buyer not being able to sell securities backed by mortgage loans at
          prices which would have been reasonable prior to such event or events;
          or

               (d) there shall have occurred a material adverse change in the
          financial condition of Buyer which affects (or can reasonably be
          expected to affect) materially and adversely the ability of Buyer to
          fund its obligations under this Agreement.

     11. PROGRAM; COSTS

          a. Sellers shall reimburse Buyer for any of Buyer's reasonable
          out-of-pocket costs, including due diligence review costs and
          reasonable attorney's fees, incurred by Buyer in determining the
          acceptability to Buyer of any Mortgage Loans. Sellers shall also pay,
          or reimburse Buyer if Buyer shall pay, any termination fee, which may
          be due any servicer. Sellers shall pay the fees and expenses of
          Buyer's counsel in connection with the Program Agreements. Legal fees
          for any subsequent amendments to this Agreement or related documents
          shall be borne by Sellers. Sellers shall pay ongoing custodial and
          bank fees and expenses as set forth on Exhibit L hereto, and any other
          ongoing fees and expenses under any other Program Document.

          b. If Buyer determines that, due to the introduction of, any change
          in, or the compliance by Buyer with (i) any eurocurrency reserve
          requirement or (ii) the interpretation of any law, regulation or any
          guideline or request from any central

                                      -29-

          bank or other Governmental Authority (whether or not having the force
          of law), there shall be an increase in the cost to Buyer in engaging
          in the present or any future Transactions, then Sellers agree to pay
          to Buyer, from time to time, upon demand by Buyer (with a copy to
          Custodian) the actual cost of additional amounts as specified by Buyer
          to compensate Buyer for such increased costs.

          c. With respect to any Transaction, Buyer may conclusively rely upon,
          and shall incur no liability to Sellers in acting upon, any request or
          other communication that Buyer reasonably believes to have been given
          or made by a person authorized to enter into a Transaction on Sellers'
          behalf, whether or not such person is listed on the certificate
          delivered pursuant to Section 10(a)(5) hereof. In each such case,
          Sellers hereby waive the right to dispute Buyer's record of the terms
          of the Purchase Confirmation, request or other communication.

          d. Notwithstanding the assignment of the Program Agreements with
          respect to each Purchased Mortgage Loan to Buyer, each Seller agrees
          and covenants with Buyer to enforce diligently Sellers' rights and
          remedies set forth in the Program Agreements.

          e. Any payments made by Sellers to Buyer shall be free and clear of,
          and without deduction or withholding for, any taxes; provided,
          however, that if such payer shall be required by law to deduct or
          withhold any taxes from any sums payable to Buyer, then such payer
          shall (A) make such deductions or withholdings and pay such amounts to
          the relevant authority in accordance with applicable law, (B) pay to
          Buyer the sum that would have been payable had such deduction or
          withholding not been made, and (C) at the time Price Differential is
          paid, pay to Buyer all additional amounts as specified by Buyer to
          preserve the after-tax yield Buyer would have received if such tax had
          not been imposed, and otherwise indemnify Buyer for any such taxes
          imposed.

     12. SERVICING

          a. Sellers, on Buyer's behalf, shall contract with Servicer to, or if
          any Seller is the Servicer, such Seller shall, service the Mortgage
          Loans consistent with the degree of skill and care that each Seller
          customarily requires with respect to similar Mortgage Loans owned or
          managed by it and in accordance with Accepted Servicing Practices. The
          Servicer shall (i) comply with all applicable Federal, State and local
          laws and regulations, (ii) maintain all state and federal licenses
          necessary for it to perform its servicing responsibilities hereunder
          and (iii) not impair the rights of Buyer in any Mortgage Loans or any
          payment thereunder. Buyer may terminate the servicing of any Mortgage
          Loan with the then-existing servicer in accordance with Section 12(e)
          hereof.

          b. Sellers shall cause the Servicer to hold or cause to be held all
          escrow funds collected by Servicer with respect to any Purchased
          Mortgage Loans in trust accounts and shall apply the same for the
          purposes for which such funds were collected.

                                      -30-

          c. Sellers shall cause the Servicer to deposit all collections
          received by Servicer on the Purchased Mortgage Loans in the Collection
          Account no later than the 5th Business Day following receipt;
          provided, however, that any amounts required to be remitted to Buyer
          shall be deposited in the Collection Account on or prior to the day on
          which such remittance is to occur.

          d. Upon Buyer's request, Sellers shall provide promptly to Buyer a
          Servicer Notice addressed to and agreed to by the Servicer of the
          related Purchased Mortgage Loans, advising such Servicer of such
          matters as Buyer may reasonably request, including, without
          limitation, recognition by the Servicer of Buyer's interest in such
          Purchased Mortgage Loans and the Servicer's agreement that upon
          receipt of notice of an Event of Default from Buyer, it will follow
          the instructions of Buyer with respect to the Purchased Mortgage Loans
          and any related Income with respect thereto.

          e. Upon the occurrence of an Event of Default hereunder or a material
          default under the Servicing Agreement, Buyer shall have the right to
          immediately terminate the Servicer's right to service the Purchased
          Mortgage Loans under the Servicing Agreement without payment of any
          penalty or termination fee. Sellers and the Servicer shall cooperate
          in transferring the servicing of the Purchased Mortgage Loans to a
          successor servicer appointed by Buyer in its sole discretion.

          f. If Sellers should discover that, for any reason whatsoever, Sellers
          or any entity responsible to Sellers for managing or servicing any
          such Purchased Mortgage Loan has failed to perform fully Sellers'
          obligations under the Program Agreements or any of the obligations of
          such entities with respect to the Purchased Mortgage Loans, Sellers
          shall promptly notify Buyer.

     13. REPRESENTATIONS AND WARRANTIES

          a. Each Seller represents and warrants to Buyer as of the date hereof
          and as of each Purchase Date for any Transaction that:

                    (1) Seller Existence. MortgageIT has been duly organized and
          is validly existing as a corporation in good standing under the laws
          of the State of New York. Holdings has been duly organized and is
          validly existing as a corporation in good standing under the laws of
          the State of Maryland.

                    (2) Licenses. Each Seller is duly licensed or is otherwise
          qualified in each jurisdiction in which it transacts business for the
          business which it conducts and is not in default of any applicable
          federal, state or local laws, rules and regulations unless, in either
          instance, the failure to take such action is not reasonably likely
          (either individually or in the aggregate) to cause a Material Adverse
          Effect and is not in default of such state's applicable laws, rules
          and regulations. Each Seller has the requisite power and authority and
          legal right to originate and purchase Mortgage Loans (as applicable)
          and to own, sell and grant a lien on all of its right, title and
          interest in and to the Mortgage Loans, and to

                                      -31-

          execute and deliver, engage in the transactions contemplated by, and
          perform and observe the terms and conditions of, this Agreement, each
          Program Agreement and any Transaction Request or, if applicable,
          Purchase Confirmation. Each Seller is an FHA Approved Mortgagee and VA
          Approved Lender.

                    (3) Power. Each Seller has all requisite corporate or other
          power, and has all governmental licenses, authorizations, consents and
          approvals necessary to own its assets and carry on its business as now
          being or as proposed to be conducted, except where the lack of such
          licenses, authorizations, consents and approvals would not be
          reasonably likely to have a Material Adverse Effect.

                    (4) Due Authorization. Each Seller has all necessary
          corporate or other power, authority and legal right to execute,
          deliver and perform its obligations under each of the Program
          Agreements, as applicable. This Agreement, any Transaction Request,
          Purchase Confirmation and the Program Agreements have been (or, in the
          case of Program Agreements and any Transaction Request, Purchase
          Confirmation not yet executed, will be) duly authorized, executed and
          delivered by such Seller, all requisite or other corporate action
          having been taken, and each is valid, binding and enforceable against
          such Seller in accordance with its terms except as such enforcement
          may be affected by bankruptcy, by other insolvency laws, or by general
          principles of equity.

                    (5) Financial Statements. Holdings has heretofore furnished
          to Buyer a copy of (a) its consolidated and consolidating balance
          sheet and the consolidated balance sheets of its consolidated
          Subsidiaries for the fiscal year of Holdings ended December 31, 2003
          and the related consolidated and consolidating statements of income
          and retained earnings and of cash flows for Holdings and its
          consolidated Subsidiaries for such fiscal year, setting forth in each
          case in comparative form the figures for the previous year, with the
          opinion thereon of BDO Seidman, LLP and (b) its consolidated balance
          sheet and the consolidated balance sheets of its consolidated
          Subsidiaries for the quarterly fiscal periods of Holdings ended March
          31, 2004, June 30, 2004 and September 30, 2004 and the related
          consolidated statements of income and retained earnings and of cash
          flows for Holdings and its consolidated Subsidiaries for such
          quarterly fiscal periods, setting forth in each case in comparative
          form the figures for the previous year. All such financial statements
          are complete and correct and fairly present, in all material respects,
          the consolidated financial condition of Holdings and its Subsidiaries
          and the consolidated results of its operations as at such dates and
          for such fiscal periods, all in accordance with GAAP applied on a
          consistent basis. Since December 31, 2004, there has been no material
          adverse change in the consolidated business, operations or financial
          condition of Holdings and its consolidated Subsidiaries taken as a
          whole from that set forth in said financial statements nor is Holdings
          aware of any state of facts which (with notice or the lapse of time)
          would or could result in any such material adverse change. Holdings
          has, on the date of the statements delivered pursuant to this Section
          (the "Statement Date") no liabilities, direct or indirect, fixed or
          contingent, matured or unmatured, known or unknown, or liabilities for
          taxes, long-term leases or

                                      -32-

          unusual forward or long-term commitments not disclosed by, or reserved
          against in, said balance sheet and related statements, and at the
          present time there are no material unrealized or anticipated losses
          from any loans, advances or other commitments of Holdings except as
          heretofore disclosed to Buyer in writing.

                    (6) Event of Default. There exists no Event of Default under
          Section 15(b) hereof, which default gives rise to a right to
          accelerate indebtedness as referenced in Section 15(b) hereof.

                    (7) Solvency. Each Seller is solvent and will not be
          rendered insolvent by any Transaction and, after giving effect to such
          Transaction, will not be left with an unreasonably small amount of
          capital with which to engage in its business. Neither Seller intends
          to incur, nor does it believe that it has incurred, debts beyond its
          ability to pay such debts as they mature and is not contemplating the
          commencement of insolvency, bankruptcy, liquidation or consolidation
          proceedings or the appointment of a receiver, liquidator, conservator,
          trustee or similar official in respect of such entity or any of its
          assets. The amount of consideration being received by Sellers upon the
          sale of the Purchased Mortgage Loans to Buyer constitutes reasonably
          equivalent value and fair consideration for such Purchased Mortgage
          Loans. Sellers are not transferring any Purchased Mortgage Loans with
          any intent to hinder, delay or defraud any of its creditors.

                    (8) No Conflicts. The execution, delivery and performance by
          each Seller of this Agreement, any Transaction Request or Purchase
          Confirmation hereunder and the Program Agreements do not conflict with
          any term or provision of the certificate of incorporation or by-laws
          of such Seller or any law, rule, regulation, order, judgment, writ,
          injunction or decree applicable to such Seller of any court,
          regulatory body, administrative agency or governmental body having
          jurisdiction over such Seller, which conflict would have a Material
          Adverse Effect and will not result in any violation of any such
          mortgage, instrument, agreement or obligation to which such Seller is
          a party.

                    (9) True and Complete Disclosure. All information, reports,
          exhibits, schedules, financial statements or certificates of Sellers
          or any Affiliate thereof or any of their officers furnished or to be
          furnished to Buyer in connection with the initial or any ongoing due
          diligence of Sellers, or any Affiliate or officer thereof,
          negotiation, preparation, or delivery of the Program Agreements are
          true and complete and do not omit to disclose any material facts
          necessary to make the statements herein or therein, in light of the
          circumstances in which they are made, not misleading. All financial
          statements have been prepared in accordance with GAAP.

                    (10) Approvals. No consent, approval, authorization or order
          of, registration or filing with, or notice to any governmental
          authority or court is required under applicable law in connection with
          the execution, delivery and performance by Sellers of this Agreement,
          any Transaction Request, Purchase Confirmation and the Program
          Agreements.

                                      -33-

                    (11) Litigation. There is no action, proceeding or
          investigation pending with respect to which either Seller has received
          service of process or, to the best of Sellers' knowledge threatened
          against it before any court, administrative agency or other tribunal
          (A) asserting the invalidity of this Agreement, any Transaction,
          Transaction Request, Purchase Confirmation or any Program Agreement,
          (B) seeking to prevent the consummation of any of the transactions
          contemplated by this Agreement, any Transaction Request, Purchase
          Confirmation or any Program Agreement, (C) makes a claim individually
          or in an aggregate amount greater than $25 million, (D) which requires
          filing with the Securities and Exchange Commission in accordance with
          the 1934 Act or any rules thereunder or (E) which might materially and
          adversely affect the validity of the Mortgage Loans or the performance
          by it of its obligations under, or the validity or enforceability of,
          this Agreement, any Transaction Request, Purchase Confirmation or any
          Program Agreement.

                    (12) Material Adverse Change. There has been no material
          adverse change in the business, operations, financial condition,
          properties or prospects of either Seller or their respective
          Affiliates since the date set forth in the most recent financial
          statements supplied to Buyer.

                    (13) Ownership. Upon payment of the Purchase Price and the
          filing of the financing statement and delivery of the Mortgage Files
          to the Custodian and the Custodian's receipt of the related Request
          for Certification, Buyer shall become the sole owner of the Purchased
          Mortgage Loans and related Repurchase Assets, free and clear of all
          liens and encumbrances.

                    (14) Underwriting Guidelines. The Underwriting Guidelines
          provided to Buyer are the true and correct Underwriting Guidelines of
          the Sellers.

                    (15) Taxes. Sellers and their Subsidiaries have timely filed
          all tax returns that are required to be filed by them and have paid
          all taxes, except for any such taxes as are being appropriately
          contested in good faith by appropriate proceedings diligently
          conducted and with respect to which adequate reserves have been
          provided. The charges, accruals and reserves on the books of Sellers
          and their Subsidiaries in respect of taxes and other governmental
          charges are, in the opinion of Sellers, adequate.

                    (16) Investment Company. Neither Seller nor any of their
          respective Subsidiaries is an "investment company", or a company
          "controlled" by an "investment company," within the meaning of the
          Investment Company Act of 1940, as amended.

                    (17) Chief Executive Office; Jurisdiction of Organization.
          On the Effective Date, MortgageIT's chief executive office, is, and
          has been, located at 33 Maiden Lane, 6th Floor, New York, New York
          10038. On the Effective Date, MortgageIT's jurisdiction of
          organization is New York. On the Effective Date, Holding's chief
          executive office, is, and has been, located at 33 Maiden

                                      -34-

          Lane, 6th Floor, New York, New York 10038. On the Effective Date,
          Holding's jurisdiction of organization is Maryland. Each Seller shall
          provide Buyer with thirty days advance notice of any change in such
          Seller's principal office or place of business or jurisdiction.
          Neither Seller has a trade name other than as set forth on Schedule 2.
          During the preceding five years, neither Seller has been known by or
          done business under any other name, corporate or fictitious, and has
          not filed or had filed against it any bankruptcy receivership or
          similar petitions nor has it made any assignments for the benefit of
          creditors.

                    (18) Location of Books and Records. The location where
          Sellers keeps their books and records, including all computer tapes
          and records relating to the Purchased Mortgage Loans and the related
          Repurchase Assets are their respective chief executive offices.

                    (19) Adjusted Tangible Net Worth. On the Effective Date,
          Sellers' Adjusted Tangible Net Worth is not less than $170,000,000.

                    (20) ERISA. Each Plan to which a Seller or its Subsidiaries
          make direct contributions, and, to the knowledge of Sellers, each
          other Plan and each Multiemployer Plan, is in compliance in all
          material respects with, and has been administered in all material
          respects in compliance with, the applicable provisions of ERISA, the
          Code and any other Federal or State law.

                    (21) Adverse Selection. Sellers have not selected the
          Purchased Mortgage Loans in a manner so as to adversely affect Buyer's
          interests.

                    (22) Agreements. Neither Seller nor any Subsidiary of
          Sellers is a party to any agreement, instrument, or indenture or
          subject to any restriction materially and adversely affecting its
          business, operations, assets or financial condition, except as
          disclosed in the financial statements described in Section 13(a)(5)
          hereof. Neither Seller nor any Subsidiary of Sellers is in default in
          the performance, observance or fulfillment of any of the obligations,
          covenants or conditions contained in any agreement, instrument, or
          indenture which default could have a material adverse effect on the
          business, operations, properties, or financial condition of Seller as
          a whole. No holder of any indebtedness of Sellers or of any of its
          Subsidiaries has given notice of any asserted default thereunder.

                    (23) Other Indebtedness. All Indebtedness (other than
          Indebtedness evidenced by this Agreement) of Sellers existing on the
          date hereof is listed on Exhibit J hereto (the "Existing
          Indebtedness").

                    (24) Agency Approvals. With respect to each Agency Security
          and to the extent necessary, each Seller is an FHA Approved Mortgagee,
          a VA Approved Lender. Each Seller is also approved by Fannie Mae as an
          approved lender and Freddie Mac as an approved seller/servicer, and,
          to the extent necessary, approved by the Secretary of Housing and
          Urban Development pursuant to Sections 203 and 211 of the National
          Housing Act. In each such case,

                                      -35-

          each Seller in good standing, with no event having occurred or either
          Seller having any reason whatsoever to believe or suspect will occur
          prior to the issuance of the Agency Security or the consummation of
          the Take-out Commitment, as the case may be, including, without
          limitation, a change in insurance coverage which would either make
          either Seller unable to comply with the eligibility requirements for
          maintaining all such applicable approvals or require notification to
          the relevant Agency or to the Department of Housing and Urban
          Development, FHA or VA. Should either Seller for any reason cease to
          possess all such applicable approvals, or should notification to the
          relevant Agency or to the Department of Housing and Urban Development,
          FHA or VA be required, Sellers shall so notify Buyer immediately in
          writing. Each Seller has adequate financial standing, servicing
          facilities, procedures and experienced personnel necessary for the
          sound servicing of mortgage loans of the same types as may from time
          to time constitute Mortgage Loans and in accordance with Accepted
          Servicing Practices.

                    (25) No Reliance. Each Seller has made its own independent
          decisions to enter into the Program Agreements and each Transaction
          and as to whether such Transaction is appropriate and proper for it
          based upon its own judgment and upon advice from such advisors
          (including without limitation, legal counsel and accountants) as it
          has deemed necessary. Neither Seller is relying upon any advice from
          Buyer as to any aspect of the Transactions, including without
          limitation, the legal, accounting or tax treatment of such
          Transactions.

                    (26) Plan Assets. Neither Seller is an employee benefit plan
          as defined in Section 3 of Title I of ERISA, or a plan described in
          Section 4975(e)(1) of the Code, and the Purchased Mortgage Loans are
          not "plan assets" within the meaning of 29 CFR Section 2510.3-101 in
          the Sellers' hands.

                    (27) Real Estate Investment Trust. Holdings has not engaged
          in any material "prohibited transactions" as defined in Section
          857(b)(6)(B)(iii) and (C) of the Code. Holdings for its current "tax
          year" (as defined in the Code) is entitled to a dividends paid
          deduction under the requirements of Section 857 of the Code with
          respect to any dividends paid by it with respect to each such year for
          which it claims a deduction in its Form 1120-REIT filed with the
          United States Internal Revenue Service for such year.

          b. With respect to every Purchased Mortgage Loan, each Seller jointly
          and severally represents and warrants to Buyer as of the applicable
          Purchase Date for any Transaction and each date thereafter that each
          representation and warranty set forth on Schedule 1 is true and
          correct in all material respects except with respect to an Exception
          Mortgage Loan, such exceptions as have been approved by the Buyer.

          c. The representations and warranties set forth in this Agreement
          shall survive transfer of the Purchased Mortgage Loans to Buyer and
          shall continue for so long as the Purchased Mortgage Loans are subject
          to this Agreement. Upon discovery

                                      -36-

          by Sellers, Servicer or Buyer of any breach of any of the
          representations or warranties set forth in this Agreement, the party
          discovering such breach shall promptly give notice of such discovery
          to the others. Buyer has the right to require, in its unreviewable
          discretion, Sellers to repurchase within 1 Business Day after receipt
          of notice from Buyer any Purchased Mortgage Loan (i) for which a
          breach of one or more of the representations and warranties referenced
          in Section 13(b) exists and which breach has a material adverse effect
          on the value of such Mortgage Loan or the interests of Buyer or (ii)
          which is determined by Buyer, in its good faith discretion, to be
          unacceptable for inclusion in a securitization.

     14. COVENANTS

Each Seller jointly and severally covenants with Buyer that, during the term of
this facility:

          a. Adjusted Tangible Net Worth. Sellers, on a consolidated basis,
          shall maintain an Adjusted Tangible Net Worth of at least the sum of
          (i) $170,000,000.

          b. Indebtedness to Adjusted Tangible Net Worth Ratio. During the
          period beginning on the date hereof through and including May 31,
          2005, Sellers' combined ratio of Indebtedness to Adjusted Tangible Net
          Worth shall not exceed 25:1. During the period beginning on June 1,
          2005 through and including the Termination Date, Sellers' combined
          ratio of Indebtedness to Adjusted Tangible Net Worth shall not exceed
          20:1.

          c. Litigation. Sellers will promptly, and in any event within ten (10)
          days after service of process on any of the following, give to Buyer
          notice of all litigation, actions, suits, arbitrations, investigations
          (including, without limitation, any of the foregoing which are
          threatened or pending) or other legal or arbitrable proceedings
          affecting either Seller or any of their Subsidiaries or affecting any
          of the Property of any of them before any Governmental Authority that
          (i) questions or challenges the validity or enforceability of any of
          the Program Agreements or any action to be taken in connection with
          the transactions contemplated hereby, (ii) makes a claim individually
          or in an aggregate amount greater than $25 million, or (iii) which,
          individually or in the aggregate, if adversely determined, could be
          reasonably likely to have a Material Adverse Effect. Sellers will
          promptly provide notice of any judgment, which with the passage of
          time, could cause an Event of Default hereunder.

          d. Prohibition of Fundamental Changes. Neither Seller shall enter into
          any transaction of merger or consolidation or amalgamation, or
          liquidate, wind up or dissolve itself (or suffer any liquidation,
          winding up or dissolution) or sell all or substantially all of its
          assets; provided, that either Seller may merge or consolidate with (a)
          any wholly owned subsidiary of either Seller, or (b) any other Person
          if such Seller is the surviving corporation; and provided further,
          that if after giving effect thereto, no Default would exist hereunder.

                                      -37-

          e. Maintenance of Profitability. Sellers shall not permit, for any
          Test Period, Net Income for such Test Period, before income taxes for
          such Test Period and distributions made during such Test Period, to be
          less than $1.00.

          f. Servicer; Asset Tape. Upon the occurrence of any of the following
          (a) the occurrence and continuation of an Event of Default, (b) upon
          any Purchased Mortgage Loan becoming an Aged Loan, (c) the eleventh
          calendar day of each month, or (d) upon the request of Buyer, Seller
          shall cause Servicer to provide to Buyer, electronically, in a format
          mutually acceptable to Buyer and Sellers, an Asset Tape by no later
          than the Reporting Date. Sellers shall not cause the Mortgage Loans to
          be serviced by any servicer other than a servicer expressly approved
          in writing by Buyer, which approval shall be deemed granted by Buyer
          with respect to Seller and GMAC with the execution of this Agreement.

          g. Insurance. The Sellers shall continue to maintain, for Sellers and
          their Subsidiaries, Fidelity Insurance in an aggregate amount at least
          equal to $2,000,000 with respect to errors and omissions insurance and
          $5,000,000 with respect to blanket insurance policy.. The Sellers
          shall maintain, for Sellers and their Subsidiaries, Fidelity Insurance
          in respect of their officers, employees and agents, with respect to
          any claims made in connection with all or any portion of the
          Repurchase Assets. The Sellers shall notify the Buyer of any material
          change in the terms of any such Fidelity Insurance.

          h. No Adverse Claims. Sellers warrant and will defend, and shall cause
          any Servicer to defend, the right, title and interest of Buyer in and
          to all Purchased Mortgage Loans and the related Repurchase Assets
          against all adverse claims and demands.

          i. Assignment. Except as permitted herein, neither Seller nor any
          Servicer shall sell, assign, transfer or otherwise dispose of, or
          grant any option with respect to, or pledge, hypothecate or grant a
          security interest in or lien on or otherwise encumber (except pursuant
          to the Program Agreements), any of the Purchased Mortgage Loans or any
          interest therein, provided that this Section shall not prevent any
          transfer of Purchased Mortgage Loans in accordance with the Program
          Agreements.

          j. Security Interest. Sellers shall do all things necessary to
          preserve the Purchased Mortgage Loans and the related Repurchase
          Assets so that they remain subject to a first priority perfected
          security interest hereunder. Without limiting the foregoing, Sellers
          will comply with all rules, regulations and other laws of any
          Governmental Authority and cause the Purchased Mortgage Loans or the
          related Repurchase Assets to comply with all applicable rules,
          regulations and other laws. Sellers will not allow any default for
          which any Seller is responsible to occur under any Purchased Mortgage
          Loans or the related Repurchase Assets or any Program Agreement and
          Sellers shall fully perform or cause to be performed when due all of
          its obligations under any Purchased Mortgage Loans or the related
          Repurchase Assets and any Program Agreement.

                                      -38-

          k. Records.

                    (1) Sellers shall collect and maintain or cause to be
          collected and maintained all Records relating to the Purchased
          Mortgage Loans in accordance with industry custom and practice for
          assets similar to the Purchased Mortgage Loans, including those
          maintained pursuant to the preceding subparagraph, and all such
          Records shall be in Custodian's possession unless Buyer otherwise
          approves. Neither Seller will allow any such papers, records or files
          that are an original or an only copy to leave Custodian's possession,
          except for individual items removed in connection with servicing a
          specific Mortgage Loan, in which event Sellers will obtain or cause to
          be obtained a receipt from a financially responsible person for any
          such paper, record or file. Each Seller or the Servicer of the
          Purchased Mortgage Loans will maintain all such Records not in the
          possession of Custodian in good and complete condition in accordance
          with industry practices for assets similar to the Purchased Mortgage
          Loans and preserve them against loss.

                    (2) For so long as Buyer has an interest in or lien on any
          Purchased Mortgage Loan, the applicable Seller will hold or cause to
          be held all related Records in trust for Buyer. Sellers shall notify,
          or cause to be notified, every other party holding any such Records of
          the interests and liens in favor of Buyer granted hereby.

                    (3) Upon reasonable advance notice from Custodian or Buyer,
          the applicable Seller shall (x) make any and all such Records
          available to Custodian or Buyer to examine any such Records, either by
          its own officers or employees, or by agents or contractors, or both,
          and make copies of all or any portion thereof, and (y) permit Buyer or
          its authorized agents to discuss the affairs, finances and accounts of
          such Seller with its chief operating officer and chief financial
          officer and to discuss the affairs, finances and accounts of such
          Seller with its independent certified public accountants.

          l. Books. Each Seller shall keep or cause to be kept in reasonable
          detail books and records of account of its assets and business and
          shall clearly reflect therein the transfer of Purchased Mortgage Loans
          to Buyer.

          m. Approvals. Sellers shall maintain all licenses, permits or other
          approvals necessary for Sellers to conduct their business and to
          perform its obligations under the Program Agreements, and Sellers
          shall conduct their business strictly in accordance with applicable
          law.

          n. Material Change in Business. Neither Seller shall make any material
          change in the nature of its business as carried on at the date hereof.

          o. Underwriting Guidelines. Without the prior written consent of
          Buyer, Sellers shall not amend or otherwise modify the Underwriting
          Guidelines. Without limiting the foregoing, in the event that either
          Seller makes any amendment or

                                      -39-

          modification to the Underwriting Guidelines, such Seller shall
          promptly deliver to Buyer a complete copy of the amended or modified
          Underwriting Guidelines.

          p. Distributions. If an Event of Default has occurred and is
          continuing, neither Seller shall pay any dividends with respect to any
          capital stock or other equity interests in such entity, whether now or
          hereafter outstanding, or make any other distribution in respect
          thereof, either directly or indirectly, whether in cash or property or
          in obligations of such Seller.

          q. Applicable Law. Each Seller shall comply with the requirements of
          all applicable laws, rules, regulations and orders of any Governmental
          Authority.

          r. Existence. Each Seller shall preserve and maintain its legal
          existence and all of its material rights, privileges, licenses and
          franchises.

          s. Chief Executive Office; Jurisdiction of Organization. Neither
          Seller shall move its chief executive office from the address referred
          to in Section 13(a)(17) or change its jurisdiction of organization
          from the jurisdiction referred to in Section 13(a)(17) unless it shall
          have provided Buyer 30 days' prior written notice of such change.

          t. Taxes. Each Seller shall timely file all tax returns that are
          required to be filed by it and shall timely pay and discharge all
          taxes, assessments and governmental charges or levies imposed on it or
          on its income or profits or on any of its property prior to the date
          on which penalties attach thereto, except for any such tax,
          assessment, charge or levy the payment of which is being contested in
          good faith and by proper proceedings and against which adequate
          reserves are being maintained.

          u. Transactions with Affiliates. Neither Seller will enter into any
          transaction, including, without limitation, any purchase, sale, lease
          or exchange of property or the rendering of any service, with any
          Affiliate unless such transaction is (a) otherwise permitted under the
          Program Agreements, (b) in the ordinary course of such Seller's
          business and (c) upon fair and reasonable terms no less favorable to
          such Seller than it would obtain in a comparable arm's length
          transaction with a Person which is not an Affiliate, or make a payment
          that is not otherwise permitted by this Section to any Affiliate.

          v. Guarantees. Neither Seller shall create, incur, assume or suffer to
          exist any Guarantees, except (i) to the extent reflected in Seller's
          financial statements or notes thereto and (ii) to the extent the
          aggregate Guarantees of either Seller do not exceed $2,000,000.

          w. Indebtedness. Sellers shall not incur any additional material
          Indebtedness (other than (i) the Existing Indebtedness in amounts not
          to exceed the amounts specified on Exhibit J hereto and (ii) usual and
          customary accounts payable for a mortgage company) without the prior
          written consent of Buyer.

                                      -40-

          x. Hedging. Sellers shall deliver to Buyer a written summary of their
          hedging policies and procedures, and promptly upon any change thereto,
          a written summary thereof. Sellers shall enter into and maintain
          Interest Rate Protection Agreements in accordance with their hedging
          policies and procedures.

          y. True and Correct Information. All information, reports, exhibits,
          schedules, financial statements or certificates of each Seller, any
          Affiliate thereof or any of their officers furnished to Buyer
          hereunder and during Buyer's diligence of such Seller are and will be
          true and complete in all material respects and do not omit to disclose
          any material facts necessary to make the statements herein or therein,
          in light of the circumstances in which they are made, not misleading.
          All required financial statements, information and reports delivered
          by each Seller to Buyer pursuant to this Agreement shall be prepared
          in accordance with U.S. GAAP, or, if applicable, to SEC filings, the
          appropriate SEC accounting regulations.

          z. Agency Approvals; Servicing. MortgageIT shall maintain its status
          with Fannie Mae as an approved lender and Freddie Mac as an approved
          seller/servicer, in each case in good standing. MortgageIT shall
          service or cause to be serviced all Purchased Mortgage Loans which are
          Committed Mortgage Loans in accordance with the applicable agency
          guide. Should MortgageIT, for any reason, cease to possess all such
          applicable Agency Approvals, or should notification to the relevant
          Agency or to the Department of Housing and Urban Development, FHA or
          VA be required, MortgageIT shall so notify Buyer immediately in
          writing. Notwithstanding the preceding sentence, such Seller shall
          take all necessary action to maintain all of its applicable Agency
          Approvals at all times during the term of this Agreement and each
          outstanding Transaction. MortgageIT has adequate financial standing,
          servicing facilities, procedures and experienced personnel necessary
          for the sound servicing of mortgage loans of the same types as may
          from time to time constitute Mortgage Loans and in accordance with
          Accepted Servicing Practices.

          aa. Take-out Payments. With respect to each Committed Mortgage Loan,
          Sellers shall arrange that all payments under the related Take-out
          Commitment shall be paid directly to Buyer at the account set forth in
          Section 9 hereof, or to an account approved by Buyer in writing prior
          to such payment. With respect to any Agency Take-out Commitment, if
          applicable, (1) with respect to the wire transfer instructions as set
          forth in Freddie Mac Form 987 (Wire Transfer Authorization for a Cash
          Warehouse Delivery) such wire transfer instructions are identical to
          Buyer's wire instructions or Buyer has approved such wire transfer
          instructions in writing in its sole discretion, or (2) the Payee
          Number set forth on Fannie Mae Form 1068 (Fixed-Rate,
          Graduated-Payment, or Growing-Equity Mortgage Loan Schedule) or Fannie
          Mae Form 1069 (Adjustable-Rate Mortgage Loan Schedule), as applicable,
          is identical to the Payee Number that has been identified by Buyer in
          writing as Buyer's Payee Number or Buyer has previously approved the
          related Payee Number in writing in its sole discretion; with respect
          to any Take-out Commitment with an Agency, the applicable agency
          documents list Buyer as sole

                                      -41-

          subscriber, unless otherwise agreed to in writing by Buyer, in Buyer's
          sole discretion.

          bb. No Pledge. Neither Seller shall pledge, transfer or convey any
          security interest in the Collection Account to any Person without the
          express written consent of Buyer.

          cc. Plan Assets. Neither Seller shall be an employee benefit plan as
          defined in Section 3 of Title I of ERISA, or a plan described in
          Section 4975(e)(1) of the Code and the Sellers shall not use "plan
          assets" within the meaning of 29 CFR Section 2510.3-101 to engage in
          this Repurchase Agreement or any Transaction hereunder.

          dd. HELOC Provisions. With respect to each HELOC, if a Mortgagor
          requests an increase in the related Credit Limit, the applicable
          Seller, shall, in its sole discretion, either accept or reject the
          Mortgagor's request in accordance with such Seller's Underwriting
          Guidelines and notify the Buyer in writing of such Seller's decision.
          If the request for a Credit Limit increase is accepted by the
          applicable Seller, the increase will be effected by such Seller
          through modification of the Mortgage Loan with the Mortgagor. Sellers
          shall deliver to the Buyer an updated Mortgage Loan Schedule
          reflecting the modification to the Mortgage Loan and shall deliver any
          modified Mortgage Loan Documents to the Custodian. Notwithstanding
          anything to the contrary herein, in no event shall Buyer have any
          obligation to fund any Draws with respect to any HELOC, which
          obligations shall be retained by the Seller.

     15. EVENTS OF DEFAULT

          Each of the following shall constitute an "Event of Default"
          hereunder:

          a. Payment Failure. Failure of any Seller to (i) make any payment of
          Price Differential or Repurchase Price or any other sum which has
          become due, on a Price Differential Payment Date or a Repurchase Date
          or otherwise, whether by acceleration or otherwise, under the terms of
          this Agreement, any other warehouse and security agreement or any
          other document evidencing or securing Indebtedness of either Seller to
          Buyer or to any Affiliate of Buyer, or (ii) cure any Margin Deficit
          when due pursuant to Section 6 hereof.

          b. Cross Default. (i) Any Seller or any of such Seller's Affiliates
          shall be in default under (i) any Indebtedness of such Seller or of
          such Affiliate which default (1) involves the failure to pay a matured
          obligation, or (2) permits the acceleration of the maturity of
          obligations by any other party to or beneficiary with respect to such
          Indebtedness, or (ii) any other contract to which any Seller or such
          Affiliate is a party which default (1) involves the failure to pay a
          matured obligation, or (2) permits the acceleration of the maturity of
          obligations by any other party to or beneficiary of such contract.

                                      -42-

          c. Assignment. Assignment or attempted assignment by any Seller of
          this Agreement or any rights hereunder without first obtaining the
          specific written consent of Buyer, or the granting by any Seller of
          any security interest, lien or other encumbrances on any Purchased
          Mortgage Loans to any person other than Buyer.

          d. Insolvency. An Act of Insolvency shall have occurred with respect
          to any Seller, or any Affiliate.

          e. Material Adverse Change. Any material adverse change in the
          Property, business, financial condition or operations of any Seller or
          any of their Affiliates shall occur, in each case as determined by
          Buyer in its sole good faith discretion, or any other condition shall
          exist which, in Buyer's sole good faith discretion, constitutes a
          material impairment of any Seller's ability to perform its obligations
          under this Agreement or any other Program Agreement.

          f. Breach of Financial Representation or Covenant or Obligation. A
          breach by any Seller of any of the representations, warranties or
          covenants or obligations set forth in Sections 13(a)(1), 13(a)(7),
          13(a)(12), 13(a)(19), 13(a)(24), 14a, 14b, 14d, 14e, 14s, 14w, 14x,
          14bb, 14cc or 14dd of this Agreement.

          g. Breach of Non-Financial Representation or Covenant. A breach by any
          Seller of any other material representation, warranty or covenant set
          forth in this Agreement (and not otherwise specified in Section 15(f)
          above), if such breach is not cured within five (5) Business Days
          (other than the representations and warranties set forth in Schedule
          1, which shall be considered solely for the purpose of determining the
          Market Value, the existence of a Margin Deficit and the obligation to
          repurchase such Mortgage Loan) unless (i) such party shall have made
          any such representations and warranties with knowledge that they were
          materially false or misleading at the time made, (ii) any such
          representations and warranties have been determined by Buyer in its
          sole discretion to be materially false or misleading on a regular
          basis, or (iii) Buyer, in its sole discretion, determines that such
          breach of a material representation, warranty or covenant materially
          and adversely affects (A) the condition (financial or otherwise) of
          such party, its Subsidiaries or Affiliates; or (B) Buyer's
          determination to enter into this Agreement or Transactions with such
          party, then such breach shall constitute an immediate Event of Default
          and Sellers shall have no cure right hereunder).

          h. Change of Control. The occurrence of a Change in Control.

          i. Failure to Transfer. Sellers fail to transfer the Purchased
          Mortgage Loans to Buyer on the applicable Purchase Date (provided
          Buyer has tendered the related Purchase Price).

          j. Judgment. A final judgment or judgments for the payment of money in
          excess of $5,000,000 in the aggregate shall be rendered against any or
          both Sellers or any of their Affiliates by one or more courts,
          administrative tribunals or other bodies

                                      -43-

          having jurisdiction and the same shall not be satisfied, discharged
          (or provision shall not be made for such discharge) or bonded, or a
          stay of execution thereof shall not be procured, within 30 days from
          the date of entry thereof.

          k. Government Action. Any Governmental Authority or any person, agency
          or entity acting or purporting to act under governmental authority
          shall have taken any action to condemn, seize or appropriate, or to
          assume custody or control of, all or any substantial part of the
          Property of any Seller or any Affiliate thereof, or shall have taken
          any action to displace the management of any Seller or any Affiliate
          thereof or to curtail its authority in the conduct of the business of
          any Seller or any Affiliate thereof, or takes any action in the nature
          of enforcement to remove, limit or restrict the approval of any Seller
          or Affiliate as an issuer, buyer or a seller/servicer of Mortgage
          Loans or securities backed thereby, and such action provided for in
          this subparagraph k shall not have been discontinued or stayed within
          30 days.

          l. Inability to Perform. An officer of any Seller shall admit its
          inability to, or its intention not to, perform any of Sellers'
          Obligations hereunder.

          m. Security Interest. This Agreement shall for any reason cease to
          create a valid, first priority security interest in any material
          portion of the Purchased Mortgage Loans or other Repurchase Assets
          purported to be covered hereby.

          n. Financial Statements. Any Seller's audited annual financial
          statements or the notes thereto or other opinions or conclusions
          stated therein shall be qualified or limited by reference to the
          status of such Seller as a "going concern" or a reference of similar
          import.

          o. REIT Status. The failure of Holdings to at any time continue to be
          (i) qualified as a real estate investment trust as defined in Section
          856 of the Code and (ii) entitled to a dividend paid deduction under
          Section 857 of the Code with respect to dividends paid by it with
          respect to each taxable year for which it claims a deduction on its
          Form 1120 - REIT filed with the United States Internal Revenue Service
          for such year, or the entering into by Holdings of any material
          "prohibited transactions" as defined in Sections 857(b) and 856(c) of
          the Code.

          p. REIT Asset and Income Tests. The failure of Holdings to satisfy any
          of the following asset or income tests and Buyer has delivered notice
          of an Event of Default to Holdings with respect thereto:

                    (1) At the close of each taxable year, at least 75 percent
          of Holdings' gross income consists of (i) "rents from real property"
          within the meaning of Section 856(c)(3)(A) of the Code, (ii) interest
          on obligations secured by mortgages on real property or on interests
          in real property, within the meaning of Section 856(c)(3)(B) of the
          Code, (iii) gain from the sale or other disposition of real property
          (including interests in real property and interests in mortgages on
          real property) which is not property described in Section 1221(a)(1)
          of the Code,

                                      -44-

          within the meaning of Section 856(c)(3)(C) of the Code, (iv) dividends
          or other distributions on, and gain (other than gain from "prohibited
          transactions" within the meaning of Section 857(b)(6)(B)(iii) of the
          Code) from the sale or other disposition of, transferable shares (or
          transferable certificates of beneficial interest) in other qualifying
          REITs within the meaning of Section 856(d)(3)(D) of the Code, and (v)
          amounts described in Sections 856(c)(3)(E) through 856(c)(3)(I) of the
          Code.

                    (2) At the close of each taxable year, at least 95 percent
          of Holdings' gross income consists of (i) the items of income
          described in paragraph 1 hereof (other than those described in Section
          856(c)(3)(I) of the Code), (ii) gain realized from the sale or other
          disposition of stock or securities which are not property described in
          Section 1221(a)(1) of the Code, (iii) interest, (iv) dividends, and
          (v) income derived from payments to Holdings on interest rate swap or
          cap agreements, options, futures contracts, forward rate agreements
          and other similar financial instruments entered into to reduce the
          interest rate risks with respect to any indebtedness incurred or to be
          incurred to acquire or carry real estate assets, or gain from the sale
          or other disposition of such an investment as described in section
          856(c)(5)(G), in each case within the meaning of Section 856(c)(2) of
          the Code.

                    (3) At the close of each quarter of Holdings' taxable years,
          at least 75 percent of the value of Holdings' total assets (as
          determined in accordance with Treasury Regulations Section 1.856-2(d))
          has consisted of and will consist of real estate assets within the
          meaning of Sections 856(c)(4) and 856(c)(5)(B) of the Code, cash and
          cash items (including receivables which arise in the ordinary course
          of Holdings' operations, but not including receivables purchased from
          another person), and Government Securities; unless (a) the test
          described in this paragraph (3) has been satisfied as of the end of
          the immediately preceding quarter of Holdings' taxable year, (b) such
          test is not satisfied as the result of the acquisition of a security
          or property during the current quarter of Holdings' taxable year, (c)
          Holdings delivers within 10 days of the end of the current quarter of
          Holdings' taxable year to Buyer notice that such test is not
          satisfied, (d) such test is satisfied within the 30 day period as
          provided under section 856(c)(4), and (e) an officer of Holdings
          certifies as to such satisfaction within such 30 day period, and
          provides documentation, reasonably satisfactory to Buyer evidencing
          such satisfaction.

                    (4) At the close of each quarter of each of Holdings'
          taxable years, (a) not more than 25 percent of Holdings' total asset
          value will be represented by securities (other than those described in
          paragraph 3), (b) not more than 20 percent of Holdings' total asset
          value will be represented by securities of one or more taxable REIT
          subsidiaries, and (c) (i) not more than 5 percent of the value of
          Holdings' total assets will be represented by securities of any one
          issuer (other than Government Securities and securities of taxable
          REIT subsidiaries), and (ii) Holdings will not hold securities
          possessing more than 10 percent of the total voting power or value of
          the outstanding securities of any one issuer (other than

                                      -45-

          Government Securities, securities of taxable REIT subsidiaries, and
          securities of a qualified REIT subsidiary within the meaning of
          Section 856(i) of the Code); unless (d) the tests described in this
          paragraph (4) have been satisfied as of the end of the immediately
          preceding quarter of Holdings' taxable year, (e) any of the tests
          described in this paragraph (4) are not satisfied as the result of the
          acquisition of a security or property during the current quarter of
          Holdings' taxable year, (f) Holdings delivers within 10 days of the
          end of the current quarter of Holdings' taxable year to Buyer notice
          that such test is not satisfied, (g) such test is satisfied within the
          30 day period as provided under section 856(c)(4), and (h) an officer
          of Holdings certifies as to such satisfaction within such 30 day
          period, and provides documentation, reasonably satisfactory to Buyer
          evidencing such satisfaction.

          An Event of Default shall be deemed to be continuing unless expressly
waived by Buyer in writing.

     16. REMEDIES UPON DEFAULT

          In the event that an Event of Default shall have occurred:

          a. Buyer may, at its option (which option shall be deemed to have been
          exercised immediately upon the occurrence of an Act of Insolvency of
          any Seller or any Affiliate), declare an Event of Default to have
          occurred hereunder and, upon the exercise or deemed exercise of such
          option, the Repurchase Date for each Transaction hereunder shall, if
          it has not already occurred, be deemed immediately to occur (except
          that, in the event that the Purchase Date for any Transaction has not
          yet occurred as of the date of such exercise or deemed exercise, such
          Transaction shall be deemed immediately canceled). Buyer shall (except
          upon the occurrence of an Act of Insolvency) give notice to Sellers of
          the exercise of such option as promptly as practicable.

          b. If Buyer exercises or is deemed to have exercised the option
          referred to in subparagraph (a) of this Section, (i) Sellers'
          obligations in such Transactions to repurchase all Purchased Mortgage
          Loans, at the Repurchase Price therefor on the Repurchase Date
          determined in accordance with subparagraph (a) of this Section, shall
          thereupon become immediately due and payable, (ii) all Income paid
          after such exercise or deemed exercise shall be retained by Buyer and
          applied, in Buyer's sole discretion, to the aggregate unpaid
          Repurchase Prices for all outstanding Transactions and any other
          amounts owing by a Seller hereunder, and (iii) each Seller shall
          immediately deliver to Buyer the Mortgage Files relating to any
          Purchased Mortgage Loans subject to such Transactions then in such
          Seller's possession or control.

          c. Buyer also shall have the right to obtain physical possession, and
          to commence an action to obtain physical possession, of all Records
          and files of Sellers relating to the Purchased Mortgage Loans and all
          documents relating to the Purchased Mortgage Loans (including, without
          limitation, any legal, credit or

                                      -46-

          servicing files with respect to the Purchased Mortgage Loans) which
          are then or may thereafter come in to the possession of Sellers or any
          third party acting for Sellers. To obtain physical possession of any
          Purchased Mortgage Loans held by Custodian, Buyer shall present to
          Custodian a Trust Receipt and Certification. Buyer shall be entitled
          to specific performance of all agreements of Sellers contained in this
          Agreement.

          d. Buyer shall have the right to direct all servicers then servicing
          any Purchased Mortgage Loans to remit all collections thereon to
          Buyer, and if any such payments are received by any Seller, Sellers
          shall not commingle the amounts received with other funds of Sellers
          and shall promptly pay them over to Buyer. Buyer shall also have the
          right to terminate any one or all of the servicers then servicing any
          Purchased Mortgage Loans with or without cause. In addition, Buyer
          shall have the right to immediately sell the Purchased Mortgage Loans
          and liquidate all Repurchase Assets. Such disposition of Purchased
          Mortgage Loans may be, at Buyer's option, on either a
          servicing-released or a servicing-retained basis. Buyer shall not be
          required to give any warranties as to the Purchased Mortgage Loans
          with respect to any such disposition thereof. Buyer may specifically
          disclaim or modify any warranties of title or the like relating to the
          Purchased Mortgage Loans. The foregoing procedure for disposition of
          the Purchased Mortgage Loans and liquidation of the Repurchase Assets
          shall not be considered to adversely affect the commercial
          reasonableness of any sale thereof. Sellers agree that it would not be
          commercially unreasonable for Buyer to dispose of the Purchased
          Mortgage Loans or the Repurchase Assets or any portion thereof by
          using Internet sites that provide for the auction of assets similar to
          the Purchased Mortgage Loans or the Repurchase Assets, or that have
          the reasonable capability of doing so, or that match buyers and
          sellers of assets. Buyer shall be entitled to place the Purchased
          Mortgage Loans in a pool for issuance of mortgage-backed securities at
          the then-prevailing price for such securities and to sell such
          securities for such prevailing price in the open market. Buyer shall
          also be entitled to sell any or all of such Mortgage Loans
          individually for the prevailing price. Buyer shall also be entitled,
          in its sole discretion to elect, in lieu of selling all or a portion
          of such Purchased Mortgage Loans, to give the Sellers credit for such
          Purchased Mortgage Loans and the Repurchase Assets in an amount equal
          to the Market Value of the Purchased Mortgage Loans against the
          aggregate unpaid Repurchase Price and any other amounts owing by the
          Sellers hereunder.

          e. Upon the happening of one or more Events of Default, Buyer may
          apply any proceeds from the liquidation of the Purchased Mortgage
          Loans and Repurchase Assets to the Repurchase Prices hereunder and all
          other Obligations in the manner Buyer deems appropriate in its sole
          discretion.

          f. Sellers shall be liable to Buyer for (i) the amount of all
          reasonable legal or other expenses (including, without limitation, all
          costs and expenses of Buyer in connection with the enforcement of this
          Agreement or any other agreement evidencing a Transaction, whether in
          action, suit or litigation or bankruptcy,

                                      -47-

          insolvency or other similar proceeding affecting creditors' rights
          generally, further including, without limitation, the reasonable fees
          and expenses of counsel (including the costs of internal counsel of
          Buyer) incurred in connection with or as a result of an Event of
          Default, (ii) damages in an amount equal to the cost (including all
          fees, expenses and commissions) of entering into replacement
          transactions and entering into or terminating hedge transactions in
          connection with or as a result of an Event of Default, and (iii) any
          other loss, damage, cost or expense directly arising or resulting from
          the occurrence of an Event of Default in respect of a Transaction.

          g. To the extent permitted by applicable law, Sellers shall be liable
          to Buyer for interest on any amounts owing by Sellers hereunder, from
          the date Sellers become liable for such amounts hereunder until such
          amounts are (i) paid in full by Sellers or (ii) satisfied in full by
          the exercise of Buyer's rights hereunder. Interest on any sum payable
          by Sellers under this Section 16(g) shall be at a rate equal to the
          Post-Default Rate.

          h. Buyer shall have, in addition to its rights hereunder, any rights
          otherwise available to it under any other agreement or applicable law.

          i. Buyer may exercise one or more of the remedies available to Buyer
          immediately upon the occurrence of an Event of Default and, except to
          the extent provided in subsections (a) and (d) of this Section, at any
          time thereafter without notice to Sellers. All rights and remedies
          arising under this Agreement as amended from time to time hereunder
          are cumulative and not exclusive of any other rights or remedies which
          Buyer may have.

          j. Buyer may enforce its rights and remedies hereunder without prior
          judicial process or hearing, and each Seller hereby expressly waives
          any defenses such Seller might otherwise have to require Buyer to
          enforce its rights by judicial process. Sellers also waive any defense
          (other than a defense of payment or performance) Sellers might
          otherwise have arising from the use of nonjudicial process,
          enforcement and sale of all or any portion of the Repurchase Assets,
          or from any other election of remedies. Each Seller recognizes that
          nonjudicial remedies are consistent with the usages of the trade, are
          responsive to commercial necessity and are the result of a bargain at
          arm's length.

          k. Buyer shall have the right to perform reasonable due diligence with
          respect to Sellers and the Mortgage Loans, which review shall be at
          the expense of Sellers.

     17. REPORTS

          a. Notices. Sellers shall furnish to Buyer (x) promptly, copies of any
          material and adverse notices (including, without limitation, notices
          of defaults, breaches, potential defaults or potential breaches) and
          any material financial information that is not otherwise required to
          be provided by Sellers hereunder which is given to Sellers' lenders,
          (y) immediately, notice of the occurrence of any Event of

                                      -48-

          Default hereunder or default or breach by any Seller or Servicer of
          any obligation under any Program Agreement or any material contract or
          agreement of any Seller or Servicer or the occurrence of any event or
          circumstance that such party reasonably expects has resulted in, or
          will, with the passage of time, result in, a Material Adverse Effect
          or an Event of Default or such a default or breach by such party and
          (z) the following:

                    (1) as soon as available and in any event within forty-five
          (45) calendar days after the end of each calendar month, the unaudited
          consolidated and consolidating balance sheets of each Seller and its
          consolidated Subsidiaries as at the end of such period and the related
          unaudited consolidated and consolidating statements of income and
          retained earnings and of cash flows for such Seller and its
          consolidated Subsidiaries for such period and the portion of the
          fiscal year through the end of such period, accompanied by a
          certificate of a Responsible Officer of each Seller, which certificate
          shall state that said consolidated financial statements fairly present
          in all material respects the consolidated financial condition and
          results of operations of such Seller and its consolidated Subsidiaries
          in accordance with GAAP, consistently applied, as at the end of, and
          for, such period (subject to normal year-end adjustments);

                    (2) as soon as available and in any event within ninety (90)
          days after the end of each fiscal year of each Seller, the
          consolidated and consolidating balance sheets of such Seller and its
          consolidated Subsidiaries as at the end of such fiscal year and the
          related consolidated and consolidating statements of income and
          retained earnings and of cash flows for the such Seller and its
          consolidated Subsidiaries for such year, setting forth in each case in
          comparative form the figures for the previous year, accompanied by an
          opinion thereon of independent certified public accountants of
          recognized national standing, which opinion and the scope of audit
          shall be acceptable to Buyer in its sole discretion, shall have no
          "going concern" qualification and shall state that said consolidated
          financial statements fairly present the consolidated financial
          condition and results of operations of such Seller and its respective
          consolidated Subsidiaries as at the end of, and for, such fiscal year
          in accordance with GAAP;

                    (3) such other prepared statements that Buyer may reasonably
          request;

                    (4) if applicable, copies of any 10-Ks, 10-Qs, registration
          statements and other "corporate finance" SEC filings (other than 8-Ks)
          by either Seller, within 5 Business Days of their filing with the SEC;
          provided, that, Sellers or any Affiliate will provide Buyer and Credit
          Suisse First Boston Corporation with a copy of the annual 10-K filed
          with the SEC by either Seller or their Affiliates, no later than 90
          days after the end of the year;

                    (5) as soon as available, and in any event within thirty
          (30) days of receipt, copies of relevant portions of all final written
          Agency, FHA, VA, Governmental Authority and investor audits,
          examinations, evaluations,

                                      -49-

          monitoring reviews and reports of its operations (including those
          prepared on a contract basis) which provide for or relate to (i)
          material corrective action required, (ii) material sanctions proposed,
          imposed or required, including without limitation notices of defaults,
          notices of termination of approved status, notices of imposition of
          supervisory agreements or interim servicing agreements, and notices of
          probation, suspension, or non-renewal, or (iii) "report cards,"
          "grades" or other classifications of the quality of either Seller's
          operations;

                    (6) from time to time such other information regarding the
          financial condition, operations, or business of the Sellers as Buyer
          may reasonably request;

                    (7) as soon as reasonably possible, and in any event within
          thirty (30) days after a Responsible Officer of the Sellers has
          knowledge of the occurrence of any Event of Termination, stating the
          particulars of such Event of Termination in reasonable detail;

                    (8) as soon as reasonably possible, notice of any of the
          following events:

               (a) change in the insurance coverage required of any Seller,
          Servicer or any other Person pursuant to any Program Agreement, with a
          copy of evidence of same attached;

               (b) any material dispute, litigation, investigation, proceeding
          or suspension between any Seller or Servicer, on the one hand, and any
          Governmental Authority or any Person;

               (c) any material change in accounting policies or financial
          reporting practices of any Seller or Servicer;

               (d) with respect to any Purchased Mortgage Loan, immediately upon
          receipt of notice or knowledge thereof, that the underlying Mortgaged
          Property has been damaged by waste, fire, earthquake or earth
          movement, windstorm, flood, tornado or other casualty, or otherwise
          damaged so as to affect adversely the value of such Mortgaged Loan;

               (e) any material issues raised upon examination of any Seller or
          Seller's facilities by any Governmental Authority;

               (f) any material change in the Indebtedness of any Seller,
          including, without limitation, any default, renewal, non-renewal,
          termination, increase in available amount or decrease in available
          amount related thereto;

               (g) promptly upon receipt of notice or knowledge of (i) any
          default related to any Repurchase Asset, (ii) any lien or security
          interest (other than security interests created hereby or by the other
          Program Agreements) on, or claim asserted against, any of the
          Purchased Mortgage Loans; and

                                      -50-

               (h) any other event, circumstance or condition that has resulted,
          or has a possibility of resulting, in a Material Adverse Effect with
          respect to any Seller or Servicer.

          b. Officer's Certificates. Sellers will furnish to Buyer, at the time
          the Sellers furnish each set of financial statements, and on a
          quarterly basis, pursuant to Section 17(a)(1) or (2) above, a
          certificate of a Responsible Officer of Sellers in the form of Exhibit
          D hereto.

          c. Mortgage Loan Reports. Sellers will furnish to Buyer monthly
          electronic Mortgage Loan performance data, including, without
          limitation, delinquency reports (i.e., delinquency, foreclosure and
          net charge-off reports).

          d. Asset Tape. Sellers shall provide to Buyer, electronically, in a
          format mutually acceptable to Buyer and Sellers, an Asset Tape by no
          later than the Reporting Date.

          e. Other. Sellers shall deliver to Buyer any other reports or
          information reasonably requested by Buyer or as otherwise required
          pursuant to this Agreement.

     18. REPURCHASE TRANSACTIONS

          Buyer may, in its sole election, engage in repurchase transactions
with the Purchased Mortgage Loans or otherwise pledge, hypothecate, assign,
transfer or otherwise convey the Purchased Mortgage Loans with a counterparty of
Buyer's choice. Unless an Event of Default shall have occurred, no such
transaction shall relieve Buyer of its obligations to transfer Purchased
Mortgage Loans to Sellers pursuant to Section 4 hereof, or of Buyer's obligation
to credit or pay Income to, or apply Income to the obligations of, Seller
pursuant to Section 7 hereof. In the event Buyer engages in a repurchase
transaction with any of the Purchased Mortgage Loans or otherwise pledges or
hypothecates any of the Purchased Mortgage Loans, Buyer shall have the right to
assign to Buyer's counterparty any of the applicable representations or
warranties herein and the remedies for breach thereof, as they relate to the
Purchased Mortgage Loans that are subject to such repurchase transaction.

     19. SINGLE AGREEMENT

          Buyer and Sellers acknowledge that, and have entered hereunto, and
will enter into each Transaction hereunder, in consideration of and in reliance
upon the fact that, all Transactions hereunder constitute a single business and
contractual relationship and have been made in consideration of each other.
Accordingly, each of Buyer and each Seller agrees (i) to perform all of its
obligations in respect of each Transaction hereunder, and that a default in the
performance of any such obligations shall constitute a default by it in respect
of all Transactions hereunder, (ii) that each of them shall be entitled to
set-off claims and apply property held by them in respect of any Transaction
against obligations owing to them in respect of any other Transactions hereunder
and (iii) that payments, deliveries and other transfers made by either of them
in respect of any Transaction shall be deemed to have been made in consideration
of payments, deliveries and other transfers in respect of any other Transactions
hereunder, and the

                                      -51-

obligations to make any such payments, deliveries and other transfers may be
applied against each other and netted.

     20. NOTICES AND OTHER COMMUNICATIONS

          Any and all notices (with the exception of Transaction Requests or
Purchase Confirmations, which shall be delivered via facsimile only),
statements, demands or other communications hereunder may be given by a party to
the other by mail, facsimile, messenger or otherwise to the address specified
below, or so sent to such party at any other place specified in a notice of
change of address hereafter received by the other. All notices, demands and
requests hereunder may be made orally, to be confirmed promptly in writing, or
by other communication as specified in the preceding sentence.

          If to Sellers:

               MortgageIT, Inc.
               33 Maiden Lane, 6th Floor
               New York, NY 10038
               Attention: Chief Operating Officer
               Phone Number: 212-651-4691
               Fax Number: 212-651-4689

               MortgageIT Holdings, Inc.
               33 Maiden Lane, 6th Floor
               New York, NY 10038
               Attention: Michael Zigrossi
               Phone Number: 212-651-7774
               Fax Number: 212-651-4674

          If to Buyer:

          For Transaction Requests and Purchase Confirmations:

               Credit Suisse First Boston Mortgage Capital LLC
               302 Carnegie Center, 2nd Floor
               Princeton, NJ 08540
               Attention: Tim Callahan
               Phone Number: (609) 627-5053
               Fax Number: (609) 627-5080

                                      -52-

          For all other Notices:

               Credit Suisse First Boston Mortgage Capital LLC
               302 Carnegie Center, 2nd Floor
               Princeton, NJ 08540
               Attention: Gary Timmerman
               Phone Number: 609-627-5026
               Fax Number: 609-627-5080

          with a copy to:

               Credit Suisse First Boston Mortgage Capital LLC
               Eleven Madison Avenue
               New York, NY 10010
               Attention: Legal Department

     21. ENTIRE AGREEMENT; SEVERABILITY

          This Agreement shall supersede any existing agreements between the
parties containing general terms and conditions for repurchase transactions.
Each provision and agreement herein shall be treated as separate and independent
from any other provision or agreement herein and shall be enforceable
notwithstanding the unenforceability of any such other provision or agreement.

     22. NON ASSIGNABILITY

The Program Agreements are not assignable by either Seller. Buyer may from time
to time assign all or a portion of its rights and obligations under this
Agreement and the Program Agreements; provided, however that Buyer shall
maintain as agent of Sellers, for review by Sellers upon written request, a
register of assignees and a copy of an executed assignment and acceptance by
Buyer and assignee ("Assignment and Acceptance"), specifying the percentage or
portion of such rights and obligations assigned. Upon such assignment, (a) such
assignee shall be a party hereto and to each Program Agreement to the extent of
the percentage or portion set forth in the Assignment and Acceptance, and shall
succeed to the applicable rights and obligations of Buyer hereunder, and (b)
Buyer shall, to the extent that such rights and obligations have been so
assigned by it to either (i) an Affiliate of Buyer which assumes the obligations
of Buyer or (ii) to another Person approved by Sellers (such approval not to be
unreasonably withheld) which assumes the obligations of Buyer, be released from
its obligations hereunder and under the Program Agreements. Unless otherwise
stated in the Assignment and Acceptance, Sellers shall continue to take
directions solely from Buyer unless otherwise notified by Buyer in writing.
Buyer may distribute to any prospective assignee any document or other
information delivered to Buyer by either Seller.

     23. SET-OFF

          In addition to any rights and remedies of Buyer provided by law, Buyer
shall have the right, without prior notice to Sellers, any such notice being
expressly waived by Sellers to the

                                      -53-

extent permitted by applicable law, upon any amount becoming due and payable by
Sellers hereunder (whether at the stated maturity, by acceleration or otherwise)
to set-off and appropriate and apply against such amount any and all deposits
(general or special, time or demand, provisional or final), in any currency, and
any other credits, indebtedness or claims, in any currency, in each case whether
direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by Buyer or any branch or agency thereof to or for the credit or
the account of Sellers. Buyer agrees promptly to notify Sellers after any such
set-off and application made by Buyer; provided, that the failure to give such
notice shall not affect the validity of such set-off and application.

     24. BINDING EFFECT; GOVERNING LAW; JURISDICTION

          a. This Agreement shall be binding and inure to the benefit of the
          parties hereto and their respective successors and permitted assigns.
          Sellers acknowledge that the obligations of Buyer hereunder or
          otherwise are not the subject of any guaranty by, or recourse to, any
          direct or indirect parent or other Affiliate of Buyer. THIS AGREEMENT
          SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE
          STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
          PRINCIPLES THEREOF.

          b. EACH SELLER HEREBY WAIVES TRIAL BY JURY. EACH SELLER HEREBY
          IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY COURT OF THE
          STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE
          SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF OR RELATING TO THE
          PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. EACH SELLER HEREBY
          SUBMITS TO, AND WAIVES ANY OBJECTION IT MAY HAVE TO, EXCLUSIVE
          PERSONAL JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW YORK
          AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
          YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE
          PROGRAM AGREEMENTS.

     25. NO WAIVERS, ETC.

          No express or implied waiver of any Event of Default by either party
shall constitute a waiver of any other Event of Default and no exercise of any
remedy hereunder by any party shall constitute a waiver of its right to exercise
any other remedy hereunder. No modification or waiver of any provision of this
Agreement and no consent by any party to a departure herefrom shall be effective
unless and until such shall be in writing and duly executed by both of the
parties hereto. Without limitation on any of the foregoing, the failure to give
a notice pursuant to Section 6(a), 16(a) or otherwise, will not constitute a
waiver of any right to do so at a later date.

                                      -54-

     26. INTENT

          a. The parties recognize that each Transaction is a "repurchase
agreement" as that term is defined in Section 101 of Title 11 of the United
States Code, as amended (except insofar as the type of Purchased Mortgage Loans
subject to such Transaction or the term of such Transaction would render such
definition inapplicable), and a "securities contract" as that term is defined in
Section 741 of Title 11 of the United States Code, as amended (except insofar as
the type of assets subject to such Transaction would render such definition
inapplicable).

          b. It is understood that either party's right to liquidate Purchased
Mortgage Loans delivered to it in connection with Transactions hereunder or to
exercise any other remedies pursuant to Section 16 hereof is a contractual right
to liquidate such Transaction as described in Sections 555 and 559 of Title 11
of the United States Code, as amended.

          c. The parties agree and acknowledge that if a party hereto is an
"insured depository institution," as such term is defined in the Federal Deposit
Insurance Act, as amended ("FDIA"), then each Transaction hereunder is a
"qualified financial contract," as that term is defined in FDIA and any rules,
orders or policy statements thereunder (except insofar as the type of assets
subject to such Transaction would render such definition inapplicable).

          d. It is understood that this Agreement constitutes a "netting
contract" as defined in and subject to Title IV of the Federal Deposit Insurance
Corporation Improvement Act of 1991 ("FDICIA") and each payment entitlement and
payment obligation under any Transaction hereunder shall constitute a "covered
contractual payment entitlement" or "covered contractual payment obligation",
respectively, as defined in and subject to FDICIA (except insofar as one or both
of the parties is not a "financial institution" as that term is defined in
FDICIA).

     27. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS

          The parties acknowledge that they have been advised that:

          a. in the case of Transactions in which one of the parties is a broker
or dealer registered with the SEC under Section 15 of the 1934 Act, the
Securities Investor Protection Corporation has taken the position that the
provisions of the SIPA do not protect the other party with respect to any
Transaction hereunder;

          b. in the case of Transactions in which one of the parties is a
government securities broker or a government securities dealer registered with
the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to
the other party with respect to any Transaction hereunder; and

          c. in the case of Transactions in which one of the parties is a
financial institution, funds held by the financial institution pursuant to a
Transaction hereunder are not a deposit and therefore are not insured by the
Federal Deposit Insurance Corporation or the National Credit Union Share
Insurance Fund, as applicable.

                                      -55-

     28. POWER OF ATTORNEY

          Each Seller hereby authorizes Buyer to file such financing statement
or statements relating to the Repurchase Assets without such Seller's signature
thereon as Buyer, at its option, may deem appropriate. Each Seller hereby
appoints Buyer as such Seller's agent and attorney-in-fact to execute any such
financing statement or statements in such Seller's name and to perform all other
acts which Buyer deems appropriate to perfect and continue its ownership
interest in and/or the security interest granted hereby, if applicable, and to
protect, preserve and realize upon the Repurchase Assets, including, but not
limited to, the right to endorse notes, complete blanks in documents, transfer
servicing, and sign assignments on behalf of such Seller as its agent and
attorney-in-fact. This agency and power of attorney is coupled with an interest
and is irrevocable without Buyer's consent. Notwithstanding the foregoing, the
power of attorney hereby granted may be exercised only during the occurrence and
continuance of any Event of Default hereunder. Sellers shall pay the filing
costs for any financing statement or statements prepared pursuant to this
Section 28.

     29. BUYER MAY ACT THROUGH AFFILIATES

               Buyer may, from time to time, designate one or more affiliates
for the purpose of performing any action hereunder.

     30. INDEMNIFICATION; OBLIGATIONS

          a. Each Seller agrees to hold Buyer and each of its respective
          Affiliates and their officers, directors, employees, agents and
          advisors (each, an "Indemnified Party") harmless from and indemnify
          each Indemnified Party (and will reimburse each Indemnified Party as
          the same is incurred) against all liabilities, losses, damages,
          judgments, costs and expenses (including, without limitation,
          reasonable fees and expenses of counsel) of any kind which may be
          imposed on, incurred by, or asserted against any Indemnified Party
          relating to or arising out of this Agreement, any Transaction Request,
          Purchase Confirmation, any Program Agreement or any transaction
          contemplated hereby or thereby resulting from anything other than the
          Indemnified Party's gross negligence or willful misconduct. Each
          Seller also agrees to reimburse each Indemnified Party for all
          reasonable expenses in connection with the enforcement of this
          Agreement and the exercise of any right or remedy provided for herein,
          any Transaction Request, Purchase Confirmation and any Program
          Agreement, including, without limitation, the reasonable fees and
          disbursements of counsel. Each Seller's agreements in this Section 30
          shall survive the payment in full of the Repurchase Price and the
          expiration or termination of this Agreement. Each Seller hereby
          acknowledges that its obligations hereunder are recourse obligations
          of such Seller and are not limited to recoveries each Indemnified
          Party may have with respect to the Purchased Mortgage Loans. Each
          Seller also agrees not to assert any claim against Buyer or any of its
          Affiliates, or any of their respective officers, directors, employees,
          attorneys and agents, on any theory of liability, for special,
          indirect, consequential or punitive damages arising out of or
          otherwise relating to the facility established hereunder, the actual
          or proposed use of the proceeds of

                                      -56-

          the Transactions, this Agreement or any of the transactions
          contemplated thereby. THE FOREGOING INDEMNITY AND AGREEMENT NOT TO
          ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE
          (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE INDEMNIFIED
          PARTIES.

          b. Without limitation to the provisions of Section 4, if any payment
          of the Repurchase Price of any Transaction is made by Sellers other
          than on the then scheduled Repurchase Date thereto as a result of an
          acceleration of the Repurchase Date pursuant to Section 16 or for any
          other reason, Sellers shall, upon demand by Buyer, pay to Buyer an
          amount sufficient to compensate Buyer for any losses, costs or
          expenses that it may reasonably incur as of a result of such payment.

          c. Without limiting the provisions of Section 30(a) hereof, if Sellers
          fail to pay when due any costs, expenses or other amounts payable by
          it under this Agreement, including, without limitation, fees and
          expenses of counsel and indemnities, such amount may be paid on behalf
          of Sellers by Buyer, in its sole discretion.

     31. COUNTERPARTS

          This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, and all such counterparts shall
together constitute one and the same instrument.

     32. CONFIDENTIALITY

          This Agreement and its terms, provisions, supplements and amendments,
and notices hereunder, are proprietary to Buyer and Agent and shall be held by
Sellers in strict confidence and shall not be disclosed to any third party
without the written consent of Buyer except for (i) disclosure to either
Seller's direct and indirect Affiliates and Subsidiaries, attorneys or
accountants, but only to the extent such disclosure is necessary and such
parties agree to hold all information in strict confidence, or (ii) disclosure
required by law, rule, regulation or order of a court or other regulatory body.
Notwithstanding the foregoing or anything to the contrary contained herein or in
any other Program Agreement, the parties hereto may disclose to any and all
Persons, without limitation of any kind, the federal, state and local tax
treatment of the Transactions, any fact relevant to understanding the federal,
state and local tax treatment of the Transactions, and all materials of any kind
(including opinions or other tax analyses) relating to such federal, state and
local tax treatment and that may be relevant to understanding such tax
treatment; provided that Sellers may not disclose the name of or identifying
information with respect to Buyer or Agent or any pricing terms (including,
without limitation, the Pricing Rate, Periodic Fee, Purchase Price Percentage
and Purchase Price) or other nonpublic business or financial information
(including any sublimits and financial covenants) that is unrelated to the
federal, state and local tax treatment of the Transactions and is not relevant
to understanding the federal, state and local tax treatment of the Transactions,
without the prior written consent of the Buyer.

                                      -57-

     33. RECORDING OF COMMUNICATIONS

          Buyer and Sellers shall have the right (but not the obligation) from
time to time to make or cause to be made tape recordings of communications
between its employees and those of the other party with respect to Transactions.
Buyer and Sellers consent to the admissibility of such tape recordings in any
court, arbitration, or other proceedings. The parties agree that a duly
authenticated transcript of such a tape recording shall be deemed to be a
writing conclusively evidencing the parties' agreement.

     34. PERIODIC FEE

          Seller shall pay to Buyer in immediately available funds a
non-refundable fee due and owing upon closing and payable in arrears no later
than the Price Differential Payment Date following the end of each calendar
quarter, in the amount set forth in the fee schedule attached hereto as Annex
II. Such Periodic Fee will be waived if, during such calendar quarter, Buyer or
any of Buyer's Affiliates is named as lead or co-lead underwriter on any of
Sellers' securitizations or if Sellers sell at least $100,000,000 of residential
mortgage loans (other than pursuant to this Agreement) to Buyer or Buyer's
Affiliates. Such payment shall be made in Dollars, in immediately available
funds, without deduction, set-off or counterclaim, to Buyer at such account
designated by Buyer.

     35. PERIODIC DUE DILIGENCE REVIEW

          Each Seller acknowledges that Buyer has the right to perform
continuing due diligence reviews with respect to the Sellers and the Mortgage
Loans, for purposes of verifying compliance with the representations, warranties
and specifications made hereunder, or otherwise, and Sellers agree that upon
reasonable (but no less than one (1) Business Day's) prior notice unless an
Event of Default shall have occurred, in which case no notice is required, to
Sellers, Buyer or its authorized representatives will be permitted during normal
business hours to examine, inspect, and make copies and extracts of, the
Mortgage Files and any and all documents, records, agreements, instruments or
information relating to such Mortgage Loans in the possession or under the
control of Sellers and/or the Custodian. Sellers also shall make available to
Buyer a knowledgeable financial or accounting officer for the purpose of
answering questions respecting the Mortgage Files and the Mortgage Loans.
Without limiting the generality of the foregoing, Sellers acknowledge that Buyer
may purchase Mortgage Loans from Sellers based solely upon the information
provided by Sellers to Buyer in the Mortgage Loan Schedule and the
representations, warranties and covenants contained herein, and that Buyer, at
its option, has the right at any time to conduct a partial or complete due
diligence review on some or all of the Mortgage Loans purchased in a
Transaction, including, without limitation, ordering Broker's price opinions,
new credit reports and new appraisals on the related Mortgaged Properties and
otherwise re-generating the information used to originate such Mortgage Loan.
Buyer may underwrite such Mortgage Loans itself or engage a mutually agreed upon
third party underwriter to perform such underwriting. Sellers agree to cooperate
with Buyer and any third party underwriter in connection with such underwriting,
including, but not limited to, providing Buyer and any third party underwriter
with access to any and all documents, records, agreements, instruments or
information relating to such Mortgage Loans in the possession, or under the
control, of Sellers. Sellers further agree that Sellers shall pay all
out-of-pocket costs

                                      -58-

and expenses incurred by Buyer in connection with Buyer's activities pursuant to
this Section 36 ("Due Diligence Costs").

     36. AUTHORIZATIONS

          Any of the persons whose signatures and titles appear on Schedule 2
are authorized, acting singly, to act for Sellers or Buyer, as the case may be,
under this Agreement.

     37. ACKNOWLEDGEMENT OF ANTI-PREDATORY LENDING POLICIES

          Buyer has in place internal policies and procedures that expressly
prohibit its purchase of any High Cost Mortgage Loan.

     38. JOINT AND SEVERAL

          Sellers and Buyer hereby acknowledge and agree that Sellers are each
jointly and severally liable to Buyer for all of their respective obligations
hereunder.

                            [Signature Page Follows]

                                      -59-

IN WITNESS WHEREOF, each Seller and the Buyer have caused their names to be
signed hereto by their respective officers thereunto duly authorized as of the
date first above written.

Credit Suisse First Boston Mortgage Capital LLC, as Buyer

By: /s/ BRUCE S. KAISERMAN
    ------------------------------------
Title: Vice President
Date: March 17, 2005

MortgageIT, Inc., as Seller

By: /s/ JOHN R. CUTI
    ------------------------------------
Title: General Counsel and Secretary
Date: March 17, 2005

MortgageIT Holdings, Inc., as Seller

By: /s/ JOHN R. CUTI
    ------------------------------------
Title: General Counsel and Secretary
Date: March 17, 2005

                                    Sch. 1-1

SCHEDULE 1

     REPRESENTATIONS AND WARRANTIES WITH RESPECT TO PURCHASED MORTGAGE LOANS

          With respect to each Purchased Mortgage Loan, each Seller jointly and
severally represents and warrants to Buyer that each of the following
representations and warranties are true and correct, except with respect to any
Repurchased Mortgage Loan in which the claimed breach of the representation or
warranty is expressly identified to Buyer in writing pursuant to clause (b) of
the definition of Repurchased Mortgage Loan except that with respect to an
Exception Mortgage Loan such exceptions as have been approved by the Buyer. With
respect to any representations and warranties made to the best of Sellers'
knowledge, in the event that it is discovered that the circumstances with
respect to the related Mortgage Loan are not accurately reflected in such
representation and warranty notwithstanding the knowledge or lack of knowledge
of the Sellers then, notwithstanding that such representation and warranty is
made to the best of the Sellers' knowledge, such Mortgage Loan shall be assigned
a Market Value of zero.

          (a) Payments Current. Except with respect to each Non-Performing
Mortgage Loan, all payments required to be made up to the Purchase Date for the
Mortgage Loan under the terms of the Mortgage Note have been made and credited.
No payment required under the Mortgage Loan is delinquent nor has any payment
under the Mortgage Loan been delinquent at any time since the origination of the
Mortgage Loan. The first Monthly Payment shall be made, or shall have been made,
with respect to the Mortgage Loan on its Due Date or within the grace period,
all in accordance with the terms of the related Mortgage Note.

          (b) No Outstanding Charges. All taxes, governmental assessments,
insurance premiums, water, sewer and municipal charges, leasehold payments or
ground rents which previously became due and owing have been paid, or an escrow
of funds has been established in an amount sufficient to pay for every such item
which remains unpaid and which has been assessed but is not yet due and payable.
Neither Seller nor the Qualified Originator from which any Seller acquired the
Mortgage Loan has advanced funds, or induced, solicited or knowingly received
any advance of funds by a party other than the Mortgagor, directly or
indirectly, for the payment of any amount required under the Mortgage Loan,
except for interest accruing from the date of the Mortgage Note or date of
disbursement of the proceeds of the Mortgage Loan, whichever is earlier, to the
day which precedes by one month the Due Date of the first installment of
principal and/or interest thereunder.

          (c) Original Terms Unmodified. The terms of the Mortgage Note and
Mortgage have not been impaired, waived, altered or modified in any respect,
from the date of origination; except by a written instrument which has been
recorded, if necessary to protect the interests of Buyer, and which has been
delivered to the Custodian and the terms of which are reflected in the Custodial
Mortgage Loan Schedule. The substance of any such waiver, alteration or
modification has been approved by the title insurer, to the extent required, and
its terms are reflected on the Custodial Mortgage Loan Schedule. No Mortgagor in
respect of the Mortgage Loan has been released, in whole or in part, except in
connection with an assumption agreement approved by the title insurer, to the
extent required by such policy, and which assumption

                                    Sch. 1-2

agreement is part of the Mortgage File delivered to the Custodian and the terms
of which are reflected in the Custodial Mortgage Loan Schedule.

          (d) No Defenses. The Mortgage Loan is not subject to any right of
rescission, set-off, counterclaim or defense, including, without limitation, the
defense of usury, nor will the operation of any of the terms of the Mortgage
Note or the Mortgage, or the exercise of any right thereunder, render either the
Mortgage Note or the Mortgage unenforceable, in whole or in part and no such
right of rescission, set-off, counterclaim or defense has been asserted with
respect thereto, and no Mortgagor in respect of the Mortgage Loan was a debtor
in any state or Federal bankruptcy or insolvency proceeding at the time the
Mortgage Loan was originated. Neither Seller has knowledge nor has it received
any notice that any Mortgagor in respect of the Mortgage Loan is a debtor in any
state or federal bankruptcy or insolvency proceeding.

          (e) Hazard Insurance. The Mortgaged Property is insured by a fire and
extended perils insurance policy, issued by a Qualified Insurer, and such other
hazards as are customary in the area where the Mortgaged Property is located,
and to the extent required by the applicable Seller as of the date of
origination consistent with the Underwriting Guidelines, against earthquake and
other risks insured against by Persons operating like properties in the locality
of the Mortgaged Property, in an amount not less than the greatest of (i) 100%
of the replacement cost of all improvements to the Mortgaged Property, (ii) the
outstanding principal balance of the Mortgage Loan, or (iii) the amount
necessary to avoid the operation of any co-insurance provisions with respect to
the Mortgaged Property, and consistent with the amount that would have been
required as of the date of origination in accordance with the Underwriting
Guidelines. If any portion of the Mortgaged Property is in an area identified by
any federal Governmental Authority as having special flood hazards, and flood
insurance is available, a flood insurance policy meeting the current guidelines
of the Federal Emergency Management Agency is in effect with a generally
acceptable insurance carrier, in an amount representing coverage not less than
the least of (1) the outstanding principal balance of the Mortgage Loan and,
with respect to any Second Lien Mortgage Loan, the outstanding principal balance
of the prior mortgage loan, (2) the full insurable value of the Mortgaged
Property, and (3) the maximum amount of insurance available under the National
Flood Insurance Act of 1968, as amended by the Flood Disaster Protection Act of
1974. All such insurance policies (collectively, the "hazard insurance policy")
contain a standard mortgagee clause naming the applicable Seller, its successors
and assigns (including, without limitation, subsequent owners of the Mortgage
Loan), as mortgagee, and may not be reduced, terminated or canceled without 30
days' prior written notice to the mortgagee. No such notice has been received by
Sellers. All premiums on such insurance policy have been paid. The related
Mortgage obligates the Mortgagor to maintain all such insurance and, at such
Mortgagor's failure to do so, authorizes the mortgagee to maintain such
insurance at the Mortgagor's cost and expense and to seek reimbursement therefor
from such Mortgagor. Where required by state law or regulation, the Mortgagor
has been given an opportunity to choose the carrier of the required hazard
insurance, provided the policy is not a "master" or "blanket" hazard insurance
policy covering a condominium, or any hazard insurance policy covering the
common facilities of a planned unit development. The hazard insurance policy is
the valid and binding obligation of the insurer and is in full force and effect.
Neither Seller has engaged in, and has no knowledge of the Mortgagor's having
engaged in, any act or omission which would impair the coverage of any such
policy, the benefits of the endorsement provided for herein, or the validity and
binding effect of either including, without limitation, no unlawful

                                    Sch. 1-3

fee, commission, kickback or other unlawful compensation or value of any kind
has been or will be received, retained or realized by any attorney, firm or
other Person, and no such unlawful items have been received, retained or
realized by either Seller.

          (f) Compliance with Applicable Laws. Any and all requirements of any
federal, state or local law including, without limitation, usury,
truth-in-lending, real estate settlement procedures, consumer credit protection,
equal credit opportunity or disclosure laws applicable to the Mortgage Loan have
been complied with, the consummation of the transactions contemplated hereby
will not involve the violation of any such laws or regulations, and the
applicable Seller shall maintain or shall cause its agent to maintain in its
possession, available for the inspection of Buyer, and shall deliver to Buyer,
upon demand, evidence of compliance with all such requirements.

          (g) No Satisfaction of Mortgage. The Mortgage has not been satisfied,
canceled, subordinated or rescinded, in whole or in part, and the Mortgaged
Property has not been released from the lien of the Mortgage, in whole or in
part, nor has any instrument been executed that would effect any such release,
cancellation, subordination or rescission. Neither Seller has waived the
performance by the Mortgagor of any action, if the Mortgagor's failure to
perform such action would cause the Mortgage Loan to be in default, nor has
either Seller waived any default resulting from any action or inaction by the
Mortgagor.

          (h) Location and Type of Mortgaged Property. The Mortgaged Property is
located in an Acceptable State as identified in the Custodial Mortgage Loan
Schedule and consists of a single parcel of real property with a detached single
family residence erected thereon, or a two- to four-family dwelling, or an
individual condominium unit in a low-rise condominium project, or an individual
unit in a planned unit development or a de minimis planned unit development;
provided, however, that any condominium unit or planned unit development shall
conform with the applicable Fannie Mae and Freddie Mac requirements regarding
such dwellings or shall conform to underwriting guidelines acceptable to Buyer
in its sole discretion and that no residence or dwelling is a mobile home. No
portion of the Mortgaged Property is used for commercial purposes; provided,
that, the Mortgaged Property may be a mixed use property if such Mortgaged
Property conforms to underwriting guidelines acceptable to Buyer in its sole
discretion.

          (i) Valid First or Second Lien. The Mortgage is a valid, subsisting,
enforceable and perfected (a) with respect to each first lien Mortgage Loan,
first priority lien and first priority security interest, or (b) with respect to
each Second Lien Mortgage Loan, second priority lien and second priority
security interest, in each case, on the real property included in the Mortgaged
Property, including all buildings on the Mortgaged Property and all
installations and mechanical, electrical, plumbing, heating and air conditioning
systems located in or annexed to such buildings, and all additions, alterations
and replacements made at any time with respect to the foregoing. The lien of the
Mortgage is subject only to:

     a. the lien of current real property taxes and assessments not yet due and
payable;

     b. covenants, conditions and restrictions, rights of way, easements and
other matters of the public record as of the date of recording acceptable to
prudent mortgage lending institutions

                                    Sch. 1-4

generally and specifically referred to in Buyer's title insurance policy
delivered to the originator of the Mortgage Loan and (a) referred to or
otherwise considered in the appraisal made for the originator of the Mortgage
Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged
Property set forth in such appraisal;

     c. other matters to which like properties are commonly subject which do not
materially interfere with the benefits of the security intended to be provided
by the Mortgage or the use, enjoyment, value or marketability of the related
Mortgaged Property; and

     d. with respect to each Mortgage Loan which is a Second Lien Mortgage Loan,
a first lien on the Mortgaged Property.

Any security agreement, chattel mortgage or equivalent document related to and
delivered in connection with the Mortgage Loan establishes and creates (a) with
respect to each first lien mortgage loan, a valid, subsisting and enforceable
first lien and first priority security interest or (b) with respect to each
Second Lien Mortgage Loan, second priority lien and second priority security
interest on the property described therein and Sellers have full right to pledge
and assign the same to Buyer. The Mortgaged Property was not, as of the date of
origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to
secure debt or other security instrument creating a lien subordinate to the lien
of the Mortgage; with respect to each Co-op Loan, each Assignment of Lease
Agreement creates a valid, enforceable and subsisting first security interest in
the collateral securing the related Mortgage Note subject only to (a) the lien
of the related Co-op Corporation for unpaid assessments representing the
obligor's pro rata share of the Co-op Corporation's payments for its blanket
mortgage, current and future real property taxes, insurance premiums,
maintenance fees and other assessments to which like collateral is commonly
subject and (b) other matters to which like collateral is commonly subject which
do not materially interfere with the benefits of the security intended to be
provided by the Assignment of Lease Agreement; provided, however, that the
appurtenant Proprietary Lease may be subordinated or otherwise subject to the
lien of any mortgage of the Co-op Project;

          (j) Validity of Mortgage Documents. The Mortgage Note and the Mortgage
with respect to the Mortgage Loan (and the Assignment of Lease Agreement with
respect to each Co-op Loan) and any other agreement executed and delivered by a
Mortgagor or guarantor, if applicable, in connection with a Mortgage Loan are
genuine, and each is the legal, valid and binding obligation of the maker
thereof enforceable in accordance with its terms. All parties to the Mortgage
Note, the Mortgage and any other such related agreement had legal capacity to
enter into the Mortgage Loan and to execute and deliver the Mortgage Note, the
Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any
other such related agreement have been duly and properly executed by such
related parties. With respect to each Co-op Loan, all parties to the Mortgage
Note and the Mortgage Loan had legal capacity to execute and deliver the
Mortgage Note, the Assignment of Lease Agreement, the Proprietary Lease, the
Stock Power, the Recognition Agreement, the Financing Statement and the
Assignment of Proprietary Lease and such documents have been duly and properly
executed by such parties, each Stock Power (i) has all signatures guaranteed or
(ii) if all signatures are not guaranteed, then such Co-op Shares will be
transferred by the stock transfer agent of the Co-op Corporation if the Sellers
undertake to convert the ownership of the collateral securing the related Co-op
Loan. No fraud, error, omission, misrepresentation, negligence or similar
occurrence with respect to a Mortgage

                                    Sch. 1-5

Loan has taken place on the part of any Person, including, without limitation,
the Mortgagor, any appraiser, any builder or developer, or any other party
involved in the origination of the Mortgage Loan. Sellers have reviewed all of
the documents constituting the Mortgage File and has made such inquiries as it
deems necessary to make and confirm the accuracy of the representations set
forth herein. To the best of Sellers' knowledge, except as disclosed to Buyer in
writing, all tax identifications and property descriptions are legally
sufficient; and tax segregation, where required, has been completed.

          (k) Full Disbursement of Proceeds. Except with respect to HELOCs,
there is no further requirement for future advances under the Mortgage Loan, and
any and all requirements as to completion of any on-site or off-site improvement
and as to disbursements of any escrow funds therefor have been complied with
(except to the extent that holdbacks and escrows are permitted by Fannie Mae or
Freddie Mac). All costs, fees and expenses incurred in making or closing the
Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is
not entitled to any refund of any amounts paid or due under the Mortgage Note or
Mortgage.

          (l) Ownership. The applicable Seller has full right to sell the
Mortgage Loan to Buyer free and clear of any encumbrance, equity, participation
interest, lien, pledge, charge, claim or security interest, and has full right
and authority subject to no interest or participation of, or agreement with, any
other party, to sell each Mortgage Loan pursuant to this Agreement and following
the sale of each Mortgage Loan, Buyer will own such Mortgage Loan free and clear
of any encumbrance, equity, participation interest, lien, pledge, charge, claim
or security interest except any such security interest created pursuant to the
terms of this Agreement.

          (m) Doing Business. All parties which have had any interest in the
Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or,
during the period in which they held and disposed of such interest, were) (i) in
compliance with any and all applicable licensing requirements of the laws of the
state wherein the Mortgaged Property is located, and (ii) either (A) organized
under the laws of such state, (B) qualified to do business in such state, (C) a
federal savings and loan association, a savings bank or a national bank having a
principal office in such state, or (D) not doing business in such state.

          (n) Title Insurance. Other than HELOCs where the Underwriting
Guidelines provide for origination without title insurance and the Take-out
Investor does not require title insurance for its purchase thereof, the Mortgage
Loan is covered by either (i) an attorney's opinion of title and abstract of
title, the form and substance of which is acceptable to prudent mortgage lending
institutions making mortgage loans in the area wherein the Mortgaged Property is
located or (ii) an ALTA lender's title insurance policy or other generally
acceptable form of policy or insurance acceptable to Fannie Mae or Freddie Mac
and each such title insurance policy is issued by a title insurer acceptable to
Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where
the Mortgaged Property is located, insuring Sellers, their successors and
assigns, as to the first or second priority lien of the Mortgage, as applicable,
in the original principal amount of the Mortgage Loan, with respect to a
Mortgage Loan other than a HELOC, or the original Credit Limit, with respect to
a HELOC (or to the extent a Mortgage Note provides for negative amortization,
the maximum amount of negative amortization in accordance with the Mortgage),
subject only to the exceptions contained in clauses (1), (2) and (3) and, with
respect to Second Lien Mortgage Loans, clause (4) of

                                    Sch. 1-6

paragraph (i) of this Schedule 1, and in the case of adjustable rate Mortgage
Loans, against any loss by reason of the invalidity or unenforceability of the
lien resulting from the provisions of the Mortgage providing for adjustment to
the Mortgage Interest Rate and Monthly Payment. Where required by state law or
regulation, the Mortgagor has been given the opportunity to choose the carrier
of the required mortgage title insurance. Additionally, such lender's title
insurance policy affirmatively insures ingress and egress and against
encroachments by or upon the Mortgaged Property or any interest therein. The
title policy does not contain any special exceptions (other than the standard
exclusions) for zoning and uses and has been marked to delete the standard
survey exception or to replace the standard survey exception with a specific
survey reading. The applicable Seller, its successors and assigns, are the sole
insureds of such lender's title insurance policy, and such lender's title
insurance policy is valid and remains in full force and effect and will be in
force and effect upon the consummation of the transactions contemplated by this
Agreement. No claims have been made under such lender's title insurance policy,
and no prior holder or servicer of the related Mortgage, including the
applicable Seller, has done, by act or omission, anything which would impair the
coverage of such lender's title insurance policy, including without limitation,
no unlawful fee, commission, kickback or other unlawful compensation or value of
any kind has been or will be received, retained or realized by any attorney,
firm or other Person, and no such unlawful items have been received, retained or
realized by either Seller.

          (o) No Defaults. There is no default, breach, violation or event of
acceleration existing under the Mortgage or the Mortgage Note and no event has
occurred which, with the passage of time or with notice and the expiration of
any grace or cure period, would constitute a default, breach, violation or event
of acceleration, and neither Seller nor their predecessors have waived any
default, breach, violation or event of acceleration; and with respect to each
Co-op Loan, there is no default in complying with the terms of the Mortgage
Note, the Assignment of Lease Agreement and the Proprietary Lease and all
maintenance charges and assessments (including assessments payable in the future
installments, which previously became due and owing) have been paid, and the
related Seller has the right under the terms of the Mortgage Note, Assignment of
Lease Agreement and Recognition Agreement to pay any maintenance charges or
assessment owed by the Mortgagor.

          (p) No Mechanics' Liens. There are no mechanics' or similar liens or
claims which have been filed for work, labor or material (and no rights are
outstanding that under the law could give rise to such liens) affecting the
Mortgaged Property which are or may be liens prior to, or equal or coordinate
with, the lien of the Mortgage.

          (q) Location of Improvements; No Encroachments. All improvements which
were considered in determining the Appraised Value of the Mortgaged Property lie
wholly within the boundaries and building restriction lines of the Mortgaged
Property, and no improvements on adjoining properties encroach upon the
Mortgaged Property. No improvement located on or being part of the Mortgaged
Property is in violation of any applicable zoning and building law, ordinance or
regulation.

          (r) Origination; Payment Terms. The Mortgage Loan was originated by or
in conjunction with a mortgagee approved by the Secretary of Housing and Urban
Development pursuant to Sections 203 and 211 of the National Housing Act, a
savings and loan association, a

                                    Sch. 1-7

savings bank, a commercial bank, credit union, insurance company or similar
banking institution which is supervised and examined by a federal or state
authority. Other than respect to HELOCs and Interest Only Loans, principal
and/or interest payments on the Mortgage Loan commenced no more than 60 days
after funds were disbursed in connection with the Mortgage Loan. With respect to
adjustable rate Mortgage Loans, the Mortgage Interest Rate is adjusted on each
Interest Rate Adjustment Date to equal the Index plus the Gross Margin (rounded
up or down to the nearest .125%), subject to the Mortgage Interest Rate Cap.
Other than with respect to a HELOC, or the Credit Limit, with respect to a
HELOC, the Mortgage Note is payable on the first day of each month in equal
monthly installments of principal and/or interest (subject to an "interest only"
period in the case of Interest Only Loans), which installments of interest (a)
with respect to adjustable rate Mortgage Loans are subject to change on the
Interest Rate Adjustment Date due to adjustments to the Mortgage Interest Rate
on each Interest Rate Adjustment Date and (b) with respect to Interest Only
Loans are subject to change on the Interest Only Adjustment Date due to
adjustments to the Mortgage Interest Rate on each Interest Only Adjustment Date,
in both cases with interest calculated and payable in arrears, sufficient to
amortize the Mortgage Loan fully by the stated maturity date, over an original
term of not more than 30 years from commencement of amortization. The Due Date
of the first payment under the Mortgage Note is no more than 60 days from the
date of the Mortgage Note. With respect to HELOCs, the related Mortgagor may
request advances up to the Credit Limit within the first ten years following the
date of origination. Each HELOC will amortize within 30 years from the date of
origination.

          (s) Customary Provisions. The Mortgage Note has a stated maturity. The
Mortgage contains customary and enforceable provisions such as to render the
rights and remedies of the holder thereof adequate for the realization against
the Mortgaged Property of the benefits of the security provided thereby,
including, (i) in the case of a Mortgage designated as a deed of trust, by
trustee's sale, and (ii) otherwise by judicial foreclosure. Upon default by a
Mortgagor on a Mortgage Loan and foreclosure on, or trustee's sale of, the
Mortgaged Property pursuant to the proper procedures, the holder of the Mortgage
Loan will be able to deliver good and merchantable title to the Mortgaged
Property. There is no homestead or other exemption available to a Mortgagor
which would interfere with the right to sell the Mortgaged Property at a
trustee's sale or the right to foreclose the Mortgage. The Mortgage Note and
Mortgage are on forms acceptable to Freddie Mac or Fannie Mae.

          (t) Occupancy of the Mortgaged Property. As of the Purchase Date the
Mortgaged Property is lawfully occupied under applicable law. All inspections,
licenses and certificates required to be made or issued with respect to all
occupied portions of the Mortgaged Property and, with respect to the use and
occupancy of the same, including but not limited to certificates of occupancy
and fire underwriting certificates, have been made or obtained from the
appropriate authorities. Neither Seller has received notification from any
Governmental Authority that the Mortgaged Property is in material non-compliance
with such laws or regulations, is being used, operated or occupied unlawfully or
has failed to have or obtain such inspection, licenses or certificates, as the
case may be. Neither Seller has received notice of any violation or failure to
conform with any such law, ordinance, regulation, standard, license or
certificate. With respect to any Mortgage Loan originated with an
"owner-occupied" Mortgaged Property, the Mortgagor represented at the time of
origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged
Property as the Mortgagor's primary residence.

                                    Sch. 1-8

          (u) No Additional Collateral. The Mortgage Note is not and has not
been secured by any collateral except the lien of the corresponding Mortgage and
the security interest of any applicable security agreement or chattel mortgage
referred to in clause (i) above.

          (v) Deeds of Trust. In the event the Mortgage constitutes a deed of
trust, a trustee, authorized and duly qualified under applicable law to serve as
such, has been properly designated and currently so serves and is named in the
Mortgage, and no fees or expenses are or will become payable by the Custodian or
Buyer to the trustee under the deed of trust, except in connection with a
trustee's sale after default by the Mortgagor.

          (w) Transfer of Mortgage Loans. Except with respect to Mortgage Loans
intended for purchase by GNMA and for Mortgage Loans registered with MERS, the
Assignment of Mortgage is in recordable form and is acceptable for recording
under the laws of the jurisdiction in which the Mortgaged Property is located.

          (x) Due-On-Sale. Except with respect to Mortgage Loans intended for
purchase by GNMA, the Mortgage contains an enforceable provision for the
acceleration of the payment of the unpaid principal balance of the Mortgage Loan
in the event that the Mortgaged Property is sold or transferred without the
prior written consent of the mortgagee thereunder.

          (y) No Buydown Provisions; No Graduated Payments or Contingent
Interests. Except with respect to Agency Mortgage Loans, the Mortgage Loan does
not contain provisions pursuant to which Monthly Payments are paid or partially
paid with funds deposited in any separate account established by either Seller,
the Mortgagor, or anyone on behalf of the Mortgagor, or paid by any source other
than the Mortgagor nor does it contain any other similar provisions which may
constitute a "buydown" provision. The Mortgage Loan is not a graduated payment
mortgage loan and the Mortgage Loan does not have a shared appreciation or other
contingent interest feature.

          (z) Consolidation of Future Advances. Any future advances made to the
Mortgagor prior to the Purchase Date have been consolidated with the outstanding
principal amount secured by the Mortgage, and the secured principal amount, as
consolidated, bears a single interest rate and single repayment term. The lien
of the Mortgage securing the consolidated principal amount is expressly insured
as having first or, in the case of Second Lien Mortgage Loans, a second lien
priority by a title insurance policy, an endorsement to the policy insuring the
mortgagee's consolidated interest or by other title evidence acceptable to
Fannie Mae and Freddie Mac. The consolidated principal amount does not exceed
the original principal amount or with respect to HELOC's, the Credit Limit of
the Mortgage Loan.

          (aa) No Condemnation Proceeding. There have not been any condemnation
proceedings with respect to the Mortgaged Property and neither Seller has
knowledge of any such proceedings.

          (bb) Collection Practices; Escrow Deposits; Interest Rate Adjustments.
The origination and collection practices used by the originator, each servicer
of the Mortgage Loan and the applicable Seller with respect to the Mortgage Loan
have been in all respects in compliance with Accepted Servicing Practices,
applicable laws and regulations, and have been in

                                    Sch. 1-9

all respects legal and proper. With respect to escrow deposits and Escrow
Payments, (other than with respect to each Second Lien Mortgage Loan and for
which the mortgagee under the first lien is collecting Escrow Payments) all such
payments are in the possession of, or under the control of, the applicable
Seller and there exist no deficiencies in connection therewith for which
customary arrangements for repayment thereof have not been made. All Escrow
Payments have been collected in full compliance with state and federal law. An
escrow of funds is not prohibited by applicable law and has been established in
an amount sufficient to pay for every item that remains unpaid and has been
assessed but is not yet due and payable. No escrow deposits or Escrow Payments
or other charges or payments due either Seller have been capitalized under the
Mortgage or the Mortgage Note. All Mortgage Interest Rate adjustments have been
made in strict compliance with state and federal law and the terms of the
related Mortgage Note. Any interest required to be paid pursuant to state,
federal and local law has been properly paid and credited.

          (cc) Conversion to Fixed Interest Rate. Except as allowed by Fannie
Mae or Freddie Mac or otherwise as expressly approved in writing by Buyer, with
respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible
to a fixed interest rate Mortgage Loan.

          (dd) Other Insurance Policies. No action, inaction or event has
occurred and no state of facts exists or has existed that has resulted or will
result in the exclusion from, denial of, or defense to coverage under any
applicable special hazard insurance policy, PMI Policy or bankruptcy bond,
irrespective of the cause of such failure of coverage. In connection with the
placement of any such insurance, no commission, fee, or other compensation has
been or will be received by either Seller or by any officer, director, or
employee of either Seller or any designee of either Seller or any corporation in
which either Seller or any officer, director, or employee had a financial
interest at the time of placement of such insurance.

          (ee) Servicemembers Civil Relief Act. The Mortgagor has not notified
either Seller, and neither Seller has knowledge, of any relief requested or
allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003.

          (ff) Appraisal. Except with respect to HELOCs originated in accordance
with the Underwriting Guidelines or if not otherwise required by Fannie Mae or
Freddie Mac for such Mortgage Loan, the Mortgage File contains an appraisal of
the related Mortgaged Property signed prior to the funding of the Mortgage Loan
by a qualified appraiser, duly appointed by the applicable Seller, who had no
interest, direct or indirect in the Mortgaged Property or in any loan made on
the security thereof, and whose compensation is not affected by the approval or
disapproval of the Mortgage Loan, and the appraisal and appraiser both satisfy
the requirements of Fannie Mae or Freddie Mac and Title XI of the Federal
Institutions Reform, Recovery, and Enforcement Act of 1989 as amended and the
regulations promulgated thereunder, all as in effect on the date the Mortgage
Loan was originated.

          (gg) Disclosure Materials. The Mortgagor has executed a statement to
the effect that the Mortgagor has received all disclosure materials required by
applicable law with respect to the making of adjustable rate mortgage loans, and
the applicable Seller maintains such statement in the Mortgage File.

                                    Sch. 1-10

          (hh) Construction or Rehabilitation of Mortgaged Property. No Mortgage
Loan was made in connection with the construction or rehabilitation of a
Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged
Property.

          (ii) No Defense to Insurance Coverage. No action has been taken or
failed to be taken, no event has occurred and no state of facts exists or has
existed on or prior to the Purchase Date (whether or not known to either Seller
on or prior to such date) which has resulted or will result in an exclusion
from, denial of, or defense to coverage under any private mortgage insurance
(including, without limitation, any exclusions, denials or defenses which would
limit or reduce the availability of the timely payment of the full amount of the
loss otherwise due thereunder to the insured) whether arising out of actions,
representations, errors, omissions, negligence, or fraud of either Seller, the
related Mortgagor or any party involved in the application for such coverage,
including the appraisal, plans and specifications and other exhibits or
documents submitted therewith to the insurer under such insurance policy, or for
any other reason under such coverage, but not including the failure of such
insurer to pay by reason of such insurer's breach of such insurance policy or
such insurer's financial inability to pay.

          (jj) Capitalization of Interest. The Mortgage Note does not by its
terms provide for the capitalization or forbearance of interest.

          (kk) No Equity Participation. No document relating to the Mortgage
Loan provides for any contingent or additional interest in the form of
participation in the cash flow of the Mortgaged Property or a sharing in the
appreciation of the value of the Mortgaged Property. The indebtedness evidenced
by the Mortgage Note is not convertible to an ownership interest in the
Mortgaged Property or the Mortgagor and neither Seller has financed nor does it
own directly or indirectly, any equity of any form in the Mortgaged Property or
the Mortgagor.

          (ll) Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have
not been and shall not be used to satisfy, in whole or in part, any debt owed or
owing by the Mortgagor to the applicable Seller or any Affiliate or
correspondent of such Seller, except in connection with a refinanced Mortgage
Loan.

          (mm) Origination Date. The origination date is no earlier than sixty
(60) days prior to the related Purchase Date.

          (nn) No Exception. The Custodian has not noted any material exceptions
on a Custodial Mortgage Loan Schedule with respect to the Mortgage Loan which
would materially adversely affect the Mortgage Loan or Buyer's interest in the
Mortgage Loan and, which in the case of a Wet-Ink Mortgage Loan, has not been
cured within seven Business Days of purchase.

          (oo) Mortgage Submitted for Recordation. The Mortgage either has been
or will promptly be submitted for recordation in the appropriate governmental
recording office of the jurisdiction where the Mortgaged Property is located.

          (pp) Documents Genuine. Such Purchased Mortgage Loan and all
accompanying collateral documents are complete and authentic and all signatures
thereon are genuine. Such Purchased Mortgage Loan is a "closed" loan fully
funded by the applicable Seller and held in such Seller's name.

                                    Sch. 1-11

          (qq) Bona Fide Loan. Such Purchased Mortgage Loan arose from a bona
fide loan, complying with all applicable State and Federal laws and regulations,
to persons having legal capacity to contract and is not subject to any defense,
set-off or counterclaim.

          (rr) Other Encumbrances. To the best of each Seller's knowledge, any
property subject to any security interest given in connection with such
Purchased Mortgage Loan is not subject to any other encumbrances other than a
stated first mortgage, if applicable, and encumbrances which may be allowed
under the Underwriting Guidelines.

          (ss) Description. Each Purchased Mortgage Loan conforms to the
description thereof as set forth on the related Custodial Mortgage Loan Schedule
delivered to the Custodian and Buyer.

          (tt) Located in U.S. No collateral (including, without limitation, the
related real property and the dwellings thereon and otherwise) relating to a
Purchased Mortgage Loan is located in any jurisdiction other than in one of the
fifty (50) states of the United States of America or the District of Columbia.

          (uu) Underwriting Guidelines. Each Purchased Mortgage Loan has been
originated in accordance with the Underwriting Guidelines (including all
supplements or amendments thereto) previously provided to Buyer.

          (vv) Aging. Such Purchased Mortgage Loan has not been subject to a
Transaction hereunder for more than 180 days.

          (ww) Committed Mortgage Loans. Each Committed Mortgage Loan is covered
by a Take-out Commitment, does not exceed the availability under such Take-out
Commitment (taking into consideration mortgage loans which have been purchased
by the respective Take-out Investor under the Take-out Commitment and mortgage
loan which Seller has identified to Buyer as covered by such Take-out
Commitment) and conforms to the requirements and the specifications set forth in
such Take-out Commitment and the related regulations, rules, requirements and/or
handbooks of the applicable Take-out Investor and is eligible for sale to and
insurance or guaranty by, respectively the applicable Take-out Investor and
applicable insurer. Each Take-out Commitment is a legal, valid and binding
obligation of each Seller enforceable against it in accordance with its terms,
subject to applicable bankruptcy, insolvency and similar laws affecting
creditors' rights generally and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

          (xx) Primary Mortgage Guaranty Insurance. Where applicable, each
Mortgage Loan is insured as to payment defaults by a policy of primary mortgage
guaranty insurance in the amount required where applicable, and by an insurer
approved, by the applicable Take-out Investor, if applicable, and all provisions
of such primary mortgage guaranty insurance have been and are being complied
with, such policy is in full force and effect, and all premiums due thereunder
have been paid. Each Mortgage Loan which is represented to Buyer to have, or to
be eligible for, FHA insurance is insured, or eligible to be insured, pursuant
to the National Housing Act. Each Mortgage Loan which is represented by the
applicable Seller to be guaranteed, or to be eligible for guaranty, by the VA is
guaranteed, or eligible to be guaranteed, under the

                                    Sch. 1-12

provisions of Chapter 37 of Title 38 of the United States Code. As to each FHA
insurance certificate or each VA guaranty certificate, Seller has complied with
applicable provisions of the insurance for guaranty contract and federal
statutes and regulations, all premiums or other charges due in connection with
such insurance or guarantee have been paid, there has been no act or omission
which would or may invalidate any such insurance or guaranty, and the insurance
or guaranty is, or when issued, will be, in full force and effect with respect
to each Mortgage Loan. There are no defenses, counterclaims, or rights of setoff
affecting the Mortgage Loans or affecting the validity or enforceability of any
private mortgage insurance or FHA insurance applicable to the Mortgage Loans or
any VA guaranty with respect to the Mortgage Loans.

          (yy) Predatory Lending Regulations; High Cost Loans. None of the
Mortgage Loans are classified as High Cost Mortgage Loans.

          (zz) Wet-Ink Mortgage Loans. With respect to each Mortgage Loan that
is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing
by the applicable Seller to hold the related Mortgage Loan Documents as agent
and bailee for Buyer or Buyer agent and to promptly forward such Mortgage Loan
Documents in accordance with the provisions of the Custodial Agreement and the
Escrow Instruction Letter.

          (aaa) FHA Mortgage Insurance; VA Loan Guaranty. With respect to the
FHA Loans, the FHA Mortgage Insurance Contract is in full force and effect and
there exists no impairment to full recovery without indemnity to the Department
of Housing and Urban Development or the FHA under FHA Mortgage Insurance. With
respect to the VA Loans, the VA Loan Guaranty Agreement is in full force and
effect to the maximum extent stated therein. All necessary steps have been taken
to keep such guaranty or insurance valid, binding and enforceable and each of
such is the binding, valid and enforceable obligation of the FHA and the VA,
respectively, to the full extent thereof, without surcharge, set-off or defense.
Each FHA Loan and VA Loan was originated in accordance with the criteria of an
Agency for purchase of such Mortgage Loans.

          (bbb) Revolving Period. Each HELOC provides for an initial period (the
"Revolving Period") during which the Mortgagor is required to make monthly
payments of interest payable in arrears and requires repayment of the unpaid
principal balance thereof over a period following the Revolving Period (the
"Repayment Period") which is not in excess of 120 months. As of the Purchase
Date no HELOC was in its Repayment Period. The Mortgage Interest Rate on each
Mortgage Loan adjusts periodically in accordance with the Credit Line Agreement
to equal the sum of the Index and the related Gross Margin. On each Adjustment
Date the related Seller has made interest rate adjustments on the Mortgage Loan
which are in compliance with the related Mortgage and Mortgage Note and
applicable law.

          (ccc) Co-op Loan: Valid First Lien. With respect to each Co-op Loan,
the related Mortgage is a valid, enforceable and subsisting first security
interest on the related cooperative shares securing the related cooperative note
and lease, subject only to (a) liens of the cooperative for unpaid assessments
representing the Mortgagor's pro rata share of the cooperative's payments for
its blanket mortgage, current and future real property taxes, insurance
premiums, maintenance fees and other assessments to which like collateral is
commonly subject and (b) other matters to which like collateral is commonly
subject which do not materially

                                    Sch. 1-13

interfere with the benefits of the security intended to be provided by the
security interest. There are no liens against or security interests in the
cooperative shares relating to each Co-op Loan (except for unpaid maintenance,
assessments and other amounts owed to the related cooperative which individually
or in the aggregate will not have a material adverse effect on such Co-op Loan),
which have priority equal to or over the Sellers' security interest in such
Co-op Shares;

          (ddd) Co-op Loan: Compliance with Law. With respect to each Co-op
Loan, the related cooperative corporation that owns title to the related
cooperative apartment building is a "cooperative housing corporation" within the
meaning of Section 216 of the Internal Revenue Code, and is in material
compliance with applicable federal, state and local laws which, if not complied
with, could have a material adverse effect on the Mortgaged Property;

          (eee) Co-op Loan: No Pledge. With respect to each Co-op Loan, there is
no prohibition against pledging the shares of the cooperative corporation or
assigning the Proprietary Lease. With respect to each Co-op Loan, (i) the term
of the related Proprietary Lease is longer than the term of the Co-op Loan, (ii)
there is no provision in any Proprietary Lease which requires the Mortgagor to
offer for sale the Co-op Shares owned by such Mortgagor first to the Co-op
Corporation, (iii) there is no prohibition in any Proprietary Lease against
pledging the Co-op Shares or assigning the Proprietary Lease and (iv) the
Recognition Agreement is on a form of agreement published by Aztech Document
Systems, Inc. as of the date hereof or includes provisions which are no less
favorable to the lender than those contained in such agreement; and

          (fff) Co-op Loan: Acceleration of Payment. With respect to each Co-op
Loan, each Assignment of Proprietary Lease contains enforceable provisions such
as to render the rights and remedies of the holder thereof adequate for the
realization of the material benefits of the security provided thereby. The
Assignment of Proprietary Lease contains an enforceable provision for the
acceleration of the payment of the unpaid principal balance of the Mortgage Note
in the event the Co-op Unit is transferred or sold without the consent of the
holder thereof.

                                    Sch. 1-14

                                  Schedule 1-1

                                   SCHEDULE 2
                           AUTHORIZED REPRESENTATIVES

SELLER NOTICES

                                     Address: MortgageIT, Inc.
Name: Michael A. Zigrossi                     33 Maiden Lane, 6th Floor
Telephone: 212-651-7774                       New York, NY 10038
Facsimile: 212-651-4674                       Attention: Chief Operating Officer

                                     Address: MortgageIT Holdings, Inc.
Name: John Cuti                               33 Maiden Lane, 6th Floor
Telephone: 212-651-7696                       New York, NY 10038
Facsimile: 212-651-4862                       Attention: Michael Zigrossi

MORTGAGEIT, INC. AUTHORIZATIONS

Any of the persons whose signatures and titles appear below are authorized,
acting singly, to act for Seller under this Agreement:

      Name                    Title                           Signature
---------------   -----------------------------   ------------------------------
Doug W. Naidus    Chief Executive Officer
John R. Cuti      General Counsel and Secretary
Robert A. Gula    Chief Financial Officer

MORTGAGEIT HOLDINGS, INC. AUTHORIZATIONS

Any of the persons whose signatures and titles appear below are authorized,
acting singly, to act for Seller under this Agreement:

      Name                     Title                          Signature
----------------   -----------------------------   -----------------------------
Doug W. Naidus     Chief Executive Officer
John R. Cuti       General Counsel and Secretary
Glenn J. Mouridy   Chief Financial Officer

                                      A-I-1

BUYER NOTICES
                                     Address: Credit Suisse First Boston
Name: Gary Timmerman                          Mortgage Capital LLC
                                              302 Carnegie Center, 2nd Floor
Telephone: 609-627-5026                       Princeton, NJ 08540
Facsimile: 609-627-5011

BUYER AUTHORIZATIONS

Any of the persons whose signatures and titles appear below, including any other
authorized officers, are authorized, acting singly, to act for Buyer under this
Agreement:

      Name                     Title                          Signature
-----------------   ----------------------------   -----------------------------
Craig Eckes
Michael Fallacara
Tom Fenlon
Bruce Kaiserman
Andrew Kimura
Kari Roberts
Gary Timmerman

                                      A-I-2

                                     ANNEX I

                              BUYER ACTING AS AGENT

          This Annex I forms a part of the Master Repurchase Agreement dated as
of March 11, 2005 (the "Agreement") among Credit Suisse First Boston Mortgage
Capital LLC, MortgageIT, Inc. and MortgageIT Holdings, Inc. This Annex I sets
forth the terms and conditions governing all transactions in which a party
selling assets or buying assets, as the case may be ("Agent"), in a Transaction
is acting as agent for one or more third parties (each, a "Principal").
Capitalized terms used but not defined in this Annex I shall have the meanings
ascribed to them in the Agreement.

          1. Additional Representations. Agent hereby makes the following
representations, which shall continue during the term of any Transaction:
Principal has duly authorized Agent to execute and deliver the Agreement on its
behalf, has the power to so authorize Agent and to enter into the Transactions
contemplated by the Agreement and to perform the obligations of Sellers or
Buyer, as the case may be, under such Transactions, and has taken all necessary
action to authorize such execution and delivery by Agent and such performance by
it.

          2. Identification of Principals. Agent agrees (a) to provide the other
party, prior to the date on which the parties agree to enter into any
Transaction under the Agreement, with a written list of Principals for which it
intends to act as Agent (which list may be amended in writing from time to time
with the consent of the other party), and (b) to provide the other party, before
the close of business on the next business day after orally agreeing to enter
into a Transaction, with notice of the specific Principal or Principals for whom
it is acting in connection with such Transaction. If (i) Agent fails to identify
such Principal or Principals prior to the close of business on such next
business day or (ii) the other party shall determine in its sole discretion that
any Principal or Principals identified by Agent are not acceptable to it, the
other party may reject and rescind any Transaction with such Principal or
Principals, return to Agent any Purchased Mortgage Loan or portion of the
Purchase Price, as the case may be, previously transferred to the other party
and refuse any further performance under such Transaction, and Agent shall
immediately return to the other party any portion of the Purchase Price or
Purchased Mortgage Loans, as the case may be, previously transferred to Agent in
connection with such Transaction; provided, however, that (A) the other party
shall promptly (and in any event within one business day) notify Agent of its
determination to reject and rescind such Transaction and (B) to the extent that
any performance was rendered by any party under any Transaction rejected by the
other party, such party shall remain entitled to any Price Differential or other
amounts that would have been payable to it with respect to such performance if
such Transaction had not been rejected. The other party acknowledges that Agent
shall not have any obligation to provide it with confidential information
regarding the financial status of its Principals; Agent agrees, however, that it
will assist the other party in obtaining from Agent's Principals such
information regarding the financial status of such Principals as the other party
may reasonably request.

                                      A-I-1

          3. Limitation of Agent's Liability. The parties expressly acknowledge
that if the representations of Agent under the Agreement, including this Annex
I, are true and correct in all material respects during the term of any
Transaction and Agent otherwise complies with the provisions of this Annex I,
then (a) Agent's obligations under the Agreement shall not include a guarantee
of performance by its Principal or Principals and (b) the other party's remedies
shall not include a right of setoff in respect of rights or obligations, if any,
of Agent arising in other transactions in which Agent is acting as principal.

          4. Multiple Principals.

          (a)  In the event that Agent proposes to act for more than one
               Principal hereunder, Agent and the other party shall elect
               whether (i) to treat Transactions under the Agreement as
               transactions entered into on behalf of separate Principals or
               (ii) to aggregate such Transactions as if they were transactions
               by a single Principal. Failure to make such an election in
               writing shall be deemed an election to treat Transactions under
               the Agreement as transactions on behalf of separate Principals.

          (b)  In the event that Agent and the other party elect (or are deemed
               to elect) to treat Transactions under the Agreement as
               transactions on behalf of separate Principals, the parties agree
               that (i) Agent will provide the other party, together with the
               notice described in Section 2(b) of this Annex I, notice
               specifying the portion of each Transaction allocable to the
               account of each of the Principals for which it is acting (to the
               extent that any such Transaction is allocable to the account of
               more than one Principal); (ii) the portion of any individual
               Transaction allocable to each Principal shall be deemed a
               separate Transaction under the Agreement; (iii) the margin
               maintenance obligations of each applicable Seller under Section
               6(a) of the Agreement shall be determined on a
               Transaction-by-Transaction basis (unless the parties agree to
               determine such obligations on a Principal-by-Principal basis);
               and (iv) Buyer's and Sellers' remedies under the Agreement upon
               the occurrence of an Event of Default shall be determined as if
               Agent had entered into a separate Agreement with the other party
               on behalf of each of its Principals.

          (c)  In the event that Agent and the other party elect to treat
               Transactions under the Agreement as if they were transactions by
               a single Principal, the parties agree that (i) Agent's notice
               under Section 2(b) of this Annex I need only identify the names
               of its Principals but not the portion of each Transaction
               allocable to each Principal's account; (ii) the margin
               maintenance obligations of Sellers under Section 6(a) of the
               Agreement shall, subject to any greater requirement imposed by
               applicable law, be determined on an aggregate basis for all
               Transactions entered into by Agent on behalf of any Principal;
               and (iii) Buyer's and Sellers' remedies upon the occurrence of an
               Event of Default shall be determined as if all Principals were a
               single Seller or Buyer, as the case may be.

                                     A-I-2

          (d)  Notwithstanding any other provision of the Agreement (including,
               without limitation, this Annex I), the parties agree that any
               Transactions by Agent on behalf of an employee benefit plan under
               ERISA shall be treated as Transactions on behalf of separate
               Principals in accordance with Section 4(b) of this Annex I (and
               all margin maintenance obligations of the parties shall be
               determined on a Transaction-by-Transaction basis).

          5. Interpretation of Terms. All references to "Seller" or "Buyer", as
the case may be, in the Agreement shall, subject to the provisions of this Annex
I (including, among other provisions, the limitations on Agent's liability in
Section 3 of this Annex I), be construed to reflect that (i) each Principal
shall have, in connection with any Transaction or Transactions entered into by
Agent on its behalf, the rights, responsibilities, privileges and obligations of
a "Seller" or "Buyer", as the case may be, directly entering into such
Transaction or Transactions with the other party under the Agreement, and (ii)
Agent's Principal or Principals have designated Agent as their sole agent for
performance of Sellers' obligations to Buyer or Buyer's obligations to Sellers,
as the case may be, and for receipt of performance by Buyer of its obligations
to Sellers or Sellers of their obligations to Buyer, as the case may be, in
connection with any Transaction or Transactions under the Agreement (including,
among other things, as Agent for each Principal in connection with transfers of
Securities, cash or other property and as agent for giving and receiving all
notices under the Agreement). Both Agent and its Principal or Principals shall
be deemed "parties" to the Agreement and all references to a "party" or "either
party" in the Agreement shall be deemed revised accordingly.

                                      A-I-3

                                    ANNEX II

                              PERIODIC FEE SCHEDULE

          The Periodic Fee shall be an amount equal to the product of (x) 0.10%
per annum and (y) the Maximum Committed Purchase Price, based on a 360 day year
payable quarterly in arrears.

                                      A-1

                                                                       EXHIBIT A

                           FORM OF TRANSACTION REQUEST

                                                                          [Date]

Credit Suisse First Boston Mortgage Capital LLC
[Address]
Attention: ________________

Re: Master Repurchase Agreement dated as of March 11, 2005 (as amended from
    time to time, the "Master Repurchase Agreement") by and among MortgageIT,
    Inc., MortgageIT Holdings, Inc. and Credit Suisse First Boston Mortgage
    Capital LLC

[Name] hereby requests that Credit Suisse First Boston Mortgage Capital LLC
("CSFBMCL") enter into a Transaction with respect to the Mortgage Loans listed
on the Custodial Mortgage Loan Schedule attached hereto on Attachment 1 and as
set forth below, pursuant to the Master Repurchase Agreement.

TOTAL NUMBER OF MORTGAGE LOANS                 ___ Mortgage Loans - (See
                                               Custodial Mortgage Loan Schedule)

ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE LOANS:   $

CURRENT PRINCIPAL AMOUNT OF MORTGAGE LOANS:    $

PROPOSED PURCHASE PRICE:                       $

PURCHASE PRICE INCREASE:                       $

AGGREGATE PURCHASE PRICE:                      $

PROPOSED PURCHASE DATE:

The Master Repurchase Agreement is incorporated by reference into this
Transaction Request and is made a part hereof as if it were fully set forth
herein. (All capitalized terms used herein but not defined herein shall have the
meanings specified in the Master Repurchase Agreement.)

                                      A-2

[Name]

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

[wire instructions]

                                      A-3

                                                                       EXHIBIT B

                          FORM OF PURCHASE CONFIRMATION

                                                                          [Date]

MortgageIT, Inc.
33 Maiden Lane, 6th Floor
New York, NY 10038

MortageIT Holdings, Inc.
33 Maiden Lane, 6th Floor
New York, NY 10038

Attention:

Credit Suisse First Boston Mortgage Capital LLC ("CSFBMCL") is pleased to
confirm your sale and our purchase of the Mortgage Loans described below and on
the attached Custodial Mortgage Loan Schedule pursuant to the Master Repurchase
Agreement dated as of March 11, 2005 (as amended from time to time, the "Master
Repurchase Agreement") by and among MortgageIT, Inc., MortgageIT Holdings, Inc.
and Credit Suisse First Boston Mortgage Capital LLC under the following terms
and conditions:

--------------------------------------------------------------------------------
Market Value:                                  $
--------------------------------------------------------------------------------
Current Principal Amount of Mortgage Loans:    $
--------------------------------------------------------------------------------
Aggregate Purchase Price:                      $
--------------------------------------------------------------------------------
Purchase Date:
--------------------------------------------------------------------------------
Repurchase Date:
--------------------------------------------------------------------------------
Pricing Rate:
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION:
--------------------------------------------------------------------------------
Aggregate Purchase Price (date):               $
--------------------------------------------------------------------------------
Less Previous Aggregate Purchase Price:        $
--------------------------------------------------------------------------------
Less Price Differential due on (date):         $
--------------------------------------------------------------------------------
Net funds due [CSFB]/[MortgageIT] on (date):   $
--------------------------------------------------------------------------------

                                      B-1

The Master Repurchase Agreement is incorporated by reference into this
Transaction Confirmation, is made a part hereof as if it were fully set forth
herein and is extended hereby until all amounts due in connection with this
Transaction are paid in full.

All capitalized terms used herein but not defined herein shall have the meanings
specified in the Master Repurchase Agreement.

                                               CREDIT SUISSE FIRST BOSTON
                                               MORTGAGE CAPITAL LLC

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

MORTGAGEIT, INC.

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

MORTGAGEIT HOLDINGS, INC.

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

                                       B-2

                                                                       EXHIBIT C

                             MORTGAGE LOAN SCHEDULE

                          MORTGAGE LOAN CHARACTERISTICS

1.    Customer Name
2.    Collateral Number
3.    Primary Borrower Last Name
4.    Primary Borrower First Name
5.    Co-Borrower Last Name *
6.    Co-Borrower First Name *
7.    Property Address
8.    City
9.    State
10.   Zip Code
11.   County
12.   SS Number
13.   SS # Co-borrower *
14.   Product Type/Code
15.   Loan Amount
16.   Original monthly principal and interest
17.   Original interest rate
18.   Original date of Mortgage Note
19.   Closing Date
20.   First Payment Date
21.   Maturity Date
22.   Loan Type (adjustable, fixed, etc)
23.   Purchase Date
24.   Funding Method Code (wire disbursement, etc.)
25.   Closing Agent
26.   Address
27.   City
28.   State
29.   Zip Code
30.   Account Number
31.   ABA Number
32.   Closing Schedule
33.   Instructions
34.   Name of Bank
35.   Address of Bank
36.   City of Bank
37.   State of Bank
38.   Zip of Bank
39.   Other Account Bank *
40.   Further Instructions *

                                       C-1

41.   Investor *
42.   Investor Commitment Number *
43.   Price *
44.   Commitment Date *
45.   Commitment Expiration Date *
46.   Property Type
47.   Lien Position
48.   LTV
49.   CLTV
50.   FICO
51.   Amortization Term
52.   Purpose
53.   No. of Units
54.   Original Appraised Value
55.   Name of appraiser
56.   Certificate Number for each loan with primary mortgage insurance*
57.   Margin*
58.   Life floor*
59.   Index type*
60.   Initial rate floor*
61.   Periodic rate cap*
62.   Life cap*
63.   First interest rate adjustment date*

* If applicable.

                                       C-2

                                                                       EXHIBIT D

                        OFFICER'S COMPLIANCE CERTIFICATE

I, __________________________, do hereby certify that I am the duly elected,
qualified and authorized officer of MortgageIT, Inc. ("MortgageIT"). This
Certificate is delivered to you in connection with Section 17b of the Master
Repurchase Agreement dated as of March 11, 2005, among MortgageIT, Inc.,
MortgageIT Holdings, Inc. and Credit Suisse First Boston Mortgage Capital LLC
(as amended from time to time, the "Agreement"), as the same may have been
amended from time to time. I hereby certify that, as of the date of the
financial statements attached hereto and as of the date hereof, MortgageIT is
and has been in compliance with all the terms of the Agreement and, without
limiting the generality of the foregoing, I certify that:

               Adjusted Tangible Net Worth. The Sellers, on a consolidated
               basis, have maintained an Adjusted Tangible Net Worth of at least
               $170,000,000. A detailed summary of the calculation of Seller's
               actual Adjusted Tangible Net Worth is provided in Schedule 1
               hereto.

               Indebtedness to Adjusted Tangible Net Worth Ratio. During the
               period beginning on the date hereof through and including May 31,
               2005, Sellers have maintained a ratio of Indebtedness to Adjusted
               Tangible Net Worth of no greater than 25:1. During the period
               beginning on June 1, 2005 until the Termination Date, Sellers
               have maintained a ratio of Indebtedness to Adjusted Tangible Net
               Worth of no greater than 20:1. A calculation of Sellers' actual
               Indebtedness to Adjust Tangible Net Worth is provided in Schedule
               1 hereto.

               Maintenance of Profitability. Sellers have not permitted, for any
               Test Period, Net Income for such Test Period, before income taxes
               for such Test Period and distributions made during such Test
               Period, to be less than $1.00.

               Insurance. Sellers or their Affiliates, have maintained, for
               Sellers and their Subsidiaries, insurance coverage with respect
               to employee dishonesty, forgery or alteration, theft,
               disappearance and destruction, robbery and safe burglary,
               property (other than money and securities) and computer fraud or
               an aggregate amount of at least $_____________. The actual amount
               of such coverage is $_____________.

               Financial Statements. The financial statements attached hereto
               are accurate and complete, accurately reflect the financial
               condition of Sellers, and do not omit any material fact as of the
               date(s) thereof.

               Documentation. Sellers have performed the documentation
               procedures required by its operational guidelines with respect to
               endorsements and assignments, including the recordation of
               assignments, or has verified that such documentation procedures
               have been performed by a prior holder of such Mortgage Loan.

                                       D-1

               Compliance. Each Seller has observed or performed in all material
               respects all of its covenants and other agreements, and satisfied
               every condition, contained in the Agreement and the other Program
               Agreements to be observed, performed and satisfied by it. [If a
               covenant or other agreement or condition has not been complied
               with, the applicable Seller shall describe such lack of
               compliance and provide the date of any related waiver thereof.]

               Regulatory Action. Neither Seller is currently under
               investigation or, to best of any Seller's knowledge, no
               investigation by any federal, state or local government agency is
               threatened. Neither Seller has been the subject of any government
               investigation which has resulted in the voluntary or involuntary
               suspension of a license, a cease and desist order, or such other
               action as could adversely impact Sellers' business. [If so, the
               applicable Seller shall describe the situation in reasonable
               detail and describe the action that Seller has taken or proposes
               to take in connection therewith.]

               No Default. No Default or Event of Default has occurred or is
               continuing. [If any Default or Event of Default has occurred and
               is continuing, applicable Seller shall describe the same in
               reasonable detail and describe the action such Seller has taken
               or proposes to take with respect thereto, and if such Default or
               Event of Default has been expressly waived by Buyer in writing,
               such Seller shall describe the Default or Event of Default and
               provide the date of the related waiver.]

               Indebtedness. All Indebtedness (other than Indebtedness evidenced
               by the Repurchase Agreement) of Sellers existing on the date
               hereof is listed on Schedule 2 hereto.

               Purchased Mortgage Loans. Attached hereto as Schedule 3 is a true
               and correct list of all Mortgage Loans purchased by Buyer and
               held by Custodian pending repurchase.

               Originations. Attached hereto as Schedule 4 is a true and correct
               summary of all Mortgage Loans originated by Sellers during the
               calendar quarter ending on [DATE].

               Heding. Attached hereto as Schedule 5 is a true and correct
               summary of all Interest Rate Protection Agreements entered into
               or maintained by Sellers during the calendar quarter ending on
               [DATE].

               REIT Qualification Tests. Holdings is, and has been since
               _____________, a real estate investment trust (a "REIT") for U.S.
               federal income tax purposes. Attached hereto as Schedule 5 is a
               true and correct summary of the calculations for REIT
               qualification of Holdings.

               REIT Asset and Income Tests.

                                      D-2

     1.   At the close of each taxable year, at least 75 percent of Holdings'
          gross income consists of (i) "rents from real property" within the
          meaning of Section 856(c)(3)(A) of the Code, (ii) interest on
          obligations secured by mortgages on real property or on interests in
          real property, within the meaning of Section 856(c)(3)(B) of the Code,
          (iii) gain from the sale or other disposition of real property
          (including interests in real property and interests in mortgages on
          real property) which is not property described in Section 1221(a)(1)
          of the Code, within the meaning of Section 856(c)(3)(C) of the Code,
          (iv) dividends or other distributions on, and gain (other than gain
          from "prohibited transactions" within the meaning of Section
          857(b)(6)(B)(iii) of the Code) from the sale or other disposition of,
          transferable shares (or transferable certificates of beneficial
          interest) in other qualifying REITs within the meaning of Section
          856(d)(3)(D) of the Code, and (v) amounts described in Sections
          856(c)(3)(E) through 856(c)(3)(I) of the Code.

     2.   At the close of each taxable year, at least 95 percent of Holdings'
          gross income consists of (i) the items of income described in
          paragraph 1 hereof (other than those described in Section 856(c)(3)(I)
          of the Code), (ii) gain realized from the sale or other disposition of
          stock or securities which are not property described in Section
          1221(a)(1) of the Code, (iii) interest, (iv) dividends, and (v) income
          derived from payments to Holdings on interest rate swap or cap
          agreements, options, futures contracts, forward rate agreements and
          other similar financial instruments entered into to reduce the
          interest rate risks with respect to any indebtedness incurred or to be
          incurred to acquire or carry real estate assets, or gain from the sale
          or other disposition of such an investment as described in section
          856(c)(5)(G), in each case within the meaning of Section 856(c)(2) of
          the Code.

     3.   At the close of each quarter of Holdings' taxable years, at least 75
          percent of the value of Holdings' total assets (as determined in
          accordance with Treasury Regulations Section 1.856-2(d)) has consisted
          of and will consist of real estate assets within the meaning of
          Sections 856(c)(4) and 856(c)(5)(B) of the Code, cash and cash items
          (including receivables which arise in the ordinary course of Holdings'
          operations, but not including receivables purchased from another
          person), and Government Securities; unless (a) the test described in
          this paragraph (3) has been satisfied as of the end of the immediately
          preceding quarter of Holdings' taxable year, (b) such test is not
          satisfied as the result of the acquisition of a security or property
          during the current quarter of Holdings' taxable year, (c) Holdings
          delivers within 10 days of the end of the current quarter of Holdings'
          taxable year to Buyer notice that such test is not satisfied, (d) such
          test is satisfied within the 30 day period as provided under section
          856(c)(4), and (e) an officer of Holdings certifies as to such
          satisfaction within such 30 day period, and provides documentation,
          reasonably satisfactory to Buyer evidencing such satisfaction.

                                       D-3

     4.   At the close of each quarter of each of Holdings' taxable years, (a)
          not more than 25 percent of Holdings' total asset value will be
          represented by securities (other than those described in paragraph 3),
          (b) not more than 20 percent of Holdings' total asset value will be
          represented by securities of one or more taxable REIT subsidiaries,
          and (c) (i) not more than 5 percent of the value of Holdings' total
          assets will be represented by securities of any one issuer (other than
          Government Securities and securities of taxable REIT subsidiaries),
          and (ii) Holdings will not hold securities possessing more than 10
          percent of the total voting power or value of the outstanding
          securities of any one issuer (other than Government Securities,
          securities of taxable REIT subsidiaries, and securities of a qualified
          REIT subsidiary within the meaning of Section 856(i) of the Code);
          unless (d) the tests described in this paragraph (4) have been
          satisfied as of the end of the immediately preceding quarter of
          Holdings' taxable year, (e) any of the tests described in this
          paragraph (4) are not satisfied as the result of the acquisition of a
          security or property during the current quarter of Holdings' taxable
          year, (f) Holdings delivers within 10 days of the end of the current
          quarter of Holdings' taxable year to Buyer notice that such test is
          not satisfied, (g) such test is satisfied within the 30 day period as
          provided under section 856(c)(4), and (h) an officer of Holdings
          certifies as to such satisfaction within such 30 day period, and
          provides documentation, reasonably satisfactory to Buyer evidencing
          such satisfaction.

                                       D-4

IN WITNESS WHEREOF, I have set my hand this ______ day of ________, ________.

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

                                       D-5

                 SCHEDULE 1 TO OFFICER'S COMPLIANCE CERTIFICATE
                      CALCULATIONS OF FINANCIAL COVENANTS
                         AS OF THE QUARTER ENDED [DATE]

I.      ADJUSTED TANGIBLE NET WORTH

1.      Net Worth (book)                                                $
        Plus:
2.      Subordinated Debt (maturity (greater than) CSFB line maturity)  $

I.(A)   TOTAL OF ITEMS 1-2                                              $

        Less:
3.      Capitalized servicing balance                                   $
4.      Goodwill                                                        $
5.      Receivables or advances due from shareholders,
        affiliates, employees or related parties                        $
6.      Trademarks                                                      $
7.      Capitalized organizational expenses                             $
8.      Copyrights                                                      $
9.      Tradenames                                                      $
10.     Restricted Cash                                                 $
11.     Deferred Charges                                                $
12.     Prepaid assets                                                  $
13.     Investments in related entities, partnerships                   $
14.     Any other intangible assets                                     $

I.(B)   TOTAL OF ITEMS 3-14                                             $

I.(C)   ACTUAL ADJUSTED TANGIBLE NET WORTH (A MINUS B)                  $
        Adjusted Tangible Net Worth Covenant                            $
        COMPLIANCE?                                                     YES / NO

II.     LEVERAGE RATIO

        TOTAL DEBT DIVIDED BY ADJUSTED TANGIBLE NET WORTH - ACTUAL      XX.X
        Leverage Covenant                                               xx.x
        COMPLIANCE?                                                     YES / NO

                                      D-6

                 SCHEDULE 2 TO OFFICER'S COMPLIANCE CERTIFICATE

                  INDEBTEDNESS as of _________________________

----------------------------------------------------
            TOTAL      OUTSTANDING
LENDER   COMMITMENT   INDEBTEDNESS   EXPIRATION DATE
----------------------------------------------------

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

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

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

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

                                      D-7

                 SCHEDULE 3 TO OFFICER'S COMPLIANCE CERTIFICATE

                            PURCHASED MORTGAGE LOANS

                                      D-8

                 SCHEDULE 4 TO OFFICER'S COMPLIANCE CERTIFICATE

                       OVERALL MORTGAGE LOAN ORIGINATIONS

------------------------------------------------------------------
                             TOTAL NUMBER OF   AGGREGATE PRINCIPAL
                              MORTGAGE LOANS   BALANCE OF MORTGAGE
    MORTGAGE LOAN TYPE          ORIGINATED      LOANS ORIGINATED
------------------------------------------------------------------
   Alt-A Mortgage Loans
------------------------------------------------------------------
 Conforming Mortgage Loans
------------------------------------------------------------------
          HELOCs
------------------------------------------------------------------
   Jumbo Mortgage Loans
------------------------------------------------------------------
Second Lien Mortgage Loans
------------------------------------------------------------------
 Sub-Prime Mortgage Loans
------------------------------------------------------------------

                                      D-9

                 SCHEDULE 5 TO OFFICER'S COMPLIANCE CERTIFICATE

                      Interest Rate Protection Agreements

                                      D-1

                 SCHEDULE 6 TO OFFICER'S COMPLIANCE CERTIFICATE
                      CALCULATIONS FOR REIT QUALIFICATION
                         AS OF THE QUARTER ENDED [DATE]

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

I.     75% OF GROSS INCOME (SECTION 856(C)(3)):
-----------------------------------------------------------------------------------------------------
1.     Gross income for quarter                                                     $
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
2.     Qualifying income under section 856(c)(3)                                    $
-----------------------------------------------------------------------------------------------------
3.     Line 2 divided by Line 1 (cannot be less than 0.75)
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
II.    95% OF GROSS INCOME (SECTION 856(C)(2)):
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
4.     Qualifying income under section 856(c)(2)
-----------------------------------------------------------------------------------------------------
5.     Line 4 divided by Line 1 (cannot be less than 0.95)
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
III.   75% OF TOTAL ASSETS (SECTION 856(C)(4)(A)):
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
6.     Value of total assets                                                        $
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
7.     Qualifying assets under section 856(c)(4)(A)                                 $
-----------------------------------------------------------------------------------------------------
8.     Line 7 divided by Line 6 (cannot be less than 0.75)
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
IV.    25% OF TOTAL ASSETS (SECTION 856(C)(4)(B)(I)):
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
9.     Value of securities held (other than those included in Line 7)               $
-----------------------------------------------------------------------------------------------------
10.    Line 9 divided by Line 6 (cannot be more than 0.25)
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
V.     20% OF TOTAL ASSETS (SECTION 856(C)(4)(B)(II)):
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
11.    Value of securities of one or more taxable REIT subsidiaries                 $
-----------------------------------------------------------------------------------------------------
12.    Line 11 divided by Line 6 (cannot be more than 0.2)
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
VI.    5% OF TOTAL ASSETS (SECTION 856(C)(4)(B)(III)(I)):
-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------
13.    Value of securities held of each issuer (except for those included in Line
          7 or Line 11)
-----------------------------------------------------------------------------------------------------
14.    Line 13 divided by Line 6 (cannot be more than 0.05)
-----------------------------------------------------------------------------------------------------

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

                                      F-1

                                                                       EXHIBIT F

                      FORM OF OPINION OF SELLERS' COUNSEL

                                                                __________, ____

Credit Suisse First Boston Mortgage Capital LLC
Eleven Madison Avenue
New York, New York 10010

Ladies and Gentlemen:

We have acted as counsel to MortgageIT, Inc. ("MortgageIT" and a "Seller") and
MortgageIT Holdings, Inc. ("Holdings" and together with MortgageIT, Inc.,
"Sellers") in connection with the sale and repurchase by Seller of certain loans
(the "Mortgage Loans") purchased from time to time (each such date, a "Purchase
Date") by Credit Suisse First Boston Mortgage Capital LLC ("Buyer") pursuant to
a Master Repurchase Agreement, dated as of March 11, 2005, among Sellers and
Buyer (the "Master Repurchase Agreement"). Capitalized terms used but not
defined herein shall have the meanings set forth in the Master Repurchase
Agreement.

We have acted as counsel to Sellers in connection with the preparation,
execution and delivery of, and the initial purchase of Mortgage Loans made
under, the Master Repurchase Agreement.

In connection with rendering this opinion, we have examined such documents as we
have deemed necessary or advisable, including the following documents:

a. The Program Agreements;

b. The organizational documents of each Seller;

c. The certified Consents of the Officer of each Seller relating to the
transactions provided for in the Program Agreements;

d. A copy of a UCC-1 financing statement describing the Repurchase Assets naming
applicable Seller as debtor and Buyer as secured party, which will be filed
under the Uniform Commercial Code as in effect in the State of ___________ with
the office of the [Secretary of the State] of _________ (the "Filing Office") on
or about ________ __, 20__ (the "Financing Statement");

e. The reports attached hereto as Exhibit A (the "Search Reports"), which set
forth the results of an examination conducted by [Federal Research Corporation]
of all currently indexed UCC-1 financing statements naming Seller as debtor that
are on file in the Filing Office;

f. Good standing certificates, as of a recent date, for each Seller from each of
the States listed on Schedule 1 attached hereto; and

                                      F-1

g. The certificates, letters and opinions required to be furnished by each
Seller and others in connection with the execution of the Program Agreements,
and the additional certificates, letter and documents delivered by or on behalf
of such parties concurrently herewith.

For purposes of the opinions expressed below, we have assumed the authenticity
of all documents submitted to us as originals, the genuineness of all
signatures, the legal capacity of natural persons and the conformity to the
originals of all documents.

Based solely upon the foregoing, we are of the opinion that:

1. MortgageIT is a corporation, duly organized, validly existing and in good
standing under the laws of the State of New York, and has the corporate power
and authority to own its properties and transact the business in which it is
engaged. MortgageIT is duly qualified as a foreign corporation to transact
business in, and is in good standing under, the laws of each state in which a
mortgaged property is located or is otherwise exempt under applicable law from
such qualification. The principal place of business of Seller is located at 33
Maiden Lane, New York, New York 10038.

2. Holdings is a corporation, duly organized, validly existing and in good
standing under the laws of the State of Maryland, and has the corporate power
and authority to own its properties and transact the business in which it is
engaged. Holdings is duly qualified as a foreign corporation to transact
business in, and is in good standing under, the laws of each state in which a
mortgaged property is located or is otherwise exempt under applicable law from
such qualification. The principal place of business of Seller is located at 33
Maiden Lane, New York, New York 10038.

3. Each Seller has the power to engage in the transactions contemplated by the
Program Agreements, and has all requisite power, authority and legal right to
execute and deliver the Program Agreements, to transfer and deliver the
Repurchase Assets and to perform and observe the terms and conditions of the
Program Agreements.

4. The Program Agreements have been duly and validly authorized, executed and
delivered by each Seller and are valid, legal and binding agreements,
enforceable against each Seller in accordance with their respective terms,
subject to the effect of bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the enforcement of creditors' rights
generally, none of which will materially interfere with the realization of the
benefits provided thereunder or with Buyer's ownership of the Mortgage Loans.

5. No consent, approval, authorization or order of, or notice, filing or
registration with, any court or governmental agency or body is required for the
execution, delivery and performance by either Seller of, or compliance by such
entity with, the Program Agreements, or the transfer of the Repurchase Assets or
the consummation of the transactions contemplated by the Program Agreements.

6. Neither the transfer or delivery of the Mortgage Loans, nor the consummation
of any other of the transactions contemplated in the Program Agreements, nor the
fulfillment of the terms of the Program Agreements will result in a breach of or
constitutes or will constitute a default under (a) the charter or by-laws of
either Seller, or the terms of any material indenture or

                                      F-2

other agreement or instrument to which either Seller is a party or by which it
is bound or to which it is subject, (b) any contractual or legal restriction
contained in any indenture, mortgage, deed of trust, agreement, instrument or
other similar document to which either Seller is a party or by which it is bound
or to which it is subject, or (c) any statute or order, rule, regulation, writ,
injunction or decree of any court, governmental authority or regulatory body to
which either Seller or any of its properties is subject or by which it is bound.

7. There are no actions, suits, proceedings or investigations pending or, to the
best of our knowledge, threatened against either Seller that, in our judgment,
either in any one instance or in the aggregate, may result in any material
adverse change in the business, operations, financial condition, properties or
assets of either Seller or in any material impairment of the right or ability of
either Seller to carry on its business substantially as now conducted or in any
material liability on the part of either Seller that would draw into question
the validity of the Program Agreements, or of any action taken or to be taken in
connection with the transactions contemplated thereby, or that would be likely
to impair materially the ability of either Seller to perform under the terms of,
the Program Agreements.

8. The conveyance of each Purchased Mortgage Loan as and in the manner
contemplated by the Program Agreements is sufficient fully to transfer to Buyer
all right, title and interest of either Seller thereto as owner, noteholder and
mortgagee.

9. The Repurchase Agreement is effective to create, in favor of the Buyer, a
valid "security interest" as defined in Section 1-201(37) of the Uniform
Commercial Code in all of the right, title and interest of the Seller in, to and
under the Repurchase Assets, except that (a) such security interests will
continue in Repurchase Assets after its sale, exchange or other disposition only
to the extent provided in Section 9-306 of the Uniform Commercial Code, (b) the
security interests in Repurchase Assets in which any Seller acquires rights
after the commencement of a case under the Bankruptcy Code in respect of the
Seller may be limited by Section 552 of the Bankruptcy Code.

10. When the Mortgage Notes are delivered to the Custodian, endorsed in blank by
a duly authorized officer of applicable Seller, the security interest referred
to in Section 9 above in the Mortgage Notes will constitute a fully perfected
first-priority security interest in all right, title and interest of Seller
therein.

11.  (a) Upon the filing of Financing Statements with the Filing Office, the
     security interests referred to in Section 9 above will constitute a fully
     perfected security interest under the Uniform Commercial Code in all right,
     title and interest of applicable Seller in, to and under such Repurchase
     Assets, to the extent that a security interest therein can be perfected by
     filing under the Uniform Commercial Code.

     (b) The UCC Search Report sets forth the proper filing offices and the
     proper debtors necessary to identify those Persons who have on file in the
     jurisdictions listed on Schedule 1 financing statements covering the
     Repurchase Assets as of the dates and times specified on Schedule 2. The
     UCC Search Report identifies no Person who has filed in any Filing Office a
     financing statement describing the Repurchase Assets prior to the effective
     dates of the UCC Search Report.

                                      F-3

12. Neither Seller is an "investment company", or a company "controlled" by an
"investment company," within the meaning of the Investment Company Act of 1940,
as amended.

                                        Very truly yours,

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

                                      F-4

                                                                       EXHIBIT G

                            UNDERWRITING GUIDELINES

                                      G-1

                                                                       EXHIBIT H

                    Certificate of an Officer of the Seller

               The undersigned, ____________ of [MortgageIT, Inc.] [MortgageIT
Holdings, Inc.], a [STATE] corporation (the "[Seller]"), hereby certifies as
follows:

          1. Attached hereto as Exhibit A is a copy of the Certificate of
Incorporation of the [Seller], as certified by the Secretary of State of the
State of [STATE].

          2. Neither any amendment to the Certificate of Incorporation of the
[Seller] nor any other charter document with respect to the [Seller] has been
filed, recorded or executed since _______ __, 200__, and no authorization for
the filing, recording or execution of any such amendment or other charter
document is outstanding.

          3. Attached hereto as Exhibit B is a true, correct and complete copy
of the By-laws of the [Seller] as in effect as of the date hereof and at all
times since ________, 200__.

          4. Attached hereto as Exhibit C is a true, correct and complete copy
of resolutions adopted by the Board of Directors of the [Seller] by unanimous
written consent on _________ __, 200_ (the "Resolutions"). The Resolutions have
not been further amended, modified or rescinded and are in full force and effect
in the form adopted, and they are the only resolutions adopted by the Board of
Directors of the [Seller] or by any committee of or designated by such Board of
Directors relating to the execution and delivery of, and performance of the
transactions contemplated by the Master Repurchase Agreement dated as of March
11, 2005 (the "Repurchase Agreement"), between the Seller and Credit Suisse
First Boston Mortgage Capital LLC (the "Buyer") and the Custodial Agreement
dated as of March 11, 2005, among the Seller, the Buyer and LaSalle Bank,
National Association, as custodian (the "Custodian").

          5. The Repurchase Agreement and the [Custodial Agreement] are
substantially in the form approved by the Resolutions or pursuant to authority
duly granted by the Resolutions.

          6. The undersigned, as a officers of the [Seller] or as
attorney-in-fact, are authorized to and have signed manually the Repurchase
Agreement, the [Custodial Agreement] or any other document delivered in
connection with the transactions contemplated thereby, were duly elected or
appointed, were qualified and acting as such officer or attorney-in-fact at the
respective times of the signing and delivery thereof, and were duly authorized
to sign such document on behalf of the [Seller], and the signature of each such
person appearing on any such document is the genuine signature of each such
person.

Name   Title   Signature
----   -----   ---------

                                      H-1

          IN WITNESS WHEREOF, the undersigned has hereunto executed this
Certificate as of the _____ day of __________________, 200_.

_____________________________________[Seller], as [Seller]

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

                                      H-2

                Exhibit C to Officer's Certificate of the Seller

                         CORPORATE RESOLUTIONS OF SELLER

                        Action of the Board of Directors
                          Without a Meeting Pursuant to
                           Section ______ of ________

The undersigned, being the directors of [______________________], a
[corporation] (the "Seller"), do hereby consent to the taking of the following
action without a meeting and do hereby adopt the following resolutions by
written consent pursuant to Section ____________ of ______________ of the State
of __________:

          WHEREAS, it is in the best interests of the Sellers to transfer from
time to time to Buyer Mortgage Loans against the transfer of funds by Buyer,
with a simultaneous agreement by Buyer to transfer to Sellers such Mortgage
Loans at a date certain or on demand, against the transfer of funds by Sellers
pursuant to the terms of the Repurchase Agreement (as defined below).

          NOW, THEREFORE, be it

          RESOLVED, that the execution, delivery and performance by the Sellers
of the Master Repurchase Agreement (the "Repurchase Agreement") to be entered
into by the Sellers and Credit Suisse First Boston Mortgage Capital LLC, as
Buyer, substantially in the form of the draft dated March 11, 2005, attached
hereto as Exhibit A, are hereby authorized and approved and that the [President]
or any [Vice President] (collectively, the "Authorized Officers") of the
applicable Seller be and each of them hereby is authorized and directed to
execute and deliver the Repurchase Agreement to the Buyer with such changes as
the officer executing the same shall approve, his execution and delivery thereof
to be conclusive evidence of such approval;

          RESOLVED, that the execution, delivery and performance by the Sellers
of the Custodial Agreement (the "Custodial Agreement") to be entered into by the
Sellers, the Buyer and LaSalle Bank, National Association, as custodian (the
"Custodian") substantially in the form of the draft dated March 11, 2005,
attached hereto as Exhibit B, are hereby authorized and approved and that the
Authorized Officers of the applicable Seller be and each of them hereby is
authorized and directed to execute and deliver the Custodial Agreement to the
Buyer and Custodian with such changes as the officer executing the same shall
approve, his execution and delivery thereof to be conclusive evidence of such
approval;

                                      H-3

          RESOLVED, that the Authorized Officers hereby are, and each hereby is,
authorized to execute and deliver all such aforementioned agreements on behalf
of the Sellers and to do or cause to be done, in the name and on behalf of the
Sellers, any and all such acts and things, and to execute, deliver and file in
the name and on behalf of the Sellers, any and all such agreements,
applications, certificates, instructions, receipts and other documents and
instruments, as such Authorized Officer may deem necessary, advisable or
appropriate in order to carry out the purposes of the foregoing resolutions.

          RESOLVED, that the proper officers, agents and counsel of the Sellers
are, and each of such officers, agents and counsel is, hereby authorized for and
in the name and on behalf of the applicable Seller to take all such further
actions and to execute and deliver all such other agreements, instruments and
documents, and to make all governmental filings, in the name and on behalf of
the Sellers and such officers are authorized to pay such fees, taxes and
expenses, as advisable in order to fully carry out the intent and accomplish the
purposes of the resolutions heretofore adopted hereby.

Dated as of: _________________ ___, 200_

                                      H-4

                                                                       EXHIBIT I

                       SELLER'S TAX IDENTIFICATION NUMBER

MortgageIT, Inc. 13-4049218

MortgageIT Holdings, Inc. 20-0947002

                                      I-1

                                                                       EXHIBIT J

                              EXISTING INDEBTEDNESS

UBS $1.15 billion warehouse line

Merrill Lynch $500 million warehouse line

RFC $100 million warehouse line

                                      J-1

                                                                       EXHIBIT K

    FORM OF ESCROW INSTRUCTION LETTER TO BE PROVIDED BY SELLER BEFORE CLOSING

The escrow instruction letter (the "Escrow Instruction Letter") shall also
include the following instruction to the Settlement Agent (the "Escrow Agent"):

          Credit Suisse First Boston Mortgage Capital LLC (the "Buyer"), has
agreed to provide funds ("Escrow Funds") to MortgageIT, Inc. and MortgageIT
Holdings, Inc. to finance certain mortgage loans (the "Mortgage Loans") for
which you are acting as Escrow Agent.

          You hereby agree that (a) you shall receive such Escrow Funds from
Buyer to be disbursed in connection with this Escrow Instruction Letter, (b) you
will hold such Escrow Funds in trust, without deduction, set-off or counterclaim
for the sole and exclusive benefit of Buyer until such Escrow Funds are fully
disbursed on behalf of Buyer in accordance with the instructions set forth
herein, and (c) you will disburse such Escrow Funds on the date specified for
closing (the "Closing Date") only after you have followed the Escrow Instruction
Letter's requirements with respect to the Mortgage Loans. In the event that the
Escrow Funds cannot be disbursed on the Closing Date in accordance with the
Escrow Instruction Letter, you agree to promptly remit the Escrow Funds to the
Custodian by re-routing via wire transfer the Escrow Funds in immediately
available funds, without deduction, set-off or counterclaim, back to the account
specified in Buyer's incoming wire transfer.

          You further agree that, upon disbursement of the Escrow Funds, you
will hold all Mortgage Loan Documents specified in the Escrow Instruction Letter
in escrow as agent and bailee for Buyer, and will forward the Mortgage Loan
Documents and original Escrow Instruction Letter in connection with such
Mortgage Loans by overnight courier (y) to the Custodian within five (5)
Business Days following the date of origination.

          You agree that all fees, charges and expenses regarding your services
to be performed pursuant to the Escrow Instruction Letter are to be paid by
Sellers or its borrowers, and Buyer shall have no liability with respect
thereto.

          You represent, warrant and covenant that you are not an affiliate of
or otherwise controlled by Sellers, and that you are acting as an independent
contractor and not as an agent of Sellers.

          The provisions of this Escrow Instruction Letter may not be modified,
amended or altered, except by written instrument, executed by the parties hereto
and Buyer. You understand that Buyer shall act in reliance upon the provisions
set forth in this Escrow Instruction Letter, and that Buyer is an intended third
party beneficiary hereof.

                                      K-1

          Whether or not an Escrow Instruction Letter executed by you is
received by the Custodian, your acceptance of the Escrow Funds shall be deemed
to constitute your acceptance of the Escrow Instruction Letter.

                                      K-2

                                    EXHIBIT L

                                BANK FEE SCHEDULE
                            COLLATERAL SERVICES GROUP
                                Schedule of Fees

               Credit Suisse/First Boston Corporation; Mortgage IT
                                 March 11, 2005

Deposit/Review Fee   $ 6.00 per file

Deposit Fee includes balancing collateral to client electronic data, review to
Custodial Agreement.

Miscellaneous Expenses   At Cost

Miscellaneous expenses include but are not limited to legal fees, postage,
overnight carrier services, monthly dda account maintenance, supplies etc.

                                      L-1

                                    EXHIBIT M

                             FORM OF SERVICER NOTICE

                                     [Date]

[________________], as Servicer
[ADDRESS]
Attention: ___________

          Re: Master Repurchase Agreement, dated as of March 11, 2005 (the
              "Repurchase Agreement"), by and between MortgageIT, Inc. and
              MortgageIT Holdings, Inc.. (the "Sellers") and Credit Suisse First
              Boston Mortgage Capital LLC (the "Buyer").

Ladies and Gentlemen:

[___________________] (the "Servicer") is servicing certain mortgage loans for
Sellers pursuant to that certain Servicing Agreement between the Servicer and
Sellers. Pursuant to the Repurchase Agreement between Buyer and Sellers, the
Servicer is hereby notified that Sellers have pledged to Buyer certain mortgage
loans which are serviced by Servicer which are subject to a security interest in
favor of Buyer.

Upon receipt of a Notice of Event of Default from Buyer in which Buyer shall
identify the mortgage loans which are then pledged to Buyer under the Repurchase
Agreement (the "Mortgage Loans"), the Servicer shall segregate all amounts
collected on account of such Mortgage Loans, hold them in trust for the sole and
exclusive benefit of Buyer, and remit such collections in accordance with
Buyer's written instructions. Following such Notice of Event of Default,
Servicer shall follow the instructions of Buyer with respect to the Mortgage
Loans, and shall deliver to Buyer any information with respect to the Mortgage
Loans reasonably requested by Buyer.

Notwithstanding any contrary information which may be delivered to the Servicer
by Sellers, the Servicer may conclusively rely on any information or Notice of
Event of Default delivered by Buyer, and Sellers shall indemnify and hold the
Servicer harmless for any and all claims asserted against it for any actions
taken in good faith by the Servicer in connection with the delivery of such
information or Notice of Event of Default.

                                      M-1

Please acknowledge receipt of this instruction letter by signing in the
signature block below and forwarding an executed copy to Buyer promptly upon
receipt. Any notices to Buyer should be delivered to the following addresses:
302 Carnegie Center, 2nd Floor, Princeton, New Jersey 08540; Attention: [___];
Telephone:; Facsimile:; with a copy to Eleven Madison Avenue, New York, New York
10010; Attention: Legal Department; Telephone:; Facsimile:.

Very truly yours,

[___________________]

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

ACKNOWLEDGED:

[___________________],
     as Servicer

By:
    -------------------------------
Title:
Telephone:
Facsimile:

                                      M-2EXHIBIT 10.5

================================================================================

                CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,

                                      Buyer

                                       and

            MORTGAGEIT, INC., as seller ("MortgageIT" and a "Seller")

                                       and

  MORTGAGEIT HOLDINGS, INC., as seller ("Holdings" and a "Seller", and together
                        with MortgageIT, the "Sellers")

                                       and

                      DEUTSCHE BANK NATIONAL TRUST COMPANY

                                    Custodian

                                   ----------

                               CUSTODIAL AGREEMENT

                              As of March 11, 2005

================================================================================

                                TABLE OF CONTENTS

                                                                                Page
                                                                                ----

Section 1.    Definitions.........................................................1
Section 2.    Deposit of Purchased Mortgage Loans; Effecting a Transaction........6
Section 3.    Certification of Documentation; Delivery of Documents...............7
Section 4.    Obligations of Custodian...........................................10
Section 5.    Takeout Provisions; Funding by Takeout Investor....................10
Section 6.    Future Defects.....................................................11
Section 7.    Release for Payment................................................12
Section 8.    Transfer of Purchased Mortgage Loans Upon Termination of a
                 Transaction, Event of Default or Swap for Agency Securities.....12
Section 9.    Fees of Custodian..................................................12
Section 10.   Removal of Custodian With Respect to Some or All of the
                 Purchased Mortgage Loans........................................12
Section 11.   Examination and Copies of Mortgage Files...........................13
Section 12.   Insurance of Custodian.............................................13
Section 13.   No Adverse Interest of Custodian...................................13
Section 14.   Termination by Custodian...........................................14
Section 15.   Limitation on Liability............................................14
Section 16.   Indemnification of Custodian.......................................16
Section 17.   Indemnification of Buyer and Seller................................16
Section 18.   Obligations of the Custodian Regarding Genuineness of Documents....16
Section 19.   Periodic Statements................................................17
Section 20.   Shipment of Documents..............................................17
Section 21.   Authorized Representatives.........................................17
Section 22.   Obligations of Custodian With Respect to the Trust Receipts........17
Section 23.   Representations and Warranties.....................................18
Section 24.   Governing Law......................................................19
Section 25.   Notices............................................................19
Section 26.   Successors and Assigns.............................................19
Section 27.   Reproduction of Documents..........................................20
Section 28.   Entire Agreement...................................................20
Section 29.   Counterparts.......................................................20
Section 30.   Submission to Jurisdiction.........................................20
Section 31.   WAIVER OF JURY TRIAL...............................................20
Section 32.   On Line Access.....................................................20

                                       -i-

                                    EXHIBITS

EXHIBIT A-1   FREDDIE MAC DOCUMENT LIST..............................Ex. A-1-1
EXHIBIT A-2   FANNIE MAE DOCUMENT LIST...............................Ex. A-2-1
EXHIBIT B-1   CASH WINDOW SUBMISSION PACKAGE.........................Ex. B-1-1
EXHIBIT B-2   GNMA SUBMISSION PACKAGE................................Ex. B-2-1
EXHIBIT B-3   NON-AGENCY SUBMISSION PACKAGE..........................Ex. B-3-1
EXHIBIT C     FORM OF DELIVERY INSTRUCTIONS..........................Ex. C-1
EXHIBIT D-1   FANNIE MAE MASTER BAILEE LETTER........................Ex. D-1-1
EXHIBIT D-2   NON-AGENCY MASTER BAILEE LETTER........................Ex. D-2-1
EXHIBIT E     LIMITED POWER OF ATTORNEY..............................Ex. E-1
EXHIBIT F-1   MORTGAGE FILE..........................................Ex. F-1
EXHIBIT F-2   MORTGAGE LOAN SCHEDULE.................................Ex. F-2
EXHIBIT F-3   AUDITED FIELDS SCHEDULE................................Ex. F-3
EXHIBIT G     FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT...Ex. G-1
EXHIBIT H-1   TAKEOUT ASSIGNMENT.....................................Ex. H-1-1
EXHIBIT H-2   TAKEOUT ASSIGNMENT (Blanket)...........................Ex. H-2-1
EXHIBIT I     FORM OF TRUST RECEIPT..................................Ex. I-1
EXHIBIT J-1   WAREHOUSE LENDER'S RELEASE.............................Ex. J-1-1
EXHIBIT J-2   WAREHOUSE LENDER'S WIRE INSTRUCTIONS...................Ex. J-2-1
EXHIBIT K     FORM OF NOTICE TO CUSTODIAN............................Ex. K-1
EXHIBIT L     FORM OF LOST NOTE AFFIDAVIT............................Ex. L-1
EXHIBIT M     AUTHORIZED REPRESENTATIVES OF THE CUSTODIAN............Ex. M-1
EXHIBIT N     AUTHORIZED REPRESENTATIVES OF THE SELLER...............Ex. N-1
EXHIBIT O     AUTHORIZED REPRESENTATIVES OF THE BUYER................Ex. O-1
EXHIBIT P     FORM OF WAREHOUSE LENDER PAYOFF LETTER.................Ex. P-1
EXHIBIT Q     FORM OF BAILEE VIOLATION LETTER........................Ex. Q-1
EXHIBIT R     TAKEOUT INVESTORS......................................Ex. R-1
EXHIBIT S     CUSTODIAN'S FIREWALL STANDARDS.........................Ex. S-1

                                       -ii-

          THIS AGREEMENT, dated as of March 11, 2005, by and among CREDIT SUISSE
FIRST BOSTON MORTGAGE CAPITAL LLC (the "Buyer"), having an address at 11 Madison
Avenue, New York, New York 10010, MORTGAGEIT, INC. ("MortgageIT" and a
"Seller"), having an address at 33 Maiden Lane, New York, New York 10038,
MORTGAGEIT HOLDINGS, INC. ("Holdings" and a "Seller", and together with
MortgageIT, the "Sellers"), having an address at 33 Maiden Lane, New York, New
York 10038 and DEUTSCHE BANK NATIONAL TRUST COMPANY (the "Custodian"), having an
address at 1761 East St. Andrew Place, Santa Ana, California 92705.

                                   WITNESSETH:

          WHEREAS, the Buyer and the Sellers may, from time to time, enter into
transactions (each, a "Transaction") in which the Buyer shall purchase from the
Sellers certain Mortgage Loans, with a simultaneous agreement by the Sellers to
repurchase such Purchased Mortgage Loans as provided in that certain Master
Repurchase Agreement dated as of March 11, 2005, between the Sellers and the
Buyer (the "Master Repurchase Agreement") and a Confirmation between the Sellers
and the Buyer (the "Confirmation"; as to each Transaction, the related
Confirmation and the Master Repurchase Agreement are referred to collectively
as, the "Repurchase Agreement");

          WHEREAS, the Custodian is authorized to act as Custodian pursuant to
this Agreement, and has agreed to act as custodian/bailee for hire for Buyer and
Sellers in order to effect each Transaction on its behalf, all as more
particularly set forth herein;

          WHEREAS, Sellers shall from time to time deliver Purchased Mortgage
Loans to the Custodian that are subject to a Transaction; and

          WHEREAS, the Sellers have agreed to deliver or cause to be delivered
to the Custodian certain documents with respect to the Purchased Mortgage Loans
subject to each Transaction in accordance with the terms and conditions hereof.

          NOW, THEREFORE, in consideration of the mutual undertakings herein
expressed, the parties hereto hereby agree as follows:

          Section 1. Definitions. Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Repurchase Agreement.

          "Agency": Freddie Mac, Fannie Mae or GNMA, as applicable.

          "Agency Security": A mortgage-backed security issued by one of the
Agencies.

          "Agreement": This Custodial Agreement and all amendments and
attachments hereto and supplements hereof.

          "Anticipated Settlement Date": The anticipated date for sale of
Purchased Mortgage Loans to a Takeout Investor.

          "Applicable Agency Documents": The documents listed on Exhibit A-1 or
Exhibit A-2, as applicable.

          "Applicable Requirements": With respect to each Takeout Investor the
applicable requirements which must be satisfied in order for a Mortgage Loan to
be eligible for purchase by such Takeout Investor pursuant to a Takeout
Commitment.

          "Assignment of Mortgage": An assignment of the Mortgage, notice of
transfer or equivalent instrument in recordable form, reflecting the transfer of
the Mortgage to the party indicated therein.

          "Authorized Representative": Shall have the meaning set forth in
Section 21 hereof.

          "Bailee Letter": A Fannie Mae Bailee Letter, a Freddie Mac Bailee
Letter or a Non-Agency Bailee Letter, as applicable.

          "Bailee Violation Letter" A letter in the form of Exhibit Q hereto.

          "Business Day": Any day other than (i) a Saturday or Sunday or (ii) a
day on which the New York Stock Exchange, the Federal Reserve Bank of New York
or the Custodian is authorized or obligated by law or executive order to be
closed.

          "Buyer": Credit Suisse First Boston Mortgage Capital LLC, or its
successor in interest or assigns.

          "Cash Window Submission Package": The documents listed on Exhibit B-1,
which shall be delivered by a Seller to Custodian in connection with each Cash
Window Transaction.

          "Cash Window Transaction": A transaction initiated by Sellers'
delivery of a Request for Certification which identifies Fannie Mae or Freddie
Mac as the Takeout Investor.

          "Committed Mortgage Loan": Any Mortgage Loan which is the subject of a
Takeout Commitment with an Agency Takeout Investor.

          "Co-op Loan": Shall have the meaning set forth in the Repurchase
Agreement.

          "Custodian": Deutsche Bank National Trust Company or any successor in
interest or assigns, or any successor to the Custodian under this Agreement as
herein provided.

          "Custodial Mortgage Loan Schedule": An electronic schedule list of
Purchased Mortgage Loans delivered by the Custodian to the Buyer, reflecting the
Mortgage Loans held by the Custodian for the benefit of the Buyer, setting forth
the information described in Exhibit F-2. Each Custodial Mortgage Loan Schedule
shall set forth the Mortgage Loans being purchased by

                                       -2-

the Buyer on any applicable Purchase Date as well as the Mortgage Loans
previously purchased by the Buyer and held by the Custodian hereunder.

          "Delivered Mortgage Loan": Each mortgage loan delivered by Sellers
potentially for purchase by Buyer pursuant to the terms of the Master Repurchase
Agreement, prior to the time of its purchase.

          "Delivery Instructions": With respect to a Mortgage Loan, instructions
prepared by Sellers, in the form of Exhibit C, indicating the address for the
delivery by Custodian of the related Submission Package or Mortgage Files.

          "Document Delivery Date": With respect to a Mortgage Loan, the date on
which the related Mortgage File must be delivered to the Custodian. Such date
shall be, with respect to Wet-Ink Mortgage Loans, the Wet-Ink Delivery Date, and
with respect to all other Mortgage Loans, (i) with respect to any purchase of
250 or fewer Mortgage Loans on a single Purchase Date, on or prior to 12:00 noon
(New York City time) one Business Day prior to the Purchase Date, and (ii) with
respect to any purchase of 251 or more Mortgage Loans on a single Purchase Date,
by 12:00 noon (New York City time) two (2) Business Days prior to the Purchase
Date.

          "Event of Default": Any event of default under the Repurchase
Agreement or any Confirmation thereunder.

          "Fannie Mae": Fannie Mae and any successor thereto.

          "Fannie Mae Bailee Letter": The master bailee letter, in the form of
Exhibit D-1, for use by Custodian in connection with the delivery to Fannie Mae
of a Cash Window Submission Package excluding (i) the Assignment of Mortgage, in
blank, (ii) the Warehouse Lender's Release, if applicable, (iii) all
modification agreements relating to a Mortgage, (iv) the Delivery Instructions,
and (v) a copy of the Takeout Commitment.

          "Freddie Mac": Freddie Mac and any successor thereto.

          "Freddie Mac Bailee Letter": The master bailee letter for use by
Custodian in connection with the delivery to Freddie Mac of a Submission Package
excluding (i) the Assignment of Mortgage, in blank, (ii) the Warehouse Lender's
Release, if applicable, (iii) all modification agreements relating to a
Mortgage, (iv) the Delivery Instructions, and (v) a copy of the Takeout
Commitment.

          "GNMA": The Government National Mortgage Association and any successor
thereto.

          "GNMA Submission Package": The documents listed on Exhibit B-2, which
shall be delivered by Sellers to Custodian in connection with each GNMA
Transaction.

          "GNMA Transaction": A transaction initiated by Buyer's delivery of a
Request for Certification which identifies GNMA as the Takeout Investor.

                                       -3-

          "Limited Power of Attorney": A limited power of attorney, in the form
of Exhibit E, executed by Sellers and delivered to Custodian, authorizing
Custodian to prepare Mortgage Note endorsements in the form indicated thereon.

          "MERS Mortgage Loan": Any Purchased Mortgage Loan registered with MERS
on the MERS System.

          "MERS System": The system of recording transfers of mortgages
electronically maintained by MERS.

          "MIN": The mortgage identification number for any MERS Mortgage Loan.

          "MOM Loan": Any Purchased Mortgage Loan as to which MERS is acting as
mortgagee, solely as nominee for the originator of such Mortgage Loan and its
successors and assigns.

          "Mortgage": The mortgage, deed of trust or other instrument securing a
Mortgage Note.

          "Mortgage File": The items pertaining to a particular Mortgage Loan
which are referred to in Exhibit F-1, plus, with respect to any Committed
Mortgage Loan, any additional items set forth in the related Submission Package
and, if applicable, Applicable Agency Documents and all such other documents as
the related Agency may require from time to time for the issuance of the related
Agency Securities.

          "Mortgage Loan": A mortgage loan which has been sold by the Sellers to
the Buyer pursuant to the Repurchase Agreement, and which Mortgage Loan is
evidenced by a Mortgage Note and related Mortgage.

          "Mortgage Loan Schedule": An electronic schedule of Mortgage Loans
setting forth the information described in Exhibit F-2 attached hereto which
reflects the Mortgage Loans delivered by the Sellers to the Custodian under this
Agreement.

          "Mortgage Note": The original executed promissory note or other
evidence of the indebtedness of a mortgagor/borrower with respect to a Mortgage
Loan.

          "Mortgaged Property": The real property (including all improvements,
buildings, fixtures, building equipment and personal property thereon and all
additions, alterations and replacements made at any time with respect to the
foregoing) and all other collateral securing repayment of the debt evidenced by
a Mortgage Note.

          "Mortgagor": The obligor on a Mortgage Note.

          "Non-Agency Bailee Letter": The master bailee letter, in the form of
Exhibit D-2, for use by Custodian in connection with the transfer of Mortgage,
Loans to a Takeout Investor which is not an Agency.

                                       -4-

          "Non-Agency Submission Package": The documents listed on Exhibit B-3,
which shall be delivered by Sellers to Custodian in connection with each
Non-Agency Transaction.

          "Non-Agency Transaction": Any transaction initiated by Sellers'
delivery of a Request for Certification for Mortgage Loans which are not
Committed Mortgage Loans.

          "Notice of Bailment": A notice, in the form of Schedule 1 to Exhibit
D-1 or Schedule 1 to Exhibit D-2, as applicable, delivered by Custodian to
Takeout Investor in connection with each delivery to Takeout Investor of the
applicable portion of each Submission Package.

          "Notice of Default": Written notice delivered by Buyer to Custodian
and Sellers, of an "Event of Default" under the Repurchase Agreement.

          "Payee Number": The code used by Fannie Mae to indicate the wire
transfer instructions that will be used by Fannie Mae to purchase a Mortgage
Loan.

          "Person": Any individual, corporation, partnership, joint venture,
association, joint-stock company, limited liability company, trust,
unincorporated organization, government or any agency or political subdivision
thereof.

          "Purchase Date": With respect to each Purchased Mortgage Loan, the
date on which such Purchased Mortgage Loan is purchased by the Buyer pursuant to
the Repurchase Agreement.

          "Purchased Mortgage Loans": The Mortgage Loans sold by Sellers to
Buyer in a Transaction.

          "Release Payment": The amount necessary to effectuate a release under
a Warehouse Lender's Release.

          "Request for Certification": A Transaction Request (as defined under
the Repurchase Agreement) and the Mortgage Loan Schedule supplied by a Seller to
Buyer, and transmitted by Buyer or Sellers to Custodian electronically in an
appropriate data layout, regarding all Mortgage Loans being offered for sale by
any Seller to Buyer on the Purchase Date.

          "Request for Release of Documents and Receipt": A written request for
the release of documents and receipt in the form of Exhibit G hereto.

          "Responsible Officer": With respect to the Custodian, any director,
associate, vice president, assistant vice president, trust officer or any other
officer of the Custodian customarily performing functions similar to those
performed by any of the above designated officers, and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular
subject.

          "Seller": Each of MortgageIT and Holdings, or their respective
successors in interest or assigns.

                                       -5-

          "Submission Package": With respect to each Mortgage Loan, a Cash
Window Submission Package, a GNMA Submission Package or a Non-Agency Submission
Package, as applicable.

          "Takeout Assignment": The assignment by any Seller to Buyer of such
Seller's rights under a specific Takeout Commitment, in the form of Exhibit H-1,
or of such Seller's rights under all Takeout Commitments, in the form of Exhibit
H-2.

          "Takeout Commitment": A commitment of the Sellers to either (a) sell
one or more Mortgage Loans to a Takeout Investor or (b) (i) swap one or more
Mortgage Loans with a Takeout Investor that is an Agency for an Agency Security,
and (ii) sell the related Agency Security to a Takeout Investor, and in each
case, the corresponding Takeout Investor's commitment back to the Seller to
effectuate any of the foregoing, as applicable.

          "Takeout Investor": Shall mean (i) an Agency, (ii) DLJ Mortgage
Capital, Inc. or (iii) other institution which has made a Takeout Commitment and
is listed on Exhibit R, as such exhibit may be updated from time to time by
notice from the Buyer to the Custodian in writing.

          "Trust Receipt": A trust receipt issued by the Custodian evidencing
the Purchased Mortgage Loans it holds, in the form attached hereto as Exhibit I,
and delivered to the Buyer by the Custodian in accordance with Section 3 hereof.

          "Warehouse Lender": Any lender providing financing to Sellers for the
purpose of originating Mortgage Loans, which lender prior to the Purchase Date
has a security interest in such Mortgage Loans as collateral for the obligations
of each Seller to such lender.

          "Warehouse Lender's Release": A letter, in the form of Exhibit J-1,
from a Warehouse Lender to Buyer, conditionally releasing all of Warehouse
Lender's right, title and interest in certain Mortgage Loans identified therein
upon payment to Warehouse Lender.

          "Warehouse Lender's Wire Instructions": The wire instructions, set
forth in a letter in the form of Exhibit J-2, from a Warehouse Lender to Buyer,
setting forth wire instructions for all amounts due and payable to such
Warehouse Lender.

          "Wet-Ink Delivery Date": With respect to each Wet-Ink Mortgage Loan,
the date which is seven Business Days after the related Purchase Date.

          "Wet Ink Mortgage Loan": A Mortgage Loan which Sellers are selling to
Buyer simultaneously with the origination thereof.

          "Written Instructions": Written communications received by a
Responsible Officer of the Custodian from an Authorized Representative of the
Buyer or the Seller, including communications received in electronic format.

          Section 2. Deposit of Purchased Mortgage Loans; Effecting a
Transaction.

          (a) RESERVED.

                                       -6-

          (b) (i) With respect to any purchase of 250 or fewer Mortgage Loans on
a single Purchase Date, on or prior to 11:00 a.m. (New York City time) on the
Purchase Date, and (ii) with respect to any purchase of 251 or more Mortgage
Loans on a single Purchase Date, by 11:30 a.m. (New York City time) two (2)
Business Days prior to the Purchase Date or (iii) by 11:30 a.m. (Eastern time)
on the Purchase Date with respect to Wet Ink Mortgage Loans, Sellers shall
deposit with Custodian (a) a Request for Certification (copy to Buyer), and (b)
the Mortgage File, except with respect to each Wet-Ink Mortgage Loan. The
documentation for no more than five hundred (500) Delivered Mortgage Loans will
be reviewed by the Custodian on any Business Day.

          (c) On or prior to 12 p.m. (Eastern time) on a Wet-Ink Delivery Date,
the Sellers shall deliver or cause to be delivered, the Mortgage Loan File for
each related Wet-Ink Mortgage Loan.

          (d) From and including the Purchase Date and until notified in writing
on the Repurchase Date or as extended by written notice signed by both Buyer and
Sellers and delivered to an authorized officer of the Custodian, or until a
Responsible Officer of the Custodian shall actually receive a Notice of Default,
Custodian shall hold the Purchased Mortgage Loans in trust for the exclusive
benefit of Buyer and shall not act upon Written Instructions of Buyer or Sellers
to deliver the Purchased Mortgage Loans other than as expressly provided in this
Agreement. Prior to the related Purchase Date, Custodian shall hold the
Delivered Mortgage Loans in trust for the exclusive benefit of Sellers.

          (e) All loan documents delivered to the Custodian shall have been
placed by Sellers or their representative in an appropriate file folder,
properly secured, and clearly marked with the name of the Mortgagor and the loan
number (the "Loan Number").

          Section 3. Certification of Documentation; Delivery of Documents.

          (a) Upon receipt by Custodian of the Request for Certification
pursuant to Section 2(b) hereof, Custodian shall ascertain whether it is in
possession of the Mortgage File for each Delivered Mortgage Loan identified on
the Request for Certification and shall no later than 3 p.m. Eastern time (i) on
the related Purchase Date for Mortgage Loans (other than Wet-Ink Mortgage
Loans), and (ii) with respect to Wet-Ink Mortgage Loans, no later than 3 p.m.
New York City time on the Business Day following the Wet-Ink Delivery Date
provide to Buyer and Sellers a written listing of exceptions via electronic
mail, if any, relating to each Delivered Mortgage Loan based on Custodian's
review of the related Mortgage File pursuant to this Section 3 (provided, that
the Custodian has timely received the items required in Section 2(b) herein).
Except for any Delivered Mortgage Loan which has been notified to Buyer by
Custodian as containing an exception (and Buyer has not provided written notice
of its intent to purchase by 2 p.m. Eastern time on the related Purchase Date,
and except for any other Delivered Mortgage Loan that Buyer has provided written
notice of its intent to not purchase by 2 p.m. Eastern Time on the related
Purchase Date), Custodian shall, issue to Buyer by 3 p.m. Eastern time on the
related Purchase Date (provided, that the Custodian has timely received the
items required in Section 2(b) herein) a Custodial Mortgage Loan Schedule
electronically or by fax and identifying all Delivered Mortgage Loans and treat
such Delivered Mortgage Loans as Purchased Mortgage Loans pursuant to this
Agreement. A physical Custodial Mortgage Loan Schedule

                                       -7-

shall be sent via facsimile, followed by overnight delivery for the next
Business Day, to Buyer's New York office, with a copy to Buyer's Princeton
office (both as specified in Section 25 of this Agreement). Custodian hereby
acknowledges that each time it issues a Custodial Mortgage Loan Schedule, it is
making an express representation and warranty to Buyer that it has reviewed the
items contained in the Mortgage File listed on the Request for Certification as
specified in Sections 3(a) and (b) with respect to the related Mortgage Loan
(other than a Wet-Ink Mortgage Loan). In the event the Buyer does not wire the
Purchase Price to the Sellers on the related Purchase Date, the Buyer shall
return the Custodial Mortgage Loan Schedule to Custodian.

          (b) With respect to each Request for Certification, prior to the
delivery of the Custodial Mortgage Loan Schedule by Custodian and upon receipt
of the Mortgage File for each Delivered Mortgage Loan:

          (i) Custodian shall review the documents in each Mortgage File to
     verify whether all are complete and appear regular on their face, whether
     each such document purporting to be an original appears on its face to be
     so, and whether each copy appears on its face to be a complete copy of its
     original. Custodian shall confirm that, with respect to each Delivered
     Mortgage Loan:

               (A) each document required by this Agreement to be in the
          Mortgage File is in Custodian's possession, including, without
          limitation, the original Mortgage and Mortgage Note (except that in
          the case of a Mortgage, the original of which has been delivered for
          recordation, a certified copy of the original Mortgage shall be in the
          Custodian's possession);

               (B) the Mortgage Note is endorsed "Pay to the order of___________
          without recourse" and signed in the name of the last endorsee by an
          officer, with all intervening endorsements showing a complete chain of
          title from the originator to the last endorsee;

               (C) each signature on the Mortgage Note is original and does not
          materially differ from the name typed below the signature line it
          appears on;

               (D) the information on Schedule F-3 (except for items 3, 4, 9,
          11, 12 and 14) which is contained on the Mortgage Note conforms to the
          related Mortgage Loan Schedule;

               (E) all signatures on the Mortgage properly relate to the
          Mortgage Note, examine the Mortgage for the completions of any
          notarization and verify that any rider or addendum properly relates to
          the Mortgage and that the signatures on any rider or addendum match
          the signatures on the Mortgage;

               (F) the Mortgagor name on the Assignment of Mortgage, if any,
          agrees with the related Mortgage Loan Schedule;

               (G) the original or certified copies of the recorded intervening
          assignments of the Mortgage, if applicable, notice of transfer or
          equivalent instrument (each, an "Intervening Assignment"), show a
          complete chain of

                                       -8-

          assignment from the originator and verify that the Mortgagor name on
          the assignment agrees with the related Mortgage Loan Schedule;

               (H) If applicable, (1) with respect to the wire transfer
          instructions as set forth in Freddie Mac Form 987 (Wire Transfer
          Authorization for a Cash Warehouse Delivery) such wire transfer
          instructions are identical to Buyer's wire instructions to Seller or
          (2) the Payee Number set forth on Fannie Mae Form 1068 (Fixed-Rate,
          Graduated-Payment, or Growing-Equity Mortgage Loan Schedule) or Fannie
          Mae Form 1069 (Adjustable-Rate Mortgage Loan Schedule), as applicable,
          is identical to the Payee Number that has been identified by Buyer in
          writing as Buyer's Payee Number;

               (I) If applicable, the Applicable Agency Documents list Buyer as
          sole subscriber. Each Seller covenants that it will advise Buyer of
          any necessary amendments to such exhibits to reflect all current
          requirements of the applicable Agency.

          (ii) If Custodian determines that the documents in the Mortgage File
     for a Delivered Mortgage Loan conform in all respects with Section 3(b)(i),
     and unless otherwise notified by Buyer in accordance with Section 3(b)(i),
     Custodian shall include such Mortgage Loan in the Custodial Mortgage Loan
     Schedule issued to Buyer. If the documents required in any Mortgage File do
     not conform in all respects with Section 3(b)(i) or are missing and/or do
     not conform (except as otherwise notified in Section 3(b)(i)), Custodian
     shall not include such Mortgage Loan in any Custodial Mortgage Loan
     Schedule. Custodian shall notify Sellers and Buyer of any documents that
     are missing, incomplete on their face or patently inconsistent and of any
     Mortgage Loans that do not satisfy the criteria listed above. Sellers shall
     promptly deposit such missing documents with Custodian or complete or
     correct the documents as required by Section 3(a) or remove the related
     Mortgage File from the Request for Certification. On or prior to the
     Purchase Date and as a condition to purchase, except with respect to a
     Wet-Ink Mortgage Loan, Custodian shall deliver to the Buyer an electronic
     Custodial Mortgage Loan Schedule to the effect that the Custodian has
     received the Mortgage File for each Purchased Mortgage Loan on the Mortgage
     Loan Schedule and as to each Mortgage File, specifying any document
     delivered and any original document that has not been received, and
     verifying the items listed in this Section 3(b).

          (c) As required by Section 3(a), Custodian shall deliver to Buyer, no
later than 3:00 p.m. Eastern Time on the related Purchase Date (provided, that
the Custodian has timely received the items required in Section 2(b) herein),
electronically or via facsimile, followed, if requested in writing by Buyer, by
overnight courier, a Custodial Mortgage Loan Schedule having appended thereto a
schedule of all Mortgage Loans with respect to which Custodian has completed the
procedures set forth in Sections 3(a) and 3(b)(i) hereof and certify that it is
holding each related Mortgage File for the benefit of Buyer in accordance with
the terms hereof.

          (d) In addition to the foregoing, on the initial Purchase Date, the
Custodian shall deliver to the Buyer via facsimile or e-mail, no later than 3:00
p.m., New York City time, a Trust Receipt with a Custodial Mortgage Loan
Schedule attached thereto. Each Custodial

                                       -9-

Mortgage Loan Schedule delivered by the Custodian to the Buyer shall supersede
and cancel the Custodial Mortgage Loan Schedule previously delivered by the
Custodian to the Buyer hereunder, and shall replace the then existing Custodial
Mortgage Loan Schedule to be attached to the Trust Receipt. Notwithstanding
anything to the contrary set forth herein, in the event that the Custodial
Mortgage Loan Schedule attached to the Trust Receipt is different from the most
recently delivered Custodial Mortgage Loan Schedule, then the most recently
delivered Custodial Mortgage Loan Schedule shall control and be binding upon the
parties hereto.

          (e) The Sellers shall promptly forward to Custodian original documents
evidencing an assumption, modification, consolidation or extension of any
Purchased Mortgage Loan that has not been purchased or a certified true copy of
any such document submitted for recordation, and shall provide the original of
any document submitted for recordation or a copy of such document certified by
the appropriate public recording office to be a true and complete copy of the
original within sixty days of its submission for recordation. The Custodian
shall review, record on its system and file all such recorded documents promptly
upon receipt. If the related Mortgage Loan has been sold to a Takeout Investor,
Custodian shall forward any such documents in its possession promptly to the
related Takeout Investor.

          Section 4. Obligations of Custodian. (a) On and after the Purchase
Date, with respect to the Mortgage Files, and other documents delivered to
Custodian or which come into the possession of Custodian, Custodian is the
custodian for Buyer, exclusively. The Custodian shall hold all documents
received by it for the exclusive use and benefit of Buyer, and shall make
disposition thereof only in accordance with this Agreement and the Written
Instructions furnished by Buyer. The Custodian shall segregate and maintain
continuous custody of the Mortgage Files and the Submission Packages in secure
and fire resistant facilities in accordance with customary industry standards
for custody of similar documents.

          (b) The Custodian shall promptly notify Buyer if (i) a Responsible
Officer of the Custodian has actual knowledge that any mortgage, pledge, lien,
security interest or other charge or encumbrance has been placed on any accounts
maintained by Sellers with Custodian or on the Mortgage File or the Submission
Package; or (ii) the representation, warranty and covenant contained in Section
23(d) below were to become untrue or incorrect at any time during the term of
this Agreement.

          Section 5. Takeout Provisions; Funding by Takeout Investor.

          (a) With respect to each Mortgage Loan scheduled for sale to a Takeout
     Investor, Sellers shall provide to Buyer, with a copy to the Custodian, a
     completed Request for Release of Documents and Receipt with respect to the
     related Mortgage Loans. The Mortgage Files relating to the Mortgage Loans
     included in a Request for Release of Documents and Receipt shall be sent
     for delivery by Custodian to the applicable Takeout Investor specified by
     Sellers to Buyer in writing on the same day as the completed Request for
     Release of Documents and Receipt is received by Custodian (in the event
     that such request is received by 11 a.m. (Eastern time)); provided, that
     the Custodian shall not be required to deliver more than 100 Mortgage Files
     on any Business Day, but in any event no later than two Business Days prior
     to the Anticipated Settlement Date as notified to the Custodian; provided,
     however, that Custodian has received the confirmation

                                      -10-

     described below. In the event that the Request for Release of Documents and
     Receipt is not received prior to 11 a.m. Eastern time, Custodian shall use
     reasonable efforts to effect same day shipment of the related Mortgage
     Files, but in any event shall send such Mortgage Files on the following
     Business Day. Such Mortgage Files shall be sent via overnight courier in
     accordance with the Delivery Instructions and under cover of a fully
     completed Notice of Bailment prepared by Custodian in accordance with the
     terms of the applicable Bailee Letter. Custodian shall not deliver any
     Mortgage File to any potential Takeout Investor unless such Takeout
     Investor is listed on Exhibit Q hereto, as updated from time to time by
     written notice from the Buyer to the Custodian, or as otherwise approved by
     the Buyer in writing. The location to which the Mortgage Files shall be
     delivered will be specified on the related Request for Release of Documents
     and Receipt.

          (b) At any time following the delivery of a Request for Release of
     Documents and Receipt, in the event a Responsible Officer of the Custodian
     knows that any document is missing or is not in compliance with Section
     3(b)(i) with respect to a related Mortgage File or the related forms,
     including the return of documents to Custodian from a Takeout Investor due
     to a defect in such documents, the Custodian shall give prompt telephone
     notice of such defect to Buyer, followed by a written specification thereof
     to Buyer within one Business Day. In addition, Custodian shall provide a
     Bailee Violation Letter to Buyer and the Takeout Investor in the event that
     Buyer notifies Custodian in writing that any documents remain in the
     possession of a Takeout Investor for forty-five days and the related
     Mortgage Loans have not been purchased by Takeout Investor prior to such
     date.

          (c) On the Anticipated Settlement Date, unless Custodian receives on
     or prior to such Anticipated Settlement Date a Notice of Default or Written
     Instructions from both Buyer and Sellers that the Anticipated Settlement
     Date has been extended, Buyer irrevocably instructs Custodian to release to
     the Takeout Investor the Purchased Mortgage Loans with respect to such
     Transaction with a fully completed Notice of Bailment. Notwithstanding
     anything to the contrary herein, in the event the Purchased Mortgage Loans
     are repurchased prior to the related Anticipated Settlement Date pursuant
     to the Repurchase Agreement, Buyer irrevocably instructs Custodian, upon
     receipt of written notice thereof from Buyer, to release to Sellers such
     Purchased Mortgage Loans as more particularly described in Section 8.

          (d) In the event that a Takeout Investor rejects a Mortgage Loan for
     purchase pursuant to a Takeout Commitment for any reason whatsoever,
     Custodian shall promptly notify Buyer and Sellers upon receipt of the
     returned Mortgage File or notification from the Takeout Investor, and
     Sellers shall deliver to Buyer, not later than two Business Days after such
     rejection, a new Takeout Commitment covering such Mortgage Loan.

          Section 6. Future Defects. During the term of this Agreement, if
Custodian discovers (without duty of inquiry, other than as expressly required
by Section 3 of this Agreement) any document that is missing or is not in
compliance with Section 3(b)(i) with respect to the Mortgage Files, Custodian
shall give written specification of such defect to Sellers and Buyer.

                                      -11-

          Section 7. Release for Payment. Upon the payment in full of any
Purchased Mortgage Loan, and upon receipt by Custodian of a Request for Release
of Documents and Receipt and written acknowledgement from Buyer that the
appropriate proceeds have been received, Custodian shall promptly release the
Mortgage File to Sellers or its designee. The Custodian shall amend the Mortgage
Loan Schedule to reflect the release of the applicable Mortgage Loan, and shall
deliver to Buyer such amended Mortgage Loan Schedule.

          Section 8. Transfer of Purchased Mortgage Loans Upon Termination of a
Transaction, Event of Default or Swap for Agency Securities If Custodian is
furnished with written notice from Buyer that a Transaction with respect to the
Repurchase Agreement has been terminated, that an Event of Default under the
Repurchase Agreement has occurred as to any or all of the Purchased Mortgage
Loans or that the Purchased Mortgage Loans identified have been swapped for
Agency Securities, upon written notice of the Buyer in the form of Exhibit K,
the Custodian shall release to such Persons as designated in such notice, the
Mortgage Files relating to the Purchased Mortgage Loans that are no longer
subject to the Transaction, and shall deliver to the Buyer an amended Custodial
Mortgage Loan Schedule attached thereto, listing all of the Purchased Mortgage
Loans still subject to a Transaction. Promptly upon receipt of written notice
from Buyer of the occurrence of an Event of Default pursuant to the Master
Repurchase Agreement and written direction from Buyer to endorse the Mortgage
Note and Assignment of Mortgage, respectively, of a Purchased Mortgage Loan,
Custodian shall endorse the related Mortgage Note as directed in writing by
Buyer and, at the expense of the Buyer. Each Seller agrees not to alter the
information referenced above with respect to any Mortgage Loan without the prior
written consent of Buyer. In addition, each Seller hereby grants Custodian and
any officer or agent thereof an irrevocable power of attorney, as its true and
lawful attorney-in-fact with full irrevocable power and authority in the place
and stead of the Sellers, coupled with an interest, for the purpose of
exercising its obligations pursuant to this Section 8.

          Section 9. Fees of Custodian. Custodian shall charge such fees for its
services under this Agreement as are set forth in a separate letter agreement
between Custodian and Sellers, the payment of which fees, together with
Custodian's expenses in connection herewith, shall be solely the obligation of
Sellers. The Sellers shall also reimburse the Custodian on demand for any
out-of-pocket expenses, including any fees and expenses of counsel.

          Section 10. Removal of Custodian With Respect to Some or All of the
Purchased Mortgage Loans Buyer may, from time to time, remove and discharge
Custodian from the performance of its duties under this Agreement with respect
to any or all of the Purchased Mortgage Loans by providing sixty (60) days'
written notice from Buyer to Custodian, with a copy to Sellers; provided, that
upon an event of default hereunder, no notice shall be required. Having given
notice of such removal, Buyer promptly shall, by written instrument (one
original counterpart of which instrument shall be delivered to Sellers and an
original to any successor Custodian).

          (i) appoint a successor Custodian to act on behalf of Buyer to replace
     Custodian under this Agreement, provided that, if no Event of Default shall
     have occurred, Sellers shall approve such successor Custodian, which
     approval shall not be

                                      -12-

     unreasonably withheld, and that any appointment of a successor Custodian
     which is an affiliate of Sellers shall be null and void;

          (ii) designate a document custodian to receive the Mortgage Files with
     respect to the Purchased Mortgage Loans removed from this Agreement, or

          (iii) take delivery of the Mortgage Files with respect to the
     Purchased Mortgage Loans removed from this Agreement. In the event of any
     such removal, Custodian shall promptly transfer to the successor Custodian,
     as directed, all affected Mortgage Files. In the event of any appointment
     of a successor Custodian under this Agreement, Sellers shall be responsible
     for the fees of the successor Custodian hereunder. Notwithstanding the
     foregoing, this Agreement shall remain in full force and effect with
     respect to any Purchased Mortgage Loans for which this Agreement is not
     terminated hereunder.

          Section 11. Examination and Copies of Mortgage Files. (a) Upon
reasonable prior notice to Custodian, Sellers, Buyer and their agents,
accountants, attorneys, auditors and prospective purchasers will be permitted
during normal business hours to examine the Mortgage Files and any other
documents, records and papers in the possession of or under the control of
Custodian relating to any or all of the Purchased Mortgage Loans or the
Delivered Mortgage Loans.

          (b) Upon the request of Sellers or Buyer and at the cost and expense
of Buyer, as the case may be, Custodian shall provide Sellers or Buyer, as the
case may be, with copies of the Mortgage Notes, Mortgages, Assignment of
Mortgages and other documents relating to one or more of the Purchased Mortgage
Loans.

          Section 12. Insurance of Custodian. At its own expense, Custodian
shall maintain at all times during the existence of this Agreement and keep in
full force and effect fidelity insurance, theft of documents insurance, forgery
insurance and errors and omissions insurance. All such insurance shall be in
amounts, with standard coverage and subject to lowest available deductibles, all
as is customary for insurance typically maintained by banks which act as
Custodian and with insurance companies reasonably acceptable to Sellers. The
minimum coverage under any such bond and insurance policies shall be at least
equal to the corresponding amounts required by Fannie Mae in the Fannie Mae
Mortgaged-Backed Securities Selling Guide and the Fannie Mae Servicing Guide or
by Freddie Mac in the Freddie Mac Seller's & Servicer's Guide. A certificate of
the respective insurer as to each such policy, with a copy of such policy
attached, shall be furnished to Sellers, upon request, containing the statement
of the insurer or endorsement evidencing that such insurance is in full force
and effect.

          Section 13. No Adverse Interest of Custodian. By execution of this
Agreement, Custodian represents and warrants that it currently holds, and during
the existence of this Agreement shall hold, no adverse interest, by way of
security or otherwise, in any Delivered Mortgage Loan or Purchased Mortgage
Loan, and hereby waives and releases any such interest which it may have in any
Delivered Mortgage Loan or Purchased Mortgage Loan as of the date hereof. The
Delivered Mortgage Loans and the Purchased Mortgage Loans shall not be subject
to any security interest, lien or right of set-off by Custodian or any third
party claiming through

                                      -13-

Custodian, and Custodian shall not pledge, encumber, hypothecate, transfer,
dispose of, or otherwise grant any third party interest in, the Purchased
Mortgage Loans.

          Section 14. Termination by Custodian. Unless required to terminate
earlier by applicable law or regulation, after the expiration of the 180-day
period commencing on the initial Purchase Date, Custodian may terminate its
obligations under this Agreement upon at least 60 days' notice to Buyer and
Sellers. The Custodian shall pay all costs associated with the transfer of the
Mortgage Files, unless such termination is due to the nonpayment of custodial
fees, in which case such costs shall be borne by the Buyer.

          Section 15. Limitation on Liability. (a) Neither Custodian nor any of
its directors, officers, agents or employees, shall be liable for any action
taken or omitted to be taken by it or them hereunder or in connection herewith
in good faith and believed by it or them to be within the purview of this
Agreement, except for its or their own negligence, lack of good faith or willful
misconduct. In no event shall the Custodian or any of its directors, officers,
agents, or employees have any responsibility to inquire, ascertain or to take
action except as expressly provided herein.

          (b) The Custodian shall have responsibility only for the Mortgage
Files and any other documents which have been actually delivered to it and which
have not been released to Sellers, Buyer, Takeout Investor, any Agency or
assignee or their respective agent or designee in accordance with this
Agreement. The standard of care to be exercised by Custodian in the custody of
the Mortgage Files under this Agreement shall be to exercise the same degree of
care as Custodian exercises when it holds mortgage loan documents as security
for its own loans or warehouse loans. Custodian is an agent, bailee and
custodian only and is not intended to be, nor shall it be construed to be
(except only as agent, bailee and custodian), a representative, trustee or
fiduciary of, or for, Sellers, any Agency, Buyer, Takeout Investor or assignee.
Custodian shall not be bound in any way by any agreement or contract other than
this Agreement, including, without limitation, the Repurchase Agreement, and the
exhibits and schedules hereto and any other agreement to which it is a party.
Custodian shall not be required to ascertain or inquire as to the performance or
observance of any of the conditions or agreements to be performed or observed by
any other party, except as specifically provided in this Agreement and the
exhibits and schedules hereto. Custodian disclaims any responsibility for the
validity or accuracy of the recitals to this Agreement and any representations
and warranties contained herein, unless specifically identified as recitals,
representations or warranties of Custodian.

          (i) Custodian shall have no responsibility for ascertaining the value,
     collectability, insurability, enforceability, effectiveness, recordability,
     or suitability of any Mortgage Loan, the title of any party therein, the
     validity or adequacy of the security afforded thereby, or the validity of
     this Agreement (except as to Custodian's authority to enter into this
     Agreement and to perform its obligations hereunder).

          (ii) Custodian shall not be under any duty to examine or pass upon the
     genuineness, validity, substance or legal sufficiency of any of the
     documents constituting part of any Mortgage File, and shall be entitled to
     assume that all documents constituting part of such files are genuine and
     valid and that they are what they purport to be, and that any endorsements
     or assignments thereof are genuine and valid.

                                      -14-

          (iii) No provision of this Agreement shall require Custodian to expend
     or risk its own funds or otherwise incur any financial liability in the
     performance of any of its duties hereunder or in the exercise of any of its
     rights and powers, if, in its sole judgment, it shall believe that
     repayment of such funds or indemnity satisfactory to it against such risk
     or liability is not assured to it.

          (iv) Custodian is not responsible for preparing or filing any reports
     or returns relating to federal, state or local income taxes with respect to
     this Agreement, other than for Custodian's compensation or for
     reimbursement of expenses.

          (v) The Custodian shall not be responsible for the monitoring of, or
     the validity and perfection of the Buyer's security interest in the
     Mortgages and the Mortgage Loans hereunder, other then the obligation to
     take possession of the Mortgage File for each Mortgage Loan.

          (vi) The Custodian shall have no duties or responsibilities except
     those that are specifically set forth herein, shall not be liable except
     for the performance of such duties and obligations and no implied covenants
     or obligations shall be read into this Agreement against the Custodian.

          (vii) The Custodian shall be under no obligation to make any
     investigation into the facts or matters stated in any Written Instructions,
     direction, resolution, certificate, statement, acknowledgment, consent
     order, notice, request, document in the Mortgage File, or any other
     document received from the Buyer or Sellers.

          (viii) The Custodian shall not be liable with respect to any action
     taken or omitted to be taken in accordance with Written Instructions,
     direction, acknowledgement, consent or any other communication from the
     Buyer or Seller.

          (ix) In the absence of bad faith on the part of the Custodian, the
     Custodian may conclusively rely, as to the truth of the statements and the
     correctness of any request, instructions, certificates or other documents
     furnished to the Custodian, reasonably believed by the Custodian to be
     genuine and to have been signed or presented by the proper party or
     parties; but in the case of any Mortgage Loan Document or other request,
     instruction, document or certificate which by any provision hereof is
     specifically required to be furnished to the Custodian, the Custodian shall
     be under a duty to examine the same to determine whether or not it conforms
     in form to the requirements of this Agreement.

          (x) If the Custodian requests Written Instructions from the Buyer or
     Seller with respect to any action or omission in connection with this
     Agreement, the Custodian shall be entitled (without incurring any liability
     therefore to the Buyer, Seller or any other Person) to refrain from taking
     such action and continue to refrain from acting unless and until the
     Custodian shall have received Written Instructions from the Buyer with
     respect to such request.

          (xi) None of the provisions of this Agreement shall require the
     Custodian to expend or risk its own funds or incur liability, financial or
     otherwise, in the performance of any of its duties hereunder, or in the
     exercise of any of its rights or powers if it shall

                                      -15-

     have reasonable grounds for believing that repayment of such funds or
     indemnity satisfactory to it against such risk or liability is not assured
     to it.

          (xii) In order to comply with its duties under the U.S.A. Patriot Act,
     the Custodian shall obtain and verify certain information and documentation
     from the other parties to this Agreement, including, but not limited to,
     such parties' name, address, and other identifying information.

          Section 16. Indemnification of Custodian. Sellers and Buyer agree, on
a joint and several basis, to fully indemnify, defend and hold Custodian and its
directors, officers, agents and employees harmless against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever, including
reasonable attorneys' fees, that may be imposed on, incurred by, or asserted
against it or them in any way relating to or arising out of this Agreement or
any action taken or not taken by it or them hereunder unless such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements were imposed on, incurred by or asserted against
Custodian because of the breach by Custodian of its obligations hereunder, which
breach was caused by negligence, lack of good faith or willful misconduct on the
part of the Custodian or any of its directors, officers, agents or employees.
The foregoing indemnification shall survive any termination of this Agreement or
the earlier resignation or removal of the Custodian.

          Section 17. Indemnification of Buyer and Sellers. In the event that
Custodian fails to produce a Mortgage Note, Assignment of Mortgage or any other
document related to a Purchased Mortgage Loan that was in its possession
pursuant to this Agreement within two (2) Business Days after required or
requested by Buyer (a "Custodial Delivery Failure"), and provided, that (i)
Custodian previously delivered to Buyer a Mortgage Loan Schedule with respect to
such document; (ii) such document is not outstanding pursuant to a Request for
Release of Documents and Receipt in the form annexed hereto as Exhibit G; and
(iii) such document was assigned or sold to Buyer, then Custodian shall (a) with
respect to any missing Mortgage Note, promptly deliver to such Buyer upon
request, a Lost Note Affidavit in the form of Exhibit L annexed hereto and (b)
with respect to any missing document related to such Purchased Mortgage Loan
including but not limited to, a missing Mortgage Note, indemnify Buyer in
accordance with the succeeding paragraph of this Section 17. Custodian agrees to
indemnify and hold the Buyer and its designees harmless against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever, including
reasonable attorney's fees, that may be imposed on, incurred by, or asserted
against it or them in any way relating to or arising out of such Custodial
Delivery Failure or the Custodian's negligence, willful misconduct, or lack of
good faith. The foregoing indemnification shall survive any termination or
assignment of the Custodial Agreement.

          Section 18. Obligations of the Custodian Regarding Genuineness of
Documents. In the absence of bad faith on the part of Custodian, Custodian may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any request, instructions, certificate, opinion
or other document furnished to Custodian, reasonably believed by Custodian to be
genuine and to have been signed or presented by the

                                      -16-

proper party or parties and conforming to the requirements of this Agreement,
but in the case of any loan document or other request, instruction, document or
certificate which by any provision hereof is specifically required to be
furnished to Custodian, Custodian shall be under a duty to examine the same to
determine whether or not it conforms to the requirements of this Agreement,
provided that, notwithstanding the foregoing, the Custodian is not required to
determine if any document is in recordable form.

          Section 19. Periodic Statements. Custodian shall periodically provide
to Buyer or Sellers, as the case may be, those reports, including a list of all
the Purchased Mortgage Loans for which the Custodian holds a Mortgage File
pursuant to this Agreement, as Buyer and Custodian mutually agree. Sellers shall
be entitled to copies of such reports upon reasonable request.

          Section 20. Shipment of Documents. Written Instructions as to the
method of shipment and shipper(s) that Custodian is directed to utilize in
connection with transmission of Mortgage Files in the performance of the
Custodian's duties hereunder shall be delivered by Sellers to Custodian prior to
any shipment of any Mortgage Files hereunder. Buyer will arrange for the
provision of such services at its sole cost and expense (or, at Custodian's
option, Buyer will reimburse Custodian for all costs and expenses incurred by
Custodian consistent with such instructions) and will maintain such insurance
against loss or damage to the Mortgage Files as each Seller deems appropriate.
Without limiting the generality of the provisions of Section 17 above, it is
expressly agreed that in no event shall Custodian have any liability for any
losses or damages to any person, arising out of actions of Custodian in
accordance with instructions of the Sellers or the Buyer, unless such
performance constitutes negligence, lack of good faith or willful misconduct on
the part of the Custodian or any of its directors, officers, agents or
employees. If the Custodian does not receive timely Written Instructions as to
the method of shipment and shipper(s) of the related Mortgage Files, the
Custodian shall be fully protected in using a nationally recognized courier.

          Section 21. Authorized Representatives. Each individual designated as
an authorized representative of the each Sellers and the Buyer (each, an
"Authorized Representative") or a Responsible Officer of the Custodian, is
authorized to give and receive notices, requests and instructions and to deliver
certificates and documents in connection with this Agreement on behalf of the
Custodian, the Sellers and the Buyer, respectively, and the specimen signature
for each such Authorized Representative or Responsible Officer, as applicable,
of the Custodian, the Seller and the Buyer initially authorized hereunder is set
forth on Exhibits M, N and O, respectively. From time to time, Custodian,
Sellers and Buyer may, by delivering to the others a revised exhibit, change the
information previously given pursuant to this Section, but each of the parties
hereto shall be entitled to rely conclusively on the then current exhibit until
receipt of a superseding exhibit.

          Section 22. Obligations of Custodian With Respect to the Trust
Receipts. (a) Upon the request of the Buyer, the Custodian shall issue
additional Trust Receipts subdividing the initial Trust Receipt.

          (b) With respect to any subdivision of the initial Trust Receipt into
additional Trust Receipts, the Custodian shall keep a register of such Trust
Receipts issued acceptable to the

                                      -17-

Buyer in its sole discretion, including the Purchased Mortgage Loans to which
the Trust Receipts related, acceptable to Buyer in its sole discretion. Each
Trust Receipt, upon initial issuance or reissuance, shall be dated the date of
such issuance or reissuance and shall evidence the receipt and possession by
Custodian on behalf of Buyer, or its transferee as set forth below, of the Trust
Receipt of the Mortgage Files and Buyer or its Transferee's right to possess
those Mortgage Files, and the Custodian shall not be affected by notice of any
facts to the contrary. No Trust Receipt shall be valid for any purpose unless
substantially in the form set forth in Exhibit I to this Agreement and executed
by manual signature of an authorized officer of the Custodian. Such signature
upon any Trust Receipt shall be conclusive evidence, and the only evidence, that
such Trust Receipt has been duly delivered under this Agreement. Trust Receipts
bearing the manual signatures of individuals who were, at the time when such
signatures where affixed, authorized to sign on behalf of Custodian shall bind
Custodian, notwithstanding that such individuals have ceased to be so authorized
prior to the delivery of those Trust Receipts. Each physical Trust Receipt shall
have attached thereto a Custodial Mortgage Loan Schedule with respect to the
applicable Purchased Mortgage Loans. Any Seller or other transferee or assignee
of the Trust Receipt shall succeed to all the rights of the transferring Buyer
under this Agreement with respect to such Trust Receipt and the related
Purchased Mortgage Loans upon notice to Custodian and delivery to Custodian of
the appropriate evidence of such transfer and assignment. Each Trust Receipt
subsequently delivered by the Custodian to the Buyer shall supersede and cancel
the Trust Receipt previously delivered by the Custodian to the Buyer hereunder.

          (c) Buyer may transfer its interest in the Mortgage Files covered by
any Trust Receipt by delivering to the transferee (the "Transferee") such Trust
Receipt, together with an appropriate notice to the Custodian in the form of
Exhibit K hereto (the "Notice to the Custodian"). Within three (3) Business Days
of receipt of the Notice to the Custodian and the Trust Receipt from the
Transferee, Custodian shall deliver, in accordance with the written instructions
of the Transferee, a Trust Receipt issued in the name of the Transferee and to
the place indicated in any such written direction from the Transferee. Upon
receipt of the Notice to Custodian from the Buyer, Custodian shall change its
records to reflect that such Transferee is the person to whom such Trust Receipt
is issued for the Purchased Mortgage Loans.

          (d) In the event that (i) any mutilated Trust Receipt is surrendered
to Custodian, or Custodian receives evidence to its satisfaction of the
destruction, loss or theft of any Trust Receipt and (ii) there is delivered to
Custodian such security or indemnity as may be required by it to save it
harmless, then, in the absence of actual notice to Custodian that such Trust
Receipt has been acquired by a bona fide purchaser, Custodian shall execute and
deliver a new Trust Receipt to such purchaser in exchange for or in lieu of any
such mutilated, lost or stolen Trust Receipt.

          (e) Simultaneously with the relinquishment of the Trust Receipt to
Custodian by the purchaser thereof and the delivery by Custodian of the related
Mortgage Files to such purchaser or a designee of such purchaser, the Trust
Receipt shall be canceled and the Mortgage Files will no longer be subject to
this Agreement.

          Section 23. Representations and Warranties. Custodian represents and
warrants to Buyer that:

                                      -18-

          (a) Custodian has the corporate power and authority and the legal
right to execute and deliver, and to perform its obligations under, this
Agreement, and has taken all necessary corporate action to authorize its
execution, delivery and performance of this Agreement;

          (b) no consent or authorization of, filing with, or other act by or in
respect of, any arbitrator or Governmental Authority and no consent of any other
Person (including, without limitation, any stockholder or creditor of Custodian)
is required in connection with the execution, delivery, performance, validity or
enforceability of this Agreement;

          (c) this Agreement has been duly executed and delivered on behalf of
Custodian and constitutes a legal, valid and binding obligation of Custodian
enforceable in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and by general
principles of equity (whether enforcement is sought in a proceeding in equity or
at law); and

          (d) it is not controlled by, under common control with or otherwise
affiliated with or related to Sellers.

          Section 24. Governing Law. This Agreement shall be governed by the
internal laws of the State of New York, without giving effect to the conflict of
laws principles thereof.

          Section 25. Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if mailed, by
registered or certified mail, return receipt requested, or, if by other means,
including other telecommunication or electronic device capable of transmitting
or creating a written record directly to the office of the recipient, when
received by the recipient party at the address shown on the first page hereof,
or at such other addresses as may hereafter be furnished to the other parties by
like notice.

          Notices provided to Buyer shall be directed as follows: Credit Suisse
First Boston Mortgage Capital LLC, 302 Carnegie Center, 2nd Floor, Princeton,
N.J. 08540.

          Notices provided to Custodian shall be directed as follows: Deutsche
Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, California
92705 Attn: MG051C (facsimile: 714-247-6082).

          Any such demand, notice or communication hereunder shall be deemed to
have been received on the date delivered to or received at the premises of the
addressee (as evidenced, in the case of registered or certified mail, by the
date noted on the return receipt, or in the case of or other telecommunication
or electronic device, the date noted on the confirmation of such transmission).

          Section 26. Successors and Assigns. This Agreement shall inure to the
benefit of the successors and assigns of the parties hereto. This Agreement
shall not be assigned by either Sellers or Buyer without the prior written
consent of the other, provided, however, that Buyer may assign this Agreement to
any affiliate of Buyer without the prior written consent of any other party
hereto.

                                      -19-

          Section 27. Reproduction of Documents. This Agreement and all
documents relating thereto, including, without limitation, (i) consents, waivers
and modifications which may hereafter be executed, and (ii) certificates and
other information previously or hereafter furnished, may be reproduced by any
photographic, photostatic, microfilm, microcard, miniature photographic or other
similar process. The parties agree that any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any
enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence.

          Section 28. Entire Agreement. This Agreement, together with the
Exhibits, Annexes and other writings referred to herein or delivered pursuant
hereto, constitute the entire agreement between the parties hereto with respect
to the subject matter hereof and supersede all prior agreements and
understandings, both written and oral, between the parties with respect to the
subject matter hereof.

          Section 29. Counterparts. For the purpose of facilitating the
execution of this Agreement as herein provided and for other purposes, this
Agreement may be executed simultaneously in any number of counterparts, each of
which counterparts shall be deemed to be an original, and such counterparts
shall constitute and be one and the same instrument.

          Section 30. Submission to Jurisdiction. With respect to any claim
arising out of this Agreement each party (a) irrevocably submits to the
nonexclusive jurisdiction of the courts of the State of New York and the United
States District Court located in the Borough of Manhattan in New York City, and
(b) irrevocably waives (i) any objection which it may have at any time to the
laying of venue of any suit, action or proceeding arising out of or relating
hereto brought in any such court, (ii) any claim that any such suit, action or
proceeding brought in any such court has been brought in any inconvenient forum
and (iii) the right to object, with respect to such claim, suit, action or
proceeding brought in any such court, that such court does not have jurisdiction
over such party. Nothing herein will be deemed to preclude any party hereto from
bringing an action or proceeding in respect of this Agreement in any
jurisdiction other than as set forth in this Section 30.

          Section 31. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, ANY OTHER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          Section 32. On Line Access.

          (a) The Custodian shall use its access to the Buyer's computer
network, intranet website and other online facilities (the "System") only from
the Custodian's facilities or from the Custodian's designated office location at
1761 East St. Andrew Place, Santa Ana, California 92705, and shall limit such
access to and use of the System to designated employees in its offices who are
performing services for the Buyer pursuant to this Agreement.

                                      -20-

          (b) The Custodian further represents and warrants that it shall not
access, analyze, evaluate, attack, test, intrude upon, invade, connect with,
penetrate, probe, or manipulate the System in any way except as agreed to herein
or otherwise expressly agreed to, in writing, by the Buyer.

          (c) The Custodian shall maintain at all times during the term of this
Agreement a corporate "firewall" protecting its computer network in accordance
with any applicable regulator's requirements and the internal procedures of
Custodian. Upon a Responsible Officer of the Custodian receiving actual
knowledge that its standards have changed, the Custodian shall notify the Buyer.

          (d) The Custodian shall not knowingly install on the Buyer's systems,
nor knowingly permit anyone accessing the Buyer's facilities through it to
install on the Buyer's systems, any computer code designed to disrupt, disable,
harm, or otherwise impede in any manner, including aesthetic disruptions or
distortions, its operation, or any other associated software, firmware,
hardware, computer system or network (sometimes referred to as "viruses" or
"worms"), or that would disable the System or impair in any way its operation
based on the elapsing of a period of time, advancement to a particular date or
other numeral (sometimes referred to as "time bombs", "time locks", or "drop
dead" devices) or, or any other similar harmful, malicious or hidden programs,
procedures, routines or mechanisms which would cause such programs to cease
functioning, or provide or allow unauthorized access to the System, or to damage
or corrupt data, storage media, programs, equipment or communications, or
otherwise interfere with operations.

          (e) In addition, each of the Custodian and the Buyer shall implement a
commercially reasonable method to intercept and block or delete any such
viruses, worms, time bombs, time locks, drop dead devices or other malicious or
harmful programs, procedures, routines or mechanisms, and carry out on a regular
basis, no less frequently than monthly, and more frequently as reasonably
required, a commercially reasonable method to scan its computer system and
eliminate from it any such malicious or harmful programs, procedures, routines
or mechanisms.

          (f) The Custodian shall implement and maintain a security program
consistent with market practice and applicable regulatory requirements,
including physical, electronic and procedural safeguards consistent with market
practice and applicable regulatory requirements, to (i) ensure the security and
confidentiality of Confidential Information, (ii) protect against any threats or
hazards to the security or integrity of Confidential Information, and (iii)
prevent unauthorized access to or use of Confidential Information. The Custodian
shall not use Confidential Information except to perform the services set forth
herein, and shall not disclose Confidential Information to anyone except its
employees who are performing services for the Buyer pursuant to this Agreement.
The Custodian shall immediately notify the Buyer (i) of any disclosure or use of
any Confidential Information in breach of this Agreement and (ii) of any
disclosure of any Confidential Information to the Custodian where the purpose of
such disclosure is not known to the Custodian. The Buyer shall have the right,
upon reasonable advance notice, to conduct an on-site review of the Custodian's
policies and procedures used to maintain the security and confidentiality of
Confidential Information and to raise any questions or concerns

                                      -21-

regarding such on-site review of such policies and procedures with the
appropriate personnel of Custodian.

          (g) At the Buyer's direction and in the Buyer's sole discretion at any
time, the Custodian shall immediately return to the Buyer any or all
Confidential Information. Upon termination or expiration of this Agreement, the
Custodian shall immediately return to the Buyer any and all Confidential
Information which it has received under this Agreement and shall destroy all
records of such Confidential Information.

          For purposes of this Agreement, "Confidential Information" shall mean
all confidential or proprietary information regarding the Buyer and/or any
information with respect to any Mortgagor and/or any Delivered Mortgage Loan or
the related Mortgage File as required to be kept confidential in accordance with
applicable law and any information with respect to another party obtained
pursuant to this Agreement, and any other information contained in the Mortgage
Loan Schedule. The term "Confidential Information" does not include information
(unless otherwise required by law applicable to the Custodian) which (i) becomes
publicly known through a means other than as a result of a disclosure by
Custodian or its directors, officers, employees, agents, attorneys, accountants
or affiliates (individually, a "Representative" and collectively,
"Representatives") in violation of this Agreement, (ii) is already in
Custodian's or its applicable Representative's possession as of the date hereof,
provided that, to a Responsible Officer of the Custodian's actual knowledge,
after customary and reasonable due inquiry, such information is not subject to
another confidentiality agreement with or similar obligation, (iii) becomes
available to Custodian on a non-confidential basis or otherwise becomes publicly
known from a source other than Buyer or its Representatives, provided that, to
Custodian's actual knowledge, without inquiry, such source is not bound by a
confidentiality agreement with or similar obligation, or (iv) Custodian develops
independently without reference to any Confidential Information.

          Notwithstanding anything herein to the contrary, the foregoing shall
not be construed to prohibit (i) disclosure of any and all information (A) if
required to do so by any applicable law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any respects of Custodian's business or that of its affiliates, (C)
pursuant to any subpoena, civil investigative demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which
Custodian or any affiliate or an officer, director, employer or shareholder
thereof is a party or (D) to any affiliate, independent or internal auditor,
agent, employee or attorney of Custodian having a need to know the same,
provided that Custodian advises such recipient of the confidential nature of the
information being disclosed, or (ii) any other disclosure authorized by this
Agreement or in writing by the Buyer.

          In the event that Custodian or any of its Representatives are
requested or legally compelled (by deposition, interrogatory, request for
documents, subpoena, civil investigative demand or similar process) to make any
disclosure which is prohibited or otherwise constrained by this agreement,
Custodian or its Representatives, as the case may be, shall give Buyer prompt
written notice of such request, and the terms and circumstances surrounding such
request so that Buyer may seek an appropriate protective order or other
appropriate remedy and/or waive compliance with the provisions of this
agreement, as Buyer determines to be appropriate, in its sole discretion.
Custodian and its Representatives, to the extent legally practicable, shall take

                                      -22-

such actions as Buyer may reasonably request in a timely fashion to cooperate
with Buyer to obtain such protective order or other remedy. If Buyer does not
obtain a protective order or other remedy or waives compliance with the
provisions of this Agreement or takes no action in a timely fashion, Custodian
or its Representatives, as the case may be, may disclose only that portion of
the Confidential Information or other information which it is required to
disclose by law or by court order, provided that Custodian or its
Representatives, as the case may be, shall (i) give Buyer written notice of the
Confidential Information or other information to be disclosed as soon as
practicable, (ii) exercise reasonable efforts to obtain assurance that
confidential treatment will be accorded such Confidential Information or other
information, (iii) otherwise continue to treat such Confidential Information as
such. Custodian or its Representatives, as the case may be, shall not be liable
hereunder for disclosures made in compliance with the foregoing.

          Section 33. Joint and Several. Each Seller shall be jointly and
severally liable for the full, complete and punctual performance and
satisfaction of all obligations of either Seller under this Agreement.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                      -23-

          IN WITNESS WHEREOF, Buyer, Sellers and Custodian have caused their
names to be duly signed hereto by their respective officers thereunto duly
authorized, all as of the date first above written.

                                        CREDIT SUISSE FIRST BOSTON MORTGAGE
                                           CAPITAL LLC,
                                           as Buyer

                                        By: /s/ BRUCE S. KAISERMAN
                                            ------------------------------------
                                            Name: Bruce S. Kaiserman
                                            Title: Vice President

                                        MORTGAGEIT, INC.
                                           Seller

                                        By: /s/ JOHN R. CUTI
                                            ------------------------------------
                                            Name: John R. Cuti
                                            Title: General Counsel and Secretary

                                        MORTGAGEIT HOLDINGS, INC.
                                           Seller

                                        By: /s/ JOHN R. CUTI
                                            ------------------------------------
                                            Name: John R. Cuti
                                            Title: General Counsel and Secretary

                                        DEUTSCHE BANK NATIONAL TRUST COMPANY,
                                           as Custodian

                                        By: /s/ CHRISTOPHER CORCORAN
                                            ------------------------------------
                                            Name: Christopher Corcoran
                                            Title: Assistant Vice President

                                        By: /s/ KARA K. PARKER
                                            ------------------------------------
                                            Name: Kara K. Parker
                                            Title: Associate

                                      -2-

                                  EXHIBIT A-1

                           Freddie Mac DOCUMENT LIST

               (i) Freddie Mac Form 1 (Fixed-Rate Mortgage Purchase Contract
          Conventional Home Mortgages - Original Cash) or Freddie Mac Form 9
          (Fixed-Rate Mortgage Purchase Contract Conventional Home Mortgages -
          Gold Cash), or Freddie Mac Form 2 (Adjustable Rate Purchase Contract
          Conventional Home Mortgages).

               (ii) Freddie Mac Form 3 (Summary Agreement).

               (iii) Freddie Mac Form 1034 (Custodial Certification Schedule).

               (iv) Freddie Mac Form 1035 (Custodial Agreement).

               (v) Freddie Mac Form 996 (Warehouse Lender Release of Security
          Interest).(1)

               (vi) Freddie Mac Form 987 (Wire Transfer Authorization for a Cash
          Warehouse Delivery).

               (vii) Freddie Mac Form 960 (Transfer of Servicing) (if supplied
          by Seller).

----------
(1) Consisting either of the form submitted by Sellers to Custodian naming Buyer
as Warehouse Lender or in the circumstances contemplated by Section 3(d), a
substituted form completed by Custodian naming the Buyer as Warehouse Lender.

                                   Ex. A-1-1

                                  EXHIBIT A-2

                            Fannie Mae DOCUMENT LIST

               (i) Either a Standard Mandatory Delivery Commitment or a
          Negotiated Mandatory Delivery Commitment or a Negotiated Market-Rate
          Standby Commitment.

               (ii) Fannie Mae Form 1068 (Fixed-Rate, Graduated-Payment, or
          Growing-Equity Mortgage Loan Schedule) or Fannie Mae Form 1069
          (Adjustable-Rate Mortgage Loan Schedule).

               (iii) Fannie Mae Form 2003 (Custodial Agreement). (iv) Fannie Mae
          Mortgage Selling and Servicing Contract.

               (v) Fannie Mae Form 482 (Designation of Payee - Wire Transfer
          Information.

               (vi) Fannie Mae Form 360 (Incumbency Certificate) (executed by
          Seller naming person authorized to instruct Fannie Mae on where to
          wire funds).(2)

               (vii) All original intervening assignments (if any) duly executed
          and acknowledged and in recordable form, but unrecorded.

----------
(2) If applicable.

                                   Ex. A-2-1

                                  EXHIBIT B-1

                         CASH WINDOW SUBMISSION PACKAGE

          With respect to each Mortgage Loan being offered by Sellers for sale
to Buyer pursuant to a Cash Window Transaction, Sellers shall deliver and
release to Custodian the following documents:

               (i) The original Mortgage Note endorsed, "Pay to the order of
          ____________, without recourse" and signed in the name of a Seller by
          an authorized officer of Seller; (if applicable), the original
          assumption agreement, together with the original of any surety
          agreement or guaranty agreement relating to the Mortgage Note or any
          such assumption agreement, and if the Mortgage Note has been signed by
          a third party on behalf of the Mortgagor, the original power of
          attorney or other instrument that authorized and empowered such Person
          to sign or a copy of such power of attorney together with an officer's
          certificate (or a certificate from the recorder's office) certifying
          that such copy presents a true and correct reproduction of the
          original and that such original has been duly recorded or delivered
          for recordation in the appropriate records of the jurisdiction in
          which the related Mortgaged Property is located and if Freddie Mac is
          the Agency for the related Mortgage Loan, the Freddie Mac loan number
          should appear on the top right hand corner of the Mortgage Note;

               (ii) With respect to each Mortgage Loan that has been designated
          for sale to Fannie Mae, an original Assignment of Mortgage to Fannie
          Mae in recordable form but unrecorded signed in the name of Seller by
          an authorized officer;

               (iii) If Sellers did not originate a Mortgage Loan, all necessary
          original intervening assignments to show a complete chain of title
          from the originating mortgagee to each Seller;

               (iv) An original Assignment of Mortgage, in blank, in recordable
          form but unrecorded (which Assignment of Mortgage may be in the form
          of a blanket assignment of two or more such Mortgages to the extent
          permitted by applicable law) signed in the name of Seller by an
          authorized officer;

               (v) A Warehouse Lender's Release, from any Warehouse Lender
          having a security interest in the Mortgage Loans addressed to Buyer,
          releasing any and all right, title and interest in such Mortgage
          Loans.

               (vi) Delivery Instructions.

               (vii) Originals, if any, of each modification agreement;

               (viii) The Applicable Agency Documents, listed on Exhibit A-1 and
          Exhibit A-2;

                                   Ex. B-1-1

               (ix) A Takeout Assignment in the form of Exhibit H-l or Exhibit
          H-2 attached hereto, which shall be fully completed and executed by
          both the Takeout Investor and the Sellers.

All documents delivered to Custodian shall be delivered by Sellers in an
appropriate file folder, properly secured, and clearly marked with Sellers'
appropriate Freddie Mac or Fannie Mae loan number identifying such Mortgage Loan
in the form and order required by the Agency. In those cases where a copy of any
intervening mortgage assignment, or an unrecorded original of any intervening
mortgage assignment are delivered to the Custodian, Sellers shall cause the
original of such instrument to be recorded.

                                    Ex. B-1-2

                                  EXHIBIT B-2

                            GNMA SUBMISSION PACKAGE

          With respect to each Mortgage Loan being offered by Sellers for sale
to Buyer pursuant to a GNMA Transaction, Sellers shall deliver and release to
Custodian the following documents:

               (i) all documents required in the Mortgage File;

               (ii) a Custodial Delivery form;

               (iii) a Schedule of Subscribers and GNMA Contractual Agreement on
          Form HUD-11705 listing Buyer, at _____________________, taxpayer
          number ____________, as the only subscriber and as the sole person who
          is authorized to take delivery of the related Purchased Mortgage Loan;

               (iv) a Schedule of Pooled Mortgages on Form Hud-11706;

               (v) a Release of Security Interest on Form HUD-117711A, with the
          authorized signatures of the persons signing for Buyer in blank;

               (vi) a Certification and Agreement Regarding Security Interest of
          Form HUD-117711B ("Certification");

               (vii) a Summary of Guaranty Agreement on Form HUD-11716 (level
          payment), HUD-1746 (GPM or GEM) or HUD-11733 (serial notes), as
          appropriate;

               (viii) an executed Warehouse Lender Payoff Letter in the form of
          Exhibit P; and

               (ix) any other documents that Buyer may reasonably request.

                                    Ex. B-2-1

                                  EXHIBIT B-3

                         NON-AGENCY SUBMISSION PACKAGE

          With respect to each Mortgage Loan being offered by Sellers for sale
to Buyer, pursuant to a Non-Agency Transaction, Seller shall deliver and release
to Custodian the following documents:

               (i) (A) The original Mortgage Note endorsed, "Pay to the order of
          ___________________, without recourse" and signed in the name of last
          endorsee by an authorized officer of last endorsee; (if applicable),
          evidencing a complete chain of title from the originator to last
          endorsee; any original assumption agreement, together with the
          original of any surety agreement or guaranty agreement relating to the
          Mortgage Note or any such assumption agreement; and if the Mortgage
          Note has been signed by a third party on behalf of the Mortgagor, the
          original power of attorney or other instrument that authorized and
          empowered such Person to sign or a copy of such power of attorney
          together with an officer's certificate (or a certificate from the
          recorder's office) certifying that such copy presents a true and
          correct reproduction of the original and that such original has been
          duly recorded or delivered for recordation in the appropriate records
          of the jurisdiction in which the related Mortgaged Property is located
          or (B) a lost note affidavit (1) providing indemnification to the
          holder thereof for any losses incurred due to the fact that the
          original Mortgage Note is missing; (2) with a copy of the Mortgage
          Note attached (endorsed as provided above) and (3) certifying the
          attached copy is a copy of the original Mortgage Note;

               (ii) A Mortgage meeting one of the following requirements:

                    (A) The original Mortgage bearing evidence that the Mortgage
               has been duly recorded in the records of the jurisdiction in
               which the Mortgaged Property is located; or

                    (B) A copy of the Mortgage together with an officer's
               certificate, or a certificate from the recorder's office,
               certifying that such copy represents a true and correct
               reproduction of the original Mortgage and that such original has
               been duly recorded or delivered for recordation in the
               appropriate records of the jurisdiction in which the Mortgaged
               Property is located; or

                    (C) With respect to any MERS Mortgage Loan, the original
               Mortgage, noting the presence of the MIN of the Mortgage Loan and
               either language indicating that the Mortgage Loan is a MOM Loan
               or if the Mortgage Loan was not a MOM Loan at origination, the
               original Mortgage and the assignment thereof to MERS, with
               evidence of recording indicated thereon, or a copy of the
               Mortgage certified by the public recording office in which such
               Mortgage has been recorded.

                                   Ex. B-3-1

               (iii) If Sellers did not originate the Mortgage Loan, all
          original intervening assignments duly executed and acknowledged and in
          recordable form, which together with the Assignment of Mortgage,
          evidence the chain of mortgage assignments from the originator of the
          Mortgage Loan to last endorsee, and/or two copies of each such
          intervening mortgage assignments, each copy together with an officer's
          certificate, or a certificate from the recorder's office, certifying
          that such copy represents a true and correct reproduction of the
          original of such instrument and that such original has been duly
          recorded or delivered for recordation in the appropriate records of
          the jurisdiction where the Mortgaged Property is located;

               (iv) In the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, an original Assignment of Mortgage, in blank, in
          recordable form but unrecorded signed in the name of last endorsee by
          an authorized officer;

               (v) A Warehouse Lender's Release, from any Warehouse Lender
          having a security interest in the Mortgage Loans, addressed to the
          Buyer, releasing any and all right, title and interest in such
          Mortgage Loans;

                                   Ex. B-3-2

                                   EXHIBIT C

                             [LETTERHEAD OF SELLER]

[DATE]

To: Deutsche Bank National Trust Company
    1761 East St. Andrew Place
    Santa Ana, California 92705

          Please deliver the Submission Package(s) or Mortgage Files as
indicated on the attached list, in accordance with the terms of the agreement,
to the following:

          Company Name:
          Address:

          City, State, Zip:
          Attn:

                                    Ex. C-1

                             [LETTERHEAD OF SELLER]

                                     [DATE]

                LOANS TO BE DELIVERED BY CUSTODIAN FOR [SELLER]

LOAN #:             BORROWER'S NAME:                       LOAN AMOUNT:
-------             ----------------                       ------------
1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

                                    Ex. C-2

                                  EXHIBIT D-1

                             [LETTERHEAD OF BUYER]
                        Fannie Mae MASTER BAILEE LETTER

                                                       ________________ __, ____

[________________]

Attention:

Ladies and Gentlemen:

          In connection with its Conforming Whole Loan Purchase: Cash Window
Program, the undersigned Credit Suisse First Boston Mortgage Capital LLC
("Buyer") shall from time to time, cause Deutsche Bank National Trust Company,
as custodian ("Custodian"), to deliver to Fannie Mae ("Fannie Mae") original
promissory notes ("Mortgage Notes") evidencing certain mortgage loans ("Mortgage
Loans"), along with certain other documents comprising the related files
("Mortgage Documents"). Custodian is hereby instructed to prepare and insert a
Notice of Bailment in the form of Schedule 1 hereto with respect to each
Mortgage Loan ("Notice of Bailment"), in each file of Mortgage Documents
delivered by Custodian to Fannie Mae.

          Except as otherwise provided herein, each Mortgage Document so
delivered to Fannie Mae is to be held by Fannie Mae, as agent for Custodian, and
subject to only Buyer's direction and control.

          Upon Buyer's receipt of all of the proceeds from the sale of a
Mortgage Loan in accordance with the wiring instructions set forth in Fannie
Mae's Form 482 or 1068 all of Buyer's legal or equitable interest in the
Mortgage Loan shall terminate.

          The persons listed on the attached Schedule 2 are the authorized
representatives ("Authorized Representatives") of Buyer. Custodian shall not
honor any communication relating to a Mortgage Loan, which is not confirmed by
the written or telephonic consent, confirmed in writing at the request of
Custodian, of an Authorized Representative of Buyer.

                                   Ex. D-1-1

          Please execute and return the enclosed copy of this Master Bailee
Letter in the enclosed self-addressed envelope.

                                     Sincerely,

                                     CREDIT SUISSE FIRST BOSTON
                                        MORTGAGE CAPITAL LLC
                                        (Buyer)

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

                                     Agreed to:

                                     DEUTSCHE BANK NATIONAL TRUST
                                        COMPANY
                                        (Custodian)

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

                                     Dated: As of the date first set forth above

                                   Ex. D-1-2

                                   SCHEDULE 1
                                 TO EXHIBIT D-1

                               NOTICE OF BAILMENT

[Fannie Mae Address]

     Re:  [Insert Description of Loan, including Borrower's Name, Loan Amount
          and Fannie Mae's Loan Number

Ladies and Gentlemen:

          Pursuant to the Master Bailee Letter, dated ___________, _____ (the
"Master Bailee Letter"), between Credit Suisse First Boston Mortgage Capital LLC
("Buyer") and Deutsche Bank National Trust Company (the "Custodian"), you are
hereby notified that the enclosed original promissory note with respect to the
referenced loan together with certain other documents comprising the related
file with respect to that loan (the "Mortgage Documents") being hereby delivered
to you herewith are to be held by you as agent of Custodian (which holds the
Mortgage Documents as custodian and bailee for the benefit of Buyer).

          Any Mortgage Documents (or portion thereof) not purchased by you in
accordance with the provisions of the Applicable Requirements shall be sent to
the Custodian by overnight courier to: [insert address for return of documents].

          The proceeds of the sale of each Mortgage Loan accepted for purchase
by you must be remitted immediately upon settlement by you, by wire transfer in
immediately available funds, in accordance with the following wire instructions:

               _______________________________
               ABA# __________________________
               A/C# __________________________
               _______________________________
               Attn: _________________________

You shall be responsible for making certain that all of the proceeds from the
sale of the Mortgage Loan are received in accordance with the wire transfer
instructions set forth above and Buyer's interest in the Mortgage Loan shall not
be released until such funds are received by Buyer.

          Any questions relating to the Mortgage Documents should be referred to
the Buyer at (212) _____________.

                                    Ex.D-1-3

                                        Sincerely,

                                        DEUTSCHE BANK NATIONAL TRUST COMPANY

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

                                    Ex.D-1-4

                                   SCHEDULE 2
                                 TO EXHIBIT D-1

                       AUTHORIZED REPRESENTATIVES OF BUYER

NAME   TITLE   AUTHORIZED SIGNATURE
----   -----   --------------------

                                    Ex. D-1-5

                                   EXHIBIT D-2

                         NON-AGENCY MASTER BAILEE LETTER

[Date]

[NAME]
[ADDRESS]
Attn:

     Re: Purchase of Mortgage Loans from MortgageIT, Inc. and MortgageIT
         Holdings, Inc.

Ladies and Gentlemen:

          Pursuant to the terms and conditions set forth below, Deutsche Bank
National Trust Company, as Custodian for Credit Suisse First Boston Mortgage
Capital, LLC (the "Secured Party") under the Tri-Party Custodial Agreement with
MortgageIT, Inc. and MortgageIT Holdings, Inc. ("Sellers") dated March 11, 2005
hereby delivers to [NAME] (the "Investor"), with this letter, the original
executed promissory note(s) and other documentation, all as set forth on the
schedule attached hereto (the "Mortgage Loan Documentation") evidencing the
mortgage loan(s) described on the schedule attached hereto (the "Mortgage
Loan(s)"). The Secured Party has a perfected first lien security interest in the
Mortgage Loan(s) under the Master Repurchase Agreement dated March 11, 2005 (the
"Repurchase Agreement") and expressly retains and reserves all of its rights in
the Mortgage Loan(s), the Mortgage Loan Documentation and all related security
instruments, files, and documents (the "Loan Documents") until the Investor has
paid the Secured Party the Purchase Amount (as hereinafter defined) for the
Mortgage Loan(s) in accordance with this letter.

          By taking physical possession of this letter, the Mortgage Loan
Documentation and the other Loan Documents, the Investor hereby agrees: (i) to
hold in trust, as bailee for the Secured Party, the Mortgage Loan Documentation
and all Loan Documents that it receives related to the Mortgage Loan(s), until
its status as bailee is terminated as set forth herein; (ii) not to release or
deliver, or authorize the release or delivery of any of the Mortgage Loan
Documentation or any other Loan Documentation to the Sellers or any other person
or take any other action with respect to the Mortgage Loan Documentation or any
Loan Document which release, delivery or other action could cause the security
interest of the Secured Party to become unperfected or which could otherwise
jeopardize the perfected security interest of the Secured Party in the Mortgage
Loan(s); (iii) to deliver, or to cause to be delivered, the Purchase Amount (as
defined below) only to the Secured Party's Receiving Bank (as defined below)
pursuant to the terms set forth below and to honor a change in such terms only
upon receipt of written instruction by the Secured Party; (iv) to return the
Mortgage Loan Documentation immediately to the Custodian as agent for the
Secured Party (A) upon receipt of a written request by the Secured Party, (B) in
the event that the Investor elects not to purchase the Mortgage Loan(s), or (C)
in the event that the Mortgage Loan Documentation requires completion and/or
correction; and (v) to remit the Purchase Amount to the Secured Party's
Receiving Bank only in accordance

                                    Ex. D-2-1

with the wiring instructions set forth below or in accordance with the written
instructions of the Secured Party. Please note that should the Investor remit
the Purchase Amount to any other entity or Person, the Secured Party will not
consider the Purchase Amount to have been paid and will not release its security
interests or terminate the responsibilities of the Investor as bailee for the
Secured Party until the Purchase Amount has been properly remitted to the
Secured Party's Receiving Bank (as defined below) as set forth herein.

          The Secured Party agrees that its security interest in the Mortgage
Loan(s) shall be fully released and the responsibilities of the Investor as
bailee shall terminate upon the Investor's irrevocable payment to the Secured
Party of an amount (the "Purchase Amount") equal to the greater of (1) the
purchase price for the Mortgage Loan(s) agreed to by the Investor and Sellers
and (2) $ ____________, which is the full amount of all outstanding Transactions
(as defined in the Repurchase Agreement) in respect of the Mortgage Loan(s). If
the Secured Party consents to the payment of a Purchase Amount for the Mortgage
Loan(s) that is less than the amount of the outstanding Transactions with
respect to the Mortgage Loan(s), as set forth in clause (2) of the preceding
sentence, the Secured Party shall release its security interest in the Mortgage
Loan(s) only upon full payment of the remaining outstanding Transactions (as
defined in the Repurchase Agreement) with respect to such Mortgage Loan(s). All
payments by the Investor shall be remitted via federal funds pursuant to the
following wire transfer instructions:

     [BANK]
     ABA#
     A/C#
     Account #

In the event of any inconsistency between the provisions of this letter and the
provisions of any other instrument or document delivered by [CUSTODIAN] (on
behalf of the Secured Party) to the Investor with this letter or in connection
with the Mortgage Loan(s), including, without limitation, any "release" or
similar document, the provisions of this letter shall control.

                                        Sincerely,

                                        Deutsche Bank National Trust Company, as
                                           Custodian

                                        By:
                                            ------------------------------------

IRREVOCABLY ACKNOWLEDGED AND AGREED TO:

BY
   --------------------------------
   TITLE:
   DATE:

                                   Ex. D-2-2

                                   SCHEDULE 1
                                 TO EXHIBIT D-2

                               NOTICE OF BAILMENT

[Non-Agency Address]

     Re:  [Insert Description of Loan, including Borrower's Name, Loan Amount
          and Fannie Mae's Loan Number]

Ladies and Gentlemen:

          Pursuant to the Master Bailee Letter, dated ____________ __, ____ (the
"Master Bailee Letter"), between Credit Suisse First Boston Mortgage Capital LLC
("Buyer") and Deutsche Bank National Trust Company (the "Custodian"), you are
hereby notified that the enclosed original promissory note with respect to the
referenced loan together with certain other documents comprising the related
file with respect to that loan (the "Mortgage Documents") being hereby delivered
to you herewith are to be held by you as agent of Custodian (which holds the
Mortgage Documents as custodian and bailee for the benefit of Buyer).

          Any Mortgage Documents (or portion thereof) not purchased by you in
accordance with the provisions of the Applicable Requirements shall be sent to
the Custodian by overnight courier to: [insert address for return of documents].

          In the event you elect to purchase the Mortgages subject to the Master
Bailee Letter, you shall pay the Takeout Price to the Buyer by wire transfer
based upon the following instructions:

               _______________________________
               ABA# __________________________
               A/C# __________________________
               _______________________________
               Attn: _________________________

          Any questions relating to the Mortgage Documents should be referred to
the Buyer at (212) __________.

                                        Sincerely,

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

                                   Ex. D-2-3

                                   SCHEDULE 2
                                 TO EXHIBIT D-2

                       AUTHORIZED REPRESENTATIVES OF BUYER

NAME   TITLE   AUTHORIZED SIGNATURE
----   -----   --------------------

                                   Ex. D-2-4

                                    EXHIBIT E

                            LIMITED POWER OF ATTORNEY

          Reference is hereby made to the Custodial Agreement (the "Agreement"),
dated March 11, 2005, among Deutsche Bank National Trust Company ("Custodian"),
Credit Suisse First Boston Mortgage Capital LLC ("Buyer") and MortgageIT, Inc.
and MortgageIT Holdings, Inc. ("Sellers"). Any capitalized term not otherwise
defined herein shall have the meaning assigned to such term in the Agreement.

          Know all people by these presents, that each Seller, a corporation
organized and existing under the laws of the State of ____, does hereby make,
constitute and appoint, ______, ______, or ______, or any officer assigned to
the [Corporate Trust Group] (or any successor thereto), including any Vice
President, Assistant Vice President, Trust Officer, any Assistant Secretary, any
trust officer or any other officer of Custodian customarily performing functions
similar to those performed by any of the above designated officers and having
direct responsibility for the administration of the Agreement, each acting
singly and independently of the other, as its true and lawful attorney for it
and in its name, place and stead to endorse a Mortgage Note that has not
otherwise been endorsed as follows:

                                        "Pay to the order of _________________

                                        By:
                                            ------------------------------------
                                            Its: Attorney-in-Fact"

provided, however, a Mortgage Note shall only be endorsed pursuant to this Power
of Attorney pursuant to the terms and conditions set forth in Section 3(b)(ii)
of the Agreement.

                                    Ex. E-1

                                   EXHIBIT F-1

                                  MORTGAGE FILE

          Mortgage File: With respect to each Purchased Mortgage Loan, the
following original documents constituting an original mortgage file:

               (i) the original Mortgage Note (or lost note affidavit) as
          required pursuant to the applicable Submission Package;

               (ii) the original of any guarantee executed in connection with
          the Mortgage Note (if any);

               (iii) for each Mortgage Loan which is not a MERS Mortgage Loan,
          the original Mortgage with evidence of recording thereon or copies
          certified by an authorized officer of Seller or the recording agent to
          have been sent for recording;

               (iv) for each Mortgage Loan that is a MERS Mortgage Loan, the
          original Mortgage noting the presence of the MIN of the Mortgage Loans
          and either language indicating that the Mortgage Loan is a MOM Loan or
          if the Mortgage Loan was not a MOM Loan at origination, the original
          Mortgage and the assignment thereof to MERS, with evidence of
          recording indicated thereon or a copy of the Mortgage certified by an
          authorized officer of Seller or the public recording office in which
          such Mortgage has been recorded;

               (v) the originals of all assumption, modification, consolidation
          or extension agreements, with evidence of recording thereon or copies
          certified by an authorized officer of Seller to have been sent for
          recording;

               (vi) for each Mortgage Loan that is not a MERS Mortgage Loan, the
          original Assignment of Mortgage in blank for each Mortgage Loan, in
          form and substance acceptable for recording but not recorded. (in the
          event that the Mortgage Loan was acquired by the Seller in a merger,
          the assignment must be by: "[Seller], successor by merger to [name of
          predecessor]"; in the event that the Mortgage Loan was acquired or
          originated by Seller while doing business under another name, the
          assignment must be in the following form: "[ Seller], formerly known
          as [previous name]";

               (vii) the originals of all intervening assignments of mortgage
          with evidence of recording thereon or copies certified by an
          authorized officer of each Seller to have been sent for recording;

               (viii) if requested by the Buyers, the original mortgagee title
          insurance policy, or if the original mortgagee title insurance policy
          has not been issued, a copy of the preliminary title report, binder or
          commitment to insure certified by an authorized officer of each Seller
          to be true and correct;

                                   Ex. F-1-1

               (ix) only if requested by the Buyer, the original policy of
          primary mortgage insurance, or if such insurance is provided by a
          master policy, a copy of the master policy certified by an authorized
          officer of the Seller to be true and correct and the original
          certificate of insurance;

               (x) the original of any security agreement, chattel mortgage or
          equivalent document executed in connection with the Mortgage; and

               (xi) with respect to each Co-op Loan, in lieu of the documents
          described in (i) to (x) above, (i) the original Mortgage Note (or a
          lost note affidavit) bearing all intervening endorsements, endorsed
          "Pay to the order of ______, without recourse" and signed in the name
          of the last endorsee by an officer of last endorsee (in the event that
          the Mortgage Loan was acquired in a merger, the signature must be in
          the following form: "[owner], successor by merger to [name of
          predecessor]"; in the event that the Mortgage Loan was acquired or
          originated while doing business under another name, the signature must
          be in the following form: "[owner], formerly known as [previous
          name]"; (ii) the originals of all assumption, modification,
          consolidated or extension agreements, in each case with evidence of
          recording thereon, if any; (iii) an original executed copy of the
          Uniform Commercial Code (UCC) financing statement (or a certified copy
          thereof stating that it has been delivered to the relevant filing
          office) bearing the file stamp of the relevant office(s); (iv) a
          certified copy of the assignment of the UCC financing statement (UCC
          3) from Borrower in blank; (v) the Co-op Shares, membership
          certificate, or other contractual agreement evidencing ownership; (vi)
          the original executed blank stock power; (vii) the original
          Proprietary Lease or occupancy agreement; (viii) the original
          recognition agreement and the original assignment of the recognition
          agreement in blank; (ix) the original or copies of any security
          agreement, chattel mortgage or equivalent document executed in
          connection with the Mortgage (if any); and (x) the original assignment
          of Proprietary Lease or occupancy agreement, in blank, if applicable.

               (xii) any other documents which relate to the Mortgage Loan which
          have been delivered to Custodian.

                                    Ex. F-1-2

                                   EXHIBIT F-2

                             Mortgage Loan Schedule

1.   Customer Name
2.   Collateral Number
3.   Primary Borrower Last Name
4.   Primary Borrower First Name
5.   Co-Borrower Last Name *
6.   Co-Borrower First Name *
7.   Property Address
8.   City
9.   State
10.  Zip Code
11.  County
12.  SS Number
13.  SS # Co-borrower *
14.  Product Type/Code
15.  Loan Amount
16.  Original monthly principal and interest
17.  Original interest rate
18.  Original date of Mortgage Note
19.  Closing Date
20.  First Payment Date
21.  Maturity Date
22.  Loan Type (adjustable, fixed, etc)
23.  Purchase Date
24.  Funding Method Code (wire disbursement, etc.)
25.  Closing Agent
26.  Address
27.  City
28.  State
29.  Zip Code
30.  Account Number
31.  ABA Number
32.  Closing Schedule
33.  Instructions
34.  Name of Bank
35.  Address of Bank
36.  City of Bank
37.  State of Bank
38.  Zip of Bank
39.  Other Account Bank *
40.  Further Instructions *
41.  Investor *
42.  Investor Commitment Number *

                                   Ex. F-2-1

43.  Price *
44.  Commitment Date *
45.  Commitment Expiration Date *
46.  Property Type
47.  Lien Position
48.  LTV
49.  CLTV
50.  FICO
51.  Amortization Term
52.  Purpose
53.  No. of Units
54.  Original Appraised Value
55.  Name of appraiser
56.  Certificate Number for each loan with primary mortgage insurance*
57.  Margin*
58.  Life floor*
59.  Index type*
60.  Initial rate floor*
61.  Periodic rate cap*
62.  Life cap*
63.  First interest rate adjustment date*

*    If Applicable

                                   Ex. F-2-2

                                  EXHIBIT F-3

                            Audited Fields Schedule

1.   Primary Borrower Last Name
2.   Primary Borrower First Name
3.   Co-Borrower Last Name (to the extent provided)
4.   Co-Borrower First Name (to the extent provided)
5.   Property Address
6.   City
7.   State
8.   Zip Code
9.   [Product Type/Code]
10.  Loan Amount
11.  Closing Date/Date of Mortgage Note
12.  First Payment Date
13.  Maturity Date
14.  Loan Type (adjustable, fixed, etc)

                                    Ex. F-3-1

                                    EXHIBIT G

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

To: Deutsche Bank National Trust Company
    1761 East St. Andrew Place
    Santa Ana, California 92705
    Attention: Mortgage Custody - MG051C

To: Credit Suisse First Boston Mortgage Capital LLC

     Re:  The Custodial Agreement, dated as of ___________ __, 200_ (the
          "Custodial Agreement"), among Credit Suisse First Boston Mortgage
          Capital LLC ("Buyer"), MortgageIT, Inc. and MortgageIT Holdings, Inc.
          ("Sellers"), and Deutsche Bank National Trust Company ("Custodian")

          In connection with the administration of the Purchased Mortgage Loans
held by you as the Custodian on behalf of the Buyer, we request the release, and
acknowledge receipt, of the (Mortgage File/[specify documents]) for the
Purchased Mortgage Loan described below, for the reason indicated.

Mortgagor's Name, Address & Zip Code:

Purchased Mortgage Loan Number:

Reason for Requesting Documents (check one)

___1. Purchased Mortgage Loan Paid in Full. (The Seller hereby certifies that
      all amounts received in connection therewith have been credited to the
      Buyer as provided in the Repurchase Agreement.)

___2. Repurchase of Purchased Mortgage Loan pursuant to a breach of a
      Representation under the Repurchase Agreement. (The Seller hereby
      certifies that the repurchase price has been credited to the Buyer as
      provided in the Repurchase Agreement.)

___3. Purchased Mortgage Loans sold to a Takeout Investor pursuant to Section
      5(a) of the Custodial Agreement. (Seller hereby certifies that the takeout
      price has been credited to the Buyer, and that Buyer has been paid in full
      for such Mortgage Loan.).

___4. Purchased Mortgage Loans being delivered to Takeout Investor under a
      Bailee Letter to: [INSERT TAKEOUT INVESTOR/ADDRESS]

___5. Other (explain) (Custodian required to have prior written consent of Buyer
      prior to release of the Mortgage File)

                                     Ex. G-1

          If box 1 or 2 above is checked, and if the Mortgage File was
previously released to us, please release to us our previous Request and Receipt
on file with you.

          If box 3 above is checked, upon our return of all of the above
documents to you as Custodian, please acknowledge your receipt by signing in the
space indicated below, and returning this form.

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

                                        Acknowledged and Agreed:

                                            [__________________________________]
                                            Buyer

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

Acknowledgment of Documents returned to
   the Custodian:

   [___________________________________]
                  Custodian

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

                                     Ex. G-2

                                   EXHIBIT H-1

                               TAKEOUT ASSIGNMENT

_____________________("Takeout Investor")
[Address]
Attention: __________

Ladies and Gentlemen:

          Attached hereto is a correct and complete copy of your confirmation of
commitment (the "Commitment"), trade-dated _______ __, ____, to purchase $______
of mortgage loans (the "Mortgage Loans") at a purchase price of ____. This is to
confirm that (i) the Commitment is in full force and effect, with no default or
breach, and no event which with the passage of time or the provision of notice
and the expiration of a grace period, would constitute a default or breach,
which could have the effect of relieving you of the obligation to purchase the
Mortgage Loans; (ii) the Commitment is hereby assigned to Credit Suisse First
Boston Mortgage Capital LLC ("CSFB"), (iii) you will accept delivery of such
Mortgage Loans directly from CSFB, (iv) you will pay CSFB for such Mortgage
Loans, (v) upon CSFB's acceptance of this assignment, CSFB is obligated to make
delivery of such Mortgage Loans to you in accordance with the attached
Commitment, (vi) upon CSFB's acceptance of this assignment, you will release
Seller from its obligation to deliver the Mortgage Loans to you under the
Commitment, and (vii) you will not assign your rights pursuant to the Commitment
except with the prior written consent of CSFB. Upon CSFB's determination not to
accept an assignment, CSFB will notify you that this assignment is rejected. Not
later than 2:00 P.M. Eastern Standard Time one business day prior to your
satisfaction of the Commitment, you shall fax a purchase confirmation to CSFB at
(609) __________, Attention: _________. Payment will be made to CSFB in
immediately available funds.

                                        Very truly yours,

                                        [SELLER]

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

                                     Ex. H-1

Agreed to, confirmed and accepted:

[TAKEOUT INVESTOR]

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

                                     Ex. H-2

                                   EXHIBIT H-2

                               TAKEOUT ASSIGNMENT
                                    (Blanket)

___________________("Takeout Investor")
[Address]
Attention: _____________________________

Ladies and Gentlemen:

          This is to confirm that (i) your commitments ("Commitment"), made from
time to time, to purchase mortgage loans (the "Mortgage Loans") from Seller may
be assigned to Credit Suisse First Boston Mortgage Capital LLC ("CSFB"), (ii)
the Commitment is in full force and effect, with no default or breach, and no
event which with the passage of time or the provision of notice and the
expiration of a grace period, would constitute a default or breach, which could
have the effect of relieving you of the obligation to purchase the Mortgage
Loans; (iii) you will accept delivery of such Mortgage Loans directly from CSFB,
(iv) you will pay CSFB for such Mortgage Loans, (v) upon CSFB's acceptance of
this assignment with respect to any Commitment, CSFB will be obligated to make
delivery of such Mortgage Loans to you in accordance with such Commitment, (vi)
upon CSFB's acceptance of such assignment with respect to any Commitment, you
will release Seller from its obligation to deliver the related Mortgage Loans to
you under such Commitment but Seller will not be released from any of its other
obligations under the Loan Purchase and Sale Agreement, and (vii) you will not
assign your rights pursuant to the Commitment except with the prior written
consent of CSFB. Your agreement to the foregoing shall remain in effect until
terminated by your giving notice of such termination to Seller in the form
attached hereto as Exhibit A. Upon CSFB's determination not to accept an
assignment, CSFB will notify you that this assignment is rejected with respect
to the related Commitment. Not later than 9:00 A.M. Eastern Standard Time on the
business day that you purchase the Mortgage Loans, you shall fax a purchase list
containing the information required by the Mortgage Loan Settlement Summary to
CSFB at (609) _____________, Attention: ___________________. You may also
transmit such information electronically by 10:00 A.M. on such business day.
Payment will be made to CSFB in immediately available funds.

                                        Very truly yours,

                                        [SELLER]

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

                                    Ex. H-2-1

Agreed to, confirmed and accepted:

[TAKEOUT INVESTOR]

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

                                    Ex. H-2-2

                                    EXHIBIT A
                                 to EXHIBIT H-2

              [WITHDRAWAL OF CONSENT TO BLANKET TAKEOUT ASSIGNMENT]

[Seller]
[Address]

Ladies and Gentlemen:

          The undersigned hereby terminates its agreement to Seller's assignment
of Commitments to CSFB, which approval was given pursuant to the Takeout
Assignment dated __________. This termination shall be effective as of ________
but shall not affect the assignment of any Commitment which assignment was made
prior to the date hereof. Capitalized terms not defined herein shall have the
meanings set forth in the Takeout Assignment.

                                        Very truly yours,

                                        [TAKEOUT INVESTOR]

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

Copy to: [Buyer]

                                    Ex. H-2-3

                                    EXHIBIT I

                                  TRUST RECEIPT

                                                                          (date)

[To be addressed to the Buyer]

     Re:  The Custodial Agreement, dated as of March 11, 2005 (the "Custodial
          Agreement"), among Credit Suisse First Boston Mortgage Capital LLC
          ("Buyer"), MortgageIT, Inc. and MortgageIT Holdings, Inc. ("Sellers"),
          and Deutsche Bank National Trust Company ("Custodian")

Ladies and Gentlemen:

          In accordance with the provisions of Section 3 of the Custodial
Agreement, the undersigned, as the Custodian, hereby certifies that as to each
Purchased Mortgage Loan purchased by the Buyer from the Seller described in the
attached Custodial Mortgage Loan Schedule (other than any Purchased Mortgage
Loan paid in full or any Purchased Mortgage Loan listed on the attachment
hereto) it shall hold such Purchased Mortgage Loans for the exclusive benefit of
you and (i) with respect to each Purchased Mortgage Loan, it has reviewed the
Mortgage File and has determined that (A) all documents required to be delivered
to it pursuant to the Custodial Agreement are in its possession; (B) such
documents have been reviewed by it and appear regular on their face and relate
to such Purchased Mortgage Loan; (C) based on its examination and only as to the
foregoing documents, the information set forth in Exhibit F-3, except for items
3, 4, 9, 11, 12 and 14) respecting such Purchased Mortgage Loan is correct; and
(D) each Mortgage Note in its possession has been endorsed as provided in the
Custodial Agreement. The Custodian makes no representations as to: (i) the
validity, legality, enforceability or genuineness of any of the Purchased
Mortgage Loans identified on the Custodial Mortgage Loan Schedule, (ii) whether
any Purchased Mortgage Loan was acquired in a merger, or (ii) the
collectability, insurability, effectiveness, recordability or suitability of any
such Purchased Mortgage Loan.

          Each Custodial Mortgage Loan Schedule covering all Purchased Mortgage
Loans purchased by the Buyer, delivered to the Buyer by the Custodian shall
supersede and cancel the previously delivered Custodial Mortgage Loan Schedule
attached to the Trust Receipt, and shall control and be binding upon the parties
hereto.

                                        DEUTSCHE BANK NATIONAL TRUST
                                                  COMPANY
                                                 Custodian

                                     Ex. I-1

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

                                     Ex. I-2

                                   EXHIBIT J-1

                           WAREHOUSE LENDER'S RELEASE

Credit Suisse First Boston Mortgage Capital LLC

Ladies and Gentlemen:

          We hereby release all right, interest or claim of any kind with
respect to the mortgage loan(s) referenced below, such release to be effective
automatically without any further action by any party, upon payment in full, in
one or more installments, from Credit Suisse First Boston Mortgage Capital LLC,
in accordance with the wire instructions which we delivered to you in a letter
dated _____ __, ____, in immediately available funds, of an aggregate amount
equal to the product of A multiplied by B (such product being rounded to the
nearest $0.01) multiplied by C.*

LOAN   MORTGAGOR   STREET ADDRESS   CITY   STATE   ZIP
----   ---------   --------------   ----   -----   ---

                                        Very truly yours,

                                        [WAREHOUSE LENDER]

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

*A = weighted average trade price
B = principal amount of the mortgage loans
C = 1 minus the discount set forth on the related Funding Confirmation

                                    Ex. J-1-1

                                   EXHIBIT J-2

                      WAREHOUSE LENDER'S WIRE INSTRUCTIONS

                                                            Date: ______________

Credit Suisse First Boston Mortgage Capital LLC

     Re:  Credit Suisse First Boston Mortgage Capital LLC
          Whole Loan Purchase Program with MortgageIT, Inc. and MortgageIT
          Holdings, Inc.

Ladies and Gentlemen:

          Set forth below are [Warehouse Lender's] wire instructions applicable
to the above-referenced Whole Loan Purchase Program.

          Wire Instructions:

               Bank Name:
               City, State:

               ABA#:
               Account #:

               Account Name:

                                    Ex. J-2-1

          Please acknowledge receipt of this letter in the space provided below.
This letter supersedes and replaces (i) any prior notice specifying the name of
[Warehouse Lender] and setting forth wire instructions and (ii) any contrary
wire instructions contained in any form of release delivered by [Warehouse
Lender] to [Buyer] shall remain in effect until superseded and replaced by a
letter, in the form of this letter, executed by each of us and acknowledged by
you.

                                        Very truly yours,

                                        MORTGAGEIT, INC.

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

                                        MORTGAGEIT HOLDINGS, INC.

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

                                        [WAREHOUSE LENDER(S)]*

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

----------
* The authorized officer of each Warehouse Lender executing this letter must be
the same authorized officer as signs the Warehouse Lender's Release. Not
applicable if there is no Warehouse Lender.

                                    Ex. J-2-2

Receipt Acknowledged By:

CREDIT SUISSE FIRST BOSTON MORTGAGE
   CAPITAL LLC

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

                                    Ex. J-2-3

                                    EXHIBIT K

                             NOTICE TO THE CUSTODIAN

To: Deutsche Bank National Trust Company
    1761 East St. Andrew Place
    Santa Ana, California 92705
    Attention: _________________________

From: __________________________________

Date: __________________________________

          You are hereby notified that as of [date] [the undersigned has
transferred its right, title and interest in and to the Purchased Mortgage Loans
identified in the schedule attached hereto to [transferee's name and address]
and the undersigned hereby releases all right, title and interest in and to such
Purchased Mortgage Loans.][________ Transaction under the Repurchase Agreement
has been terminated by _______. The Purchased Mortgage Loans with respect to
such Transaction are identified in the schedule attached hereto][the undersigned
has declared an Event of Default under the Repurchase Agreement.] You are hereby
instructed to [hold such Purchased Mortgage Loans pursuant to the terms of the
Custodial Agreement, dated as of __________ __, 200__, among Deutsche Bank
National Trust Company, Credit Suisse First Boston Mortgage Capital LLC, and
______________________ (the "Custodial Agreement"), for the sole and exclusive
benefit of [name of transferee] subject to the terms of the Custodial Agreement
by which [name of transferee] hereby agrees to be bound][deliver such Purchased
Mortgage Loans to [name] at [address].

                                        [___]

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

                                     Ex. K-1

Agreed and Acknowledged:

DEUTSCHE BANK NATIONAL TRUST COMPANY
   Custodian

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

                                     Ex. K-2

                                    EXHIBIT L

                           FORM OF LOST NOTE AFFIDAVIT

          I, as ___________________________ (title) of Deutsche Bank National
Trust Company (the "Custodian"), am authorized to make this Affidavit on behalf
of Deutsche Bank National Trust Company. In connection with the administration
of the Purchased Mortgage Loans held by Deutsche Bank National Trust Company as
Custodian on behalf of [ ] (the "Investor"), _______________ (hereinafter called
"Deponent"), being duly sworn, deposes and says that:

1.   Custodian's address is:

          Deutsche Bank National Trust Company
          1761 East St. Andrew Place
          Santa Ana, California 92705

2.   Custodian previously delivered to the Investor a signed Trust Receipt with
     respect to such Mortgage Note and/or Assignment of Mortgage;

3.   Such Mortgage Note and/or Assignment of Mortgage was assigned or sold to
     the Investor by [___] pursuant to the terms and provisions of a Repurchase
     Agreement dated and effective as of _______, 200___.

4.   Such Mortgage Note and/or Assignment or Mortgage is not outstanding
     pursuant to a Request for Release of Documents;

5.   Aforesaid Mortgage Note and/or Assignment of Mortgage (hereinafter called
     the "Original") has been lost;

6.   Deponent has made or has caused to be made diligent search for Original and
     has been unable to find or recover same;

7.   The Custodian was the Custodian of the Original at the time of loss; and

8.   Deponent agrees that, if said Original should ever come into Custodian's
     possession, custody or power, Custodian will immediately and without
     consideration surrender Original to the Investor.

9.   Attached hereto is a true and correct copy of (i) the Mortgage Note,
     endorsed in blank by the Mortgagee, and (ii) the Mortgage or Deed of Trust
     [strike one] which secures the Mortgage Note, which Mortgage or Deed of
     Trust is recorded at ___________________

10.  Deponent hereby agrees that the Custodian (a) shall indemnify and hold
     harmless [___], its successors, and assigns, against any loss, liability or
     damage, including reasonable attorney's fees, resulting solely from the
     unavailability of any Mortgage Notes, including but not limited to any
     loss, liability or damage arising from (i) any false statement

                                     Ex. L-1

     contained in this Affidavit, (ii) any claim of any party that it has
     already purchased a mortgage loan evidenced by the Lost Note or any
     interest in such mortgage loan, (iii) any claim of any borrower with
     respect to the existence of terms of a Purchased Mortgage Loan evidenced by
     the Lost Note, (iv) the issuance of new promissory note in lieu thereof and
     (v) any claim whether or not based upon or arising from honoring or
     refusing to honor the Original when presented by anyone (items (i) through
     (iv) above are hereinafter referred to as the "Losses") and (b) if required
     by any Rating Agency in connection with placing such Lost Note into a
     Pass-Through Transfer, shall obtain a surety bond from an insurer
     acceptable to the applicable Rating Agency in an amount acceptable to such
     Rating Agency to cover any Losses with respect to such Lost Note.

11.  This Affidavit is intended to be relied on by the Investor, its successors,
     and assigns and _______________________ represents and warrants that it has
     the authority to perform its obligations under this Affidavit of Lost Note.

          EXECUTED THIS ____ day of _______, 200_, on behalf of the Custodian
by:

                                        ----------------------------------------
                                                        Signature

                                        ----------------------------------------
                                                       Typed Name

          On this _________ day of _______________________, 200_, before me
appeared ____________________________________________, to me personally know,
who being duly sworn did say that she/he is the ______________________________
of ______________________, and that said Affidavit of Lost Note was signed and
sealed on behalf of such corporation and said _____________________________
acknowledged this instrument to be the free act and deed of said corporation.

Notary Public in and for the

     State of __________________________

My Commission expires: _________________.

                                     Ex. L-2

                                    EXHIBIT M

                   AUTHORIZED REPRESENTATIVES OF THE CUSTODIAN

                                     Ex. M-1

                                    EXHIBIT N

                    AUTHORIZED REPRESENTATIVES OF THE SELLER

MORTGAGEIT, INC. AUTHORIZATIONS

Any of the persons whose signatures and titles appear below are authorized,
acting singly, to act for Seller under this Agreement:

     Name                    Title                          Signature
--------------   -----------------------------   -------------------------------

Doug W. Naidus   Chief Executive Officer

John R. Cuti     General Counsel and Secretary

Robert A. Gula   Chief Financial Officer

MORTGAGEIT HOLDINGS, INC. AUTHORIZATIONS

Any of the persons whose signatures and titles appear below are authorized,
acting singly, to act for Seller under this Agreement:

     Name                    Title                          Signature
--------------   -----------------------------   -------------------------------
Doug W. Naidus   Chief Executive Officer

John R. Cuti     General Counsel and Secretary

Glenn J.         Chief Financial Officer
   Mouridy

                                     Ex. N-1

                                    EXHIBIT O

                     AUTHORIZED REPRESENTATIVES OF THE BUYER

                                    Ex. O-1

                                    EXHIBIT P

                     FORM OF WAREHOUSE LENDER PAYOFF LETTER

[___]
[ADDRESS]

      Re: Agency: ________, Pool # ________, Security Rate _____%,
          Maturity __________

          The undersigned hereby releases all right, interest or claim of any
kind with respect to the mortgage loans constituting the mortgage pool
referenced above, as may be further described in the attached schedule, such
release to be effective automatically without any further action by any party,
upon payment for the account of __________ of $__________ in immediately
available funds to account # ____________ at _______________________ for the
account of __________________________.

Very truly yours,

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

Copy to:

    __________________________________________

    __________________________________________

    __________________________________________

    Attention:
               _______________________________

                                     Ex. P-1

                                    EXHIBIT Q

                        [FORM OF BAILEE VIOLATION LETTER]

[Takeout Investor]
[ADDRESS]

      Re: [Reference applicable bailee letter (the "Bailee Letter")]

          We hereby notify you that, pursuant to the Bailee Letter, the Mortgage
Files for the Mortgage Loans listed on Annex I hereto were released to [Takeout
Investor] ("Takeout Investor") for purchase on ______, 200___ and Takeout
Investor has had possession of the Mortgage Files for more than forty-five days
without purchasing such Mortgage Loans. Kindly alert us regarding your decision
to purchase the Mortgage Loans or return the Mortgage Files to our attention at
your earliest convenience.

DEUTSCHE BANK NATIONAL TRUST COMPANY

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

cc: Credit Suisse First Boston Mortgage Capital LLC via e-mail [SELLER] via
    e-mail

                                     Ex. Q-1

                                     ANNEX I

                                  to EXHIBIT Q

                                    Annex I

                                    EXHIBIT R
                           APPROVED TAKEOUT INVESTORS

Aames Financial Group
ABN AMRO Mortgage
Advanta
Associates
Astoria Federal Savings & Loan Association
Aurora Loan Services Inc.
Banc One Mortgage Corp
Banco Popular
Bank of America Mortgage
Bank United
Bayview Financial
Bear Stearns Securities
C-Bass
CDC
Cendant Mortgage
Century Bank
Chapel Mortgage
Chase Manhattan Mortgage
Chase Securities, Inc.
Chevy Chase Federal Savings Bank
CIT Consumer Finance, Inc.
CItiFinancial Mortgage
CitiMortgage, Inc.
Colonial Bank
Countrywide Home Loans
Credit Suisse/First Boston
Crossland Mortgage
Dean Witter Reynolds, Inc.
Deutsche Bank
Dime/North American Mortgage
Downey Savings & Loan
E Trade
Fannie Mae
First Boston Corporation
First Federal
First Franklin Financial
First Horizon Home Loans
First Nationwide Mortgage

                                     Ex. R-2

First Union Mortgage
Firstar Mortgage Corp.
Flagstar Bank
Fleet Mortgage
Franklin Credit
Freddie Mac
GE Capital Mortgage Services
General Electric Credit Corporation, or any of its subsidiaries
Ginnie Mae
GMAC Mortgage
Goldman Sachs & Co.
GreenPoint Mortgage Funding
Greenwich Capital
Guaranty Federal
Hibernia National Bank
Homebanc
Homeside Lending
HouseHold Financial Services
HSBC Mortgage
ICI Funding Corporation
IMPAC
IndyMac Mortgage Holdings
Interfirst
Irwin Mortgage Corp
JP Morgan Securities Inc.
Key Bank USA
Keystone Financial Mortgage
Leader Mortgage
Lehman Brothers
Long Beach Mortgage
M&T Mortgage
Matrix Financial Services Corp
McGuire Mortgage Co
Merrill Lynch Pierce Fenner & Smith, Inc
National City Mortgage
National Commerce Bancorporation
NationsBanc Capital Markets, Inc.
NationsBanc Mortgage
New Century Mortgage
New Jersey Housing & Mortgage Finance Agency
Nomura Securities International, Inc.
Norwest Funding

                                     Ex. R-2

Nova Star Mortgage, Inc.
Ohio Savings Bank, FSB
Old Kent Mortgage Company
Option One
Paine Webber Incorporated
People's Bank
PHH
Platinum Direct Funding
Popular Financial
Principal Residential
Provident
Prudential Securities Incorporated
Regions Mortgage Co.
Residential Funding Corp.
Resource Bancshares Mtg Co
Salomon Brothers
Saxon Mortgage
Smith Barney, Harris Upham & Co. Incorporated
South Star Funding
Sovereign Bank
State of New York Mortgage Agency
Staten Island Bank
SunTrust/Crestar Mtg
Taylor, Bean & Whitaker
TCF Mortgage Corporation
Temple-Inland Mortgage
Thornberg
UBS Securities Inc.
Union Planters Mortgage
US Bank
Virtual Bank
Washington Mutual
Washtenaw Mortgage
Wells Fargo Home Mortgage
Winter Group (The)
Yamaichi International (America), Inc.

                                     Ex. R-2

                                    EXHIBIT P

                         CUSTODIAN'S FIREWALL STANDARDS

                                     Ex. S-1

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